Northern Trust Corp Decreases Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• Northern Trust Corp has reduced its stake in Pinnacle West Capital Corporation by 3.3%, now holding 1,001,712 shares worth approximately $95.4 million.
• Pinnacle West Capital declared a quarterly dividend of $0.895 per share, with an annualized yield of 3.9%.
• Recent earnings reports showed Pinnacle West Capital achieved $1.58 EPS, matching analyst expectations, and a 3.8% year-over-year revenue growth.

Northern Trust Corp decreased its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,001,712 shares of the utilities provider's stock after selling 34,306 shares during the quarter. Northern Trust Corp owned 0.84% of Pinnacle West Capital worth $95,413,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its holdings in Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after purchasing an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Pinnacle West Capital by 12.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after buying an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after acquiring an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after acquiring an additional 366 shares during the last quarter. Finally, Amalgamated Bank increased its position in shares of Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after acquiring an additional 372 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

PNW stock opened at $91.2920 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The firm has a market cap of $10.90 billion, a P/E ratio of 18.82, a P/E/G ratio of 9.43 and a beta of 0.38. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The stock's 50 day simple moving average is $90.88 and its 200 day simple moving average is $91.47.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting analysts' consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company posted $1.76 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be issued a $0.895 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. Pinnacle West Capital's payout ratio is 73.81%.

Insider Buying and Selling at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares of the company's stock, valued at $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on PNW shares. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Morgan Stanley reduced their target price on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, May 22nd. Barclays dropped their price target on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. KeyCorp reduced their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.

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