Northern Trust Corp Sells 34,306 Shares of 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 lessened its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,001,712 shares of the utilities provider's stock after selling 34,306 shares during the period. Northern Trust Corp owned 0.84% of Pinnacle West Capital worth $95,413,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position 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 worth $2,524,000 after buying an additional 6,183 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after buying an additional 1,411 shares during the period. Stratos Wealth Partners LTD. increased its position in Pinnacle West Capital by 26.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock worth $528,000 after buying an additional 1,150 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Pinnacle West Capital by 8.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after buying an additional 366 shares during the period. Finally, Amalgamated Bank increased its position in Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after buying an additional 372 shares during the period. Institutional investors own 91.51% of the company's stock.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the transaction, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $0.02 during trading hours on Friday, hitting $89.34. The company's stock had a trading volume of 784,263 shares, compared to its average volume of 1,086,834. The stock has a fifty day simple moving average of $91.00 and a 200-day simple moving average of $91.51. The company has a market capitalization of $10.67 billion, a P/E ratio of 18.42, a PEG ratio of 9.22 and a beta of 0.38. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the firm posted $1.76 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be paid a dividend of $0.895 per share. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is presently 73.81%.

Analysts Set New Price Targets

PNW has been the topic of several recent research reports. Barclays lowered their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Morgan Stanley set a $89.00 price objective on Pinnacle West Capital and gave the stock an "outperform" rating in a research report on Thursday, August 21st. UBS Group reiterated a "neutral" rating and set a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. Finally, KeyCorp decreased their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of "Hold" and an average price target of $97.22.

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.