Pacer Advisors Inc. Sells 10,400 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Pacer Advisors Inc. cut its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 33.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,383 shares of the utilities provider's stock after selling 10,400 shares during the period. Pacer Advisors Inc.'s holdings in Pinnacle West Capital were worth $1,941,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNW. Invesco Ltd. raised its position in Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock worth $364,342,000 after purchasing an additional 1,045,788 shares during the last quarter. Geode Capital Management LLC grew its holdings in Pinnacle West Capital by 7.7% during the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider's stock worth $243,897,000 after acquiring an additional 204,805 shares during the period. Deutsche Bank AG grew its holdings in Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock worth $206,420,000 after acquiring an additional 610,042 shares during the period. Nuveen Asset Management LLC grew its holdings in Pinnacle West Capital by 27.2% during the 4th quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock worth $97,162,000 after acquiring an additional 245,003 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in Pinnacle West Capital by 57.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider's stock worth $101,518,000 after acquiring an additional 388,527 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. UBS Group reaffirmed a "neutral" rating and issued a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Morgan Stanley lowered their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. Finally, Wells Fargo & Company increased their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and an average price target of $96.78.

Pinnacle West Capital Trading Up 0.1%

NYSE PNW traded up $0.10 during trading on Friday, hitting $90.72. 1,188,539 shares of the company's stock traded hands, compared to its average volume of 1,050,619. The stock has a fifty day moving average of $90.28 and a two-hundred day moving average of $90.81. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The firm has a market cap of $10.83 billion, a P/E ratio of 18.04, a PEG ratio of 9.44 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $988.95 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The business's revenue for the quarter was up 8.5% on a year-over-year basis. As a group, sell-side analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be paid a dividend of $0.895 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. Pinnacle West Capital's dividend payout ratio (DPR) is currently 71.17%.

Pinnacle West Capital 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.