Panagora Asset Management Inc. Acquires 43,900 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Panagora Asset Management Inc. significantly increased its holdings in Pinnacle West Capital by 747.9% in Q1, now owning 49,770 shares valued at $4.74 million.
• The company's recent quarterly earnings reported $1.58 earnings per share, matching analysts' expectations, with quarterly revenue rising 3.8% year-over-year.
• Pinnacle West Capital declared a quarterly dividend of $0.895 per share, reflecting an annualized dividend yield of 4.0%, scheduled for payment on September 2nd.

Panagora Asset Management Inc. boosted its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 747.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,770 shares of the utilities provider's stock after acquiring an additional 43,900 shares during the period. Panagora Asset Management Inc.'s holdings in Pinnacle West Capital were worth $4,741,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Brighton Jones LLC purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $417,000. Northern Trust Corp lifted its stake in Pinnacle West Capital by 8.4% in the fourth quarter. Northern Trust Corp now owns 1,036,018 shares of the utilities provider's stock worth $87,823,000 after acquiring an additional 80,548 shares during the period. Comerica Bank boosted its holdings in Pinnacle West Capital by 8.4% in the fourth quarter. Comerica Bank now owns 66,177 shares of the utilities provider's stock valued at $5,610,000 after acquiring an additional 5,126 shares in the last quarter. Algert Global LLC purchased a new position in Pinnacle West Capital during the 4th quarter valued at $873,000. Finally, Ameriprise Financial Inc. raised its holdings in Pinnacle West Capital by 12.0% in the 4th quarter. Ameriprise Financial Inc. now owns 235,036 shares of the utilities provider's stock worth $19,924,000 after purchasing an additional 25,166 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the 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 sale, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by insiders.

Pinnacle West Capital Stock Down 0.3%

Shares of PNW stock traded down $0.31 during trading hours on Friday, hitting $88.97. 567,462 shares of the company's stock traded hands, compared to its average volume of 884,906. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The stock's fifty day simple moving average is $90.98 and its two-hundred day simple moving average is $91.51. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The stock has a market cap of $10.63 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 9.19 and a beta of 0.45.

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

Pinnacle West Capital Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a research report on Thursday, August 21st. BMO Capital Markets increased their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. UBS Group reaffirmed a "neutral" rating and set a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. KeyCorp decreased their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Finally, Barclays lowered their target price on 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. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $97.22.

About Pinnacle West Capital

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.