National Bank of Canada FI Acquires 3,070 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• National Bank of Canada FI increased its ownership in Pinnacle West Capital Corporation by 2.5% in Q1, holding approximately 0.11% of the company valued at $12 million.
• Pinnacle West Capital reported a quarterly EPS of $1.58, meeting analysts' expectations, with a revenue increase of 3.8% compared to the same quarter last year.
• The company declared a quarterly dividend of $0.895, representing an annualized total of $3.58 and a dividend yield of 3.9%, with a payout ratio of 73.81%.

National Bank of Canada FI lifted its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,328 shares of the utilities provider's stock after purchasing an additional 3,070 shares during the quarter. National Bank of Canada FI owned 0.11% of Pinnacle West Capital worth $12,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Pinnacle West Capital by 26.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after purchasing an additional 6,183 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised 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 worth $1,236,000 after buying an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in Pinnacle West Capital by 26.2% in 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 last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Pinnacle West Capital by 8.5% in 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 last quarter. Finally, Amalgamated Bank raised its position in Pinnacle West Capital by 1.7% in 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 last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PNW shares. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. BMO Capital Markets boosted their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. 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, Wells Fargo & Company boosted 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 given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of "Hold" and a consensus target price of $97.00.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded down $0.61 during midday trading on Friday, hitting $91.30. 1,463,106 shares of the company's stock traded hands, compared to its average volume of 1,258,529. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The stock has a market capitalization of $10.90 billion, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 9.49 and a beta of 0.38. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The firm has a fifty day moving average of $90.71 and a 200 day moving average of $91.28.

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

Pinnacle West Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 1st will be paid a dividend of $0.895 per share. The ex-dividend date 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 payout ratio is 73.81%.

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction that occurred on 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 approximately $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.23% of the company's stock.

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.