Cambiar Investors LLC Sells 17,600 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Cambiar Investors LLC reduced its stake in Pinnacle West Capital by 12.4%, selling 17,600 shares during the 1st quarter, leaving it with approximately 0.10% of the company valued at $11.8 million.
• Pinnacle West Capital recently declared a quarterly dividend of $0.895 per share, with a yield of 3.9%, indicating a dividend payout ratio of 73.81%.
• Analysts have mixed ratings on the stock, with one sell rating, seven hold ratings, and three buy ratings, leading to an average consensus target price of $97.00.

Cambiar Investors LLC cut its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 12.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 123,981 shares of the utilities provider's stock after selling 17,600 shares during the quarter. Cambiar Investors LLC owned approximately 0.10% of Pinnacle West Capital worth $11,809,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PNW. Wealth Enhancement Advisory Services LLC grew its holdings in Pinnacle West Capital by 26.2% in the fourth 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 period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of 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 purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of 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. 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 valued at $443,000 after buying an additional 366 shares in the last quarter. 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 valued at $2,124,000 after buying an additional 372 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

Shares of PNW stock traded up $0.1750 during trading hours on Wednesday, reaching $92.2450. The company had a trading volume of 1,067,754 shares, compared to its average volume of 1,170,576. 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 business has a fifty day moving average price of $90.78 and a 200-day moving average price of $91.38. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50. The firm has a market cap of $11.02 billion, a PE ratio of 19.02, a price-to-earnings-growth ratio of 9.32 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting 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 company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm earned $1.76 earnings per share. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 earnings per share 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 $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's dividend payout ratio (DPR) is 73.81%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Barclays cut their target price on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. KeyCorp reduced their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, UBS Group reiterated a "neutral" rating and set a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $97.00.

Insider Activity at Pinnacle West Capital

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

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.