UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Purchases 11,356 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• UBS AM increased its stake in Pinnacle West Capital Corporation by 3.6% during the first quarter, owning 324,764 shares worth approximately $30.93 million.
• Pinnacle West Capital reported $1.58 EPS for the quarter, consistent with analyst expectations, and a revenue increase of 3.8% year-over-year to $1.36 billion.
• The company announced a quarterly dividend of $0.895 per share, translating to an annualized yield of 4.1% with a payout ratio of approximately 73.81%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 324,764 shares of the utilities provider's stock after buying an additional 11,356 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.27% of Pinnacle West Capital worth $30,934,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Woodline Partners LP grew its holdings in shares of Pinnacle West Capital by 40.7% during the first quarter. Woodline Partners LP now owns 9,606 shares of the utilities provider's stock valued at $915,000 after purchasing an additional 2,778 shares during the last quarter. Zimmer Partners LP acquired a new stake in Pinnacle West Capital in the first quarter worth approximately $4,762,000. Empowered Funds LLC increased its position in shares of Pinnacle West Capital by 12.8% during the 1st quarter. Empowered Funds LLC now owns 4,600 shares of the utilities provider's stock valued at $438,000 after purchasing an additional 523 shares during the period. MBB Public Markets I LLC acquired a new position in shares of Pinnacle West Capital during the 1st quarter valued at $337,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Pinnacle West Capital by 10.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 441,047 shares of the utilities provider's stock worth $42,010,000 after acquiring an additional 41,173 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded up $0.73 during mid-day trading on Friday, reaching $86.60. The company's stock had a trading volume of 1,529,204 shares, compared to its average volume of 869,756. The firm's fifty day moving average price is $90.34 and its two-hundred day moving average price is $91.16. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The company has a market capitalization of $10.34 billion, a P/E ratio of 17.86, a PEG ratio of 8.87 and a beta of 0.45. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52.

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 the consensus estimate of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the firm earned $1.76 EPS. The business's quarterly revenue was up 3.8% compared to the same quarter last year. Sell-side analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PNW shares. BMO Capital Markets upped their price objective on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $102.00 to $90.00 in a report on Tuesday, September 9th. KeyCorp cut their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Morgan Stanley set a $89.00 price objective on Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. Finally, UBS Group dropped their price objective on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research note on Friday, September 12th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $96.20.

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.