Pinnacle West Capital Corporation $PNW Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. has reduced its stake in Pinnacle West Capital by 41.7%, selling 53,918 shares and maintaining ownership of approximately 75,415 shares worth $7.18 million.
• Pinnacle West Capital recently announced a quarterly dividend of $0.895 per share, reflecting an annualized yield of 4.0% and a dividend payout ratio of 73.81%.
• Institutional ownership is high, with hedge funds and other investors holding 91.51% of the company's stock, indicating significant interest from large financial entities.

American Century Companies Inc. lowered its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 41.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,415 shares of the utilities provider's stock after selling 53,918 shares during the quarter. American Century Companies Inc. owned approximately 0.06% of Pinnacle West Capital worth $7,183,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its stake 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Pinnacle West Capital by 12.0% in the first 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 Pinnacle West Capital by 26.2% in the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock worth $528,000 after purchasing an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Pinnacle West Capital by 8.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after purchasing an additional 366 shares in the last quarter. Finally, Amalgamated Bank grew its stake in Pinnacle West Capital by 1.7% in the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after purchasing an additional 372 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 0.6%

Shares of PNW traded down $0.56 during midday trading on Tuesday, hitting $88.80. 871,492 shares of the company's stock traded hands, compared to its average volume of 1,011,460. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The firm's fifty day moving average is $90.96 and its 200-day moving average is $91.52. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of 18.31, a price-to-earnings-growth ratio of 9.23 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data 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 return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the business posted $1.76 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

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

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction on 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 directly owned 56 shares of the company's stock, valued at $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PNW has been the topic of several research analyst reports. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the stock an "outperform" rating in a report on Thursday, August 21st. UBS Group restated a "neutral" rating and set a $98.00 target price (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. BMO Capital Markets upped their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. 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 report on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price 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.