Pinnacle West Capital Corporation $PNW Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in Pinnacle West Capital by 15.5% during the first quarter, selling 10,279 shares and bringing its total holdings to 55,898 shares valued at $5.32 million.
• The company reported $1.58 EPS for its latest quarter, matching consensus estimates, with a net margin of 10.96% and revenue of $1.36 billion.
• Pinnacle West Capital declared a quarterly dividend of $0.895 per share, representing an annual yield of 4.0%, with a payout ratio of 73.81%.

Comerica Bank trimmed its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 15.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,898 shares of the utilities provider's stock after selling 10,279 shares during the period. Comerica Bank's holdings in Pinnacle West Capital were worth $5,324,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the stock. Clearstead Trust LLC purchased a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $25,000. Costello Asset Management INC acquired a new stake in Pinnacle West Capital during the first quarter worth approximately $26,000. Brooklyn Investment Group grew its position in shares of Pinnacle West Capital by 440.0% during the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock worth $46,000 after acquiring an additional 396 shares during the last quarter. HM Payson & Co. grew its position in shares of Pinnacle West Capital by 49.7% during the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock worth $56,000 after acquiring an additional 196 shares during the last quarter. Finally, Spirit of America Management Corp NY purchased a new position in Pinnacle West Capital in the 1st quarter valued at $57,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the 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. This represents a 99.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PNW. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. UBS Group reaffirmed a "neutral" rating and set a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Barclays cut their price target 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. KeyCorp cut their price target on 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. Finally, Morgan Stanley set a $89.00 price target on Pinnacle West Capital and gave the stock an "outperform" rating in a research note on Thursday, August 21st. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $97.22.

Pinnacle West Capital Trading Up 0.0%

NYSE:PNW traded up $0.02 on Friday, reaching $89.34. The stock had a trading volume of 784,263 shares, compared to its average volume of 1,066,620. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 9.23 and a beta of 0.45. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. The firm's fifty day moving average is $91.00 and its two-hundred day moving average is $91.54. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50.

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

Pinnacle West Capital Announces Dividend

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

Pinnacle West Capital Company Profile

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.