Cubist Systematic Strategies LLC Has $11.72 Million Position in Pinnacle West Capital Corporation $PNW

Key Points

• Cubist Systematic Strategies LLC has reduced its stake in Pinnacle West Capital Corporation by 40.1%, selling 82,390 shares in the first quarter, now holding approximately 0.10% of the company.
• Several institutional investors have increased their positions, including Vanguard Group, which boosted its stake by 2.0%, and Deutsche Bank, which raised its stake by 33.4%.
• Pinnacle West Capital announced a quarterly dividend of $0.895, representing a 4.0% yield, with a payout ratio of 73.81% as of August 1st.

Cubist Systematic Strategies LLC decreased its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 40.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 122,995 shares of the utilities provider's stock after selling 82,390 shares during the period. Cubist Systematic Strategies LLC owned about 0.10% of Pinnacle West Capital worth $11,715,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Exchange Traded Concepts LLC boosted its holdings in Pinnacle West Capital by 1.3% during the first quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock worth $926,000 after purchasing an additional 125 shares during the last quarter. Allworth Financial LP lifted its position in Pinnacle West Capital by 19.1% during the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock worth $74,000 after buying an additional 125 shares in the last quarter. AE Wealth Management LLC boosted its stake in shares of Pinnacle West Capital by 4.9% during the 1st quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock worth $279,000 after buying an additional 137 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Pinnacle West Capital by 4.0% in the 1st quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider's stock valued at $387,000 after acquiring an additional 156 shares in the last quarter. Finally, Probity Advisors Inc. grew its holdings in shares of Pinnacle West Capital by 2.6% in the 1st quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider's stock valued at $592,000 after acquiring an additional 158 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction 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 sale, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded down $0.31 during mid-day trading on Friday, reaching $88.97. 567,462 shares of the company were exchanged, compared to its average volume of 884,906. The stock has a market capitalization of $10.63 billion, a P/E ratio of 18.34, a P/E/G ratio of 9.19 and a beta of 0.45. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The company's 50-day simple moving average is $90.98 and its 200-day simple moving average is $91.51. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50.

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 analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion for 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%. Pinnacle West Capital's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.76 EPS. As a group, research analysts predict 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 declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 1st were paid a $0.895 dividend. The ex-dividend date was Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 4.0%. Pinnacle West Capital's payout ratio is 73.81%.

Analysts Set New Price Targets

Several analysts recently issued reports on PNW shares. 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. UBS Group reiterated a "neutral" rating and set a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Barclays cut their price objective 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. Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a report on Thursday, August 21st. Finally, KeyCorp cut their price target 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. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Pinnacle West Capital presently has a consensus rating of "Hold" and a consensus price target of $97.22.

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.