Russell Investments Group Ltd. Sells 54,287 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Russell Investments Group Ltd. has reduced its stake in Pinnacle West Capital Corporation by 10.1%, selling 54,287 shares and holding 480,645 shares valued at approximately $45.47 million.
• Pinnacle West Capital recently announced a quarterly dividend of $0.895 per share, representing an annualized yield of 3.8% with a payout ratio of 73.81%.
• Brokerages have varying ratings for Pinnacle West Capital, with a consensus target price of $97.00 and one sell rating, seven holds, and three buy ratings issued by analysts.

Russell Investments Group Ltd. cut its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 10.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 480,645 shares of the utilities provider's stock after selling 54,287 shares during the period. Russell Investments Group Ltd. owned about 0.40% of Pinnacle West Capital worth $45,467,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Clearstead Trust LLC bought a new position in shares of Pinnacle West Capital during the first quarter valued at $25,000. Costello Asset Management INC acquired a new stake in shares of Pinnacle West Capital during the 1st quarter worth about $26,000. Canada Post Corp Registered Pension Plan acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth about $35,000. HM Payson & Co. lifted its holdings in Pinnacle West Capital by 49.7% during the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 196 shares during the last quarter. Finally, Spirit of America Management Corp NY acquired a new position in Pinnacle West Capital in the first quarter valued at about $57,000. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on PNW shares. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. UBS Group reaffirmed a "neutral" rating and issued a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. BMO Capital Markets raised their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. KeyCorp dropped their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Finally, Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $97.00.

Insider Activity

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

Pinnacle West Capital Price Performance

PNW stock traded down $0.61 during trading on Friday, reaching $91.30. 1,463,106 shares of the company were exchanged, compared to its average volume of 1,258,529. The company has a market capitalization of $10.90 billion, a price-to-earnings ratio of 18.82, a P/E/G ratio of 9.43 and a beta of 0.38. 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 company has a 50-day moving average of $90.71 and a two-hundred day moving average of $91.32. 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 company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%. Pinnacle West Capital's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.76 EPS. As a group, equities 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 issued a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital's 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.