Pinnacle West Capital Corporation $PNW Holdings Boosted by Sei Investments Co.

Key Points

• Sei Investments Co. increased its stake in Pinnacle West Capital by 3.5%, now holding approximately 0.10% of the company worth $10.7 million.
• In the fourth quarter, several institutional investors made significant investments in Pinnacle West, including Nuveen LLC with a new stake valued at $99.4 million.
• Pinnacle West Capital reported $1.58 EPS for the quarter, matching analysts' expectations, and announced a quarterly dividend of $0.895 per share with a yield of 3.9%.

Sei Investments Co. increased its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,937 shares of the utilities provider's stock after buying an additional 4,095 shares during the quarter. Sei Investments Co. owned about 0.10% of Pinnacle West Capital worth $10,707,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Norinchukin Bank The grew its stake in shares of Pinnacle West Capital by 2.7% during the fourth quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider's stock valued at $373,000 after acquiring an additional 117 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of 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 valued at $926,000 after acquiring an additional 125 shares in the last quarter. Allworth Financial LP grew its stake in shares of Pinnacle West Capital by 19.1% during the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock valued at $74,000 after acquiring an additional 125 shares in the last quarter. AE Wealth Management LLC grew its stake in shares of Pinnacle West Capital by 4.9% during the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock valued at $279,000 after acquiring an additional 137 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Pinnacle West Capital by 4.0% during the first 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. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

NYSE:PNW traded down $0.61 during midday trading on Friday, hitting $91.30. 1,463,106 shares of the stock were exchanged, compared to its average volume of 1,280,888. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50. 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 business has a 50-day moving average price of $90.71 and a two-hundred day moving average price of $91.35. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting 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 for the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the previous year, the company earned $1.76 earnings per share. The firm'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 year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a $0.895 dividend. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.9%. Pinnacle West Capital's payout ratio is 73.81%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNW. Wells Fargo & Company raised their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Morgan Stanley decreased their price target on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, May 22nd. BMO Capital Markets lifted their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. UBS Group reiterated 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. Finally, KeyCorp decreased 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $97.00.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital 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 transaction, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. 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.

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.