State of New Jersey Common Pension Fund D Sells 7,435 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Pinnacle West Capital Corporation by 19.5%, selling 7,435 shares and holding 30,666 shares valued at approximately $2.92 million.
• Pinnacle West Capital's recent quarterly earnings reported an EPS of $1.58, aligning with consensus estimates, and a revenue increase of 3.8% year-over-year, totaling $1.36 billion.
• The company declared a quarterly dividend of $0.895 per share, reflecting an annualized payout of $3.58 and a dividend yield of 3.9%.

State of New Jersey Common Pension Fund D lessened its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 19.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,666 shares of the utilities provider's stock after selling 7,435 shares during the period. State of New Jersey Common Pension Fund D's holdings in Pinnacle West Capital were worth $2,921,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV increased its position in Pinnacle West Capital by 7.5% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 29,157 shares of the utilities provider's stock worth $2,777,000 after buying an additional 2,023 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Pinnacle West Capital by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,104,560 shares of the utilities provider's stock worth $105,203,000 after purchasing an additional 110,674 shares during the period. Azimuth Capital Investment Management LLC increased its position in shares of Pinnacle West Capital by 10.1% in the first quarter. Azimuth Capital Investment Management LLC now owns 24,525 shares of the utilities provider's stock worth $2,336,000 after purchasing an additional 2,250 shares during the period. Sei Investments Co. increased its position in shares of Pinnacle West Capital by 3.5% in the first quarter. Sei Investments Co. now owns 120,937 shares of the utilities provider's stock worth $10,707,000 after purchasing an additional 4,095 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its stake in Pinnacle West Capital by 48.2% in the first quarter. Resona Asset Management Co. Ltd. now owns 1,048 shares of the utilities provider's stock valued at $99,000 after buying an additional 341 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

PNW has been the topic of several research analyst reports. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Morgan Stanley set a $89.00 price target on Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday. BMO Capital Markets lifted their price target on 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 cut their price target 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 lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $97.22.

Insiders Place Their Bets

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 stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company's stock.

Pinnacle West Capital Trading Up 0.0%

Shares of Pinnacle West Capital stock traded up $0.02 during midday trading on Tuesday, reaching $90.00. The company had a trading volume of 136,034 shares, compared to its average volume of 1,158,797. The stock has a fifty day moving average price of $90.90 and a 200 day moving average price of $91.51. 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 has a market cap of $10.75 billion, a PE ratio of 18.56, a P/E/G ratio of 9.43 and a beta of 0.38. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting analysts' consensus estimates of $1.58. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.76 earnings per share. On average, equities analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

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

Pinnacle West Capital 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.