Tema Etfs LLC Grows Stock Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• Tema Etfs LLC increased its stake in Pinnacle West Capital Corporation by 653.7% during the first quarter, owning 28,702 shares valued at approximately $2.73 million.
• Several major institutional investors, including Vanguard Group Inc. and Deutsche Bank AG, have also raised their stakes in Pinnacle West Capital, with 91.51% of the stock owned by institutional investors.
• Pinnacle West Capital recently announced a quarterly dividend of $0.895 per share, representing an annual yield of 4.0% and a payout ratio of 73.81%.

Tema Etfs LLC raised its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 653.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,702 shares of the utilities provider's stock after purchasing an additional 24,894 shares during the quarter. Tema Etfs LLC's holdings in Pinnacle West Capital were worth $2,734,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PNW. Brighton Jones LLC bought a new position in shares of Pinnacle West Capital in the fourth quarter valued at approximately $417,000. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle West Capital by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 993,886 shares of the utilities provider's stock valued at $84,252,000 after acquiring an additional 43,450 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Pinnacle West Capital by 0.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 156,588 shares of the utilities provider's stock valued at $13,274,000 after acquiring an additional 559 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Pinnacle West Capital by 20.9% in the fourth quarter. Integrated Wealth Concepts LLC now owns 6,629 shares of the utilities provider's stock valued at $562,000 after acquiring an additional 1,144 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Pinnacle West Capital by 8.4% in the fourth quarter. Northern Trust Corp now owns 1,036,018 shares of the utilities provider's stock valued at $87,823,000 after acquiring an additional 80,548 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Pinnacle West Capital

In related 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 is accessible through the SEC website. Corporate insiders own 0.23% of the company's stock.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $0.02 during trading hours on Monday, reaching $89.34. The company had a trading volume of 784,263 shares, compared to its average volume of 1,066,620. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50. The business has a fifty day simple moving average of $91.00 and a 200 day simple moving average of $91.54. 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 $10.67 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 9.23 and a beta of 0.45.

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

Pinnacle West Capital Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PNW. KeyCorp reduced their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Friday, May 9th. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. UBS Group reissued a "neutral" rating and set a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Finally, Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. 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, Pinnacle West Capital presently has a consensus rating of "Hold" and an average target price 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.