Pinnacle West Capital Corporation $PNW Shares Sold by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC has significantly reduced its stake in Pinnacle West Capital by 72.1%, now holding 15,613 shares after selling 40,422 shares in the first quarter.
• A number of institutional investors, including Vanguard Group Inc. and ATLAS Infrastructure Partners UK Ltd., have increased their holdings in Pinnacle West Capital recently, indicating ongoing investment interest.
• Pinnacle West Capital declared a quarterly dividend of $0.895 per share, maintaining a dividend yield of 4.0% with a payout ratio of 73.81%.

Teza Capital Management LLC lowered its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 72.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,613 shares of the utilities provider's stock after selling 40,422 shares during the quarter. Pinnacle West Capital makes up about 0.7% of Teza Capital Management LLC's investment portfolio, making the stock its 17th largest holding. Teza Capital Management LLC's holdings in Pinnacle West Capital were worth $1,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Pinnacle West Capital by 26.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock worth $2,524,000 after buying an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after purchasing an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after purchasing an additional 1,150 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after purchasing an additional 366 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock valued at $2,124,000 after purchasing an additional 372 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock traded down $0.17 during trading hours on Friday, hitting $88.20. 213,667 shares of the company traded hands, compared to its average volume of 1,143,688. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The firm has a market cap of $10.53 billion, a P/E ratio of 18.18, a P/E/G ratio of 9.05 and a beta of 0.45. The firm's 50-day simple moving average is $90.79 and its two-hundred day simple moving average is $91.40. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same period last year, the firm posted $1.76 earnings per share. The business's revenue was up 3.8% on a year-over-year basis. As a group, analysts forecast 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 disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were paid a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle West Capital's payout ratio is currently 73.81%.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the company's stock in a transaction 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 owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Mizuho lowered shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $102.00 to $90.00 in a research note on Tuesday. Barclays reduced their price target on shares of 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. UBS Group reduced their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a report on Friday. Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the company an "outperform" rating in a report on Thursday, August 21st. Finally, BMO Capital Markets boosted their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of "Hold" and a consensus price target of $96.20.

About Pinnacle West Capital

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.