The Manufacturers Life Insurance Company Decreases Stock Holdings in Pinnacle West Capital Corporation $PNW

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Pinnacle West Capital Corporation by 1.3%, now holding 239,082 shares valued at approximately $22.77 million.
• Total institutional ownership in Pinnacle West Capital stands at 91.51%, with other firms like Wealth Enhancement Advisory Services LLC increasing their positions significantly during the last quarter.
• Pinnacle West recently announced a quarterly dividend of $0.895 per share, resulting in a dividend yield of 4.0% and a payout ratio of 73.81%.

The Manufacturers Life Insurance Company reduced its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 1.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 239,082 shares of the utilities provider's stock after selling 3,107 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.20% of Pinnacle West Capital worth $22,773,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. State of Wyoming bought a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $198,000. Tema Etfs LLC boosted its position in shares of Pinnacle West Capital by 653.7% in the first quarter. Tema Etfs LLC now owns 28,702 shares of the utilities provider's stock valued at $2,734,000 after acquiring an additional 24,894 shares during the period. Landscape Capital Management L.L.C. boosted its position in shares of Pinnacle West Capital by 36.0% in the first quarter. Landscape Capital Management L.L.C. now owns 21,518 shares of the utilities provider's stock valued at $2,050,000 after acquiring an additional 5,694 shares during the period. Ieq Capital LLC boosted its position in shares of Pinnacle West Capital by 21.5% in the first quarter. Ieq Capital LLC now owns 4,983 shares of the utilities provider's stock valued at $475,000 after acquiring an additional 881 shares during the period. Finally, Harvest Portfolios Group Inc. boosted its position in shares of Pinnacle West Capital by 6.7% in the first quarter. Harvest Portfolios Group Inc. now owns 71,535 shares of the utilities provider's stock valued at $6,814,000 after acquiring an additional 4,513 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Price Performance

Shares of PNW stock traded down $0.31 during trading hours on Friday, hitting $88.97. 567,462 shares of the company's stock were exchanged, compared to its average volume of 907,237. The company has a market capitalization of $10.63 billion, a PE ratio of 18.34, a PEG ratio of 9.19 and a beta of 0.45. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The business's 50 day simple moving average is $90.98 and its 200-day simple moving average is $91.50. 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 posted its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting the consensus estimate of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business's revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $1.76 earnings per share. On average, equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

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

Insider Activity 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 transaction of $600,035.52. Following the transaction, the executive vice president directly 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 legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.23% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on PNW. Morgan Stanley set a $89.00 target price on shares of Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. Barclays lowered their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. UBS Group reaffirmed a "neutral" rating and issued a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. KeyCorp lowered their target price on shares of 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, 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. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average 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.