Pinnacle West Capital Corporation $PNW Position Trimmed by Versor Investments LP

Key Points

• Versor Investments LP significantly reduced its stake in Pinnacle West Capital Corporation by 69.1% in Q1, resulting in a current holding valued at $500,000.
• Insider transactions reveal that EVP Jacob Tetlow sold 6,496 shares at approximately $92.37, indicating a dramatic decrease in his ownership.
• Pinnacle West reported earnings of $1.58 EPS for the last quarter, matching analysts' expectations, with revenue of $1.36 billion, a 3.8% increase year-over-year.

Versor Investments LP trimmed its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 69.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,253 shares of the utilities provider's stock after selling 11,770 shares during the quarter. Versor Investments LP's holdings in Pinnacle West Capital were worth $500,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth $417,000. Raymond James Financial Inc. bought a new stake in shares of Pinnacle West Capital in the 4th quarter worth approximately $4,892,000. Townsquare Capital LLC bought a new stake in Pinnacle West Capital during the 4th quarter valued at $246,000. Mariner LLC increased its stake in Pinnacle West Capital by 7.8% in the fourth quarter. Mariner LLC now owns 27,239 shares of the utilities provider's stock valued at $2,309,000 after acquiring an additional 1,960 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Pinnacle West Capital by 266.1% during the fourth quarter. Marshall Wace LLP now owns 69,739 shares of the utilities provider's stock valued at $5,912,000 after buying an additional 50,692 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction 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 directly owned 56 shares of the company's stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company's stock.

Pinnacle West Capital Stock Performance

PNW stock traded up $0.01 during midday trading on Tuesday, hitting $89.99. 136,034 shares of the stock traded hands, compared to its average volume of 1,158,797. The firm has a market cap of $10.75 billion, a P/E ratio of 18.56, a PEG ratio of 9.43 and a beta of 0.38. 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 stock's fifty day simple moving average is $90.90 and its 200-day simple moving average is $91.51. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50.

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. The business 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 company'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, analysts expect that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PNW. KeyCorp decreased their target price on shares of 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. Wells Fargo & Company lifted their target price on shares of 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. BMO Capital Markets upped 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. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. Finally, Barclays decreased their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $97.22.

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.