Vestcor Inc Trims Stock Holdings in Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Vestcor Inc reduced its holdings in Pinnacle West Capital Corporation by 23.6% in Q1, bringing its total ownership to 16,442 shares valued at approximately $1.57 million.
• Pinnacle West Capital recently reported a quarterly earnings per share (EPS) of ($0.04), missing analysts' estimates by ($0.09), while its revenue grew to $1.03 billion, exceeding expectations.
• The company declared a quarterly dividend of $0.895 per share, with a yield of 4.0% and a payout ratio of 71.17%, to be paid on September 2nd.

Vestcor Inc trimmed its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 23.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,442 shares of the utilities provider's stock after selling 5,072 shares during the period. Vestcor Inc's holdings in Pinnacle West Capital were worth $1,566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Invesco Ltd. grew its stake in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after buying an additional 1,045,788 shares in the last quarter. Geode Capital Management LLC grew its stake in Pinnacle West Capital by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 2,880,315 shares of the utilities provider's stock valued at $243,897,000 after buying an additional 204,805 shares in the last quarter. Deutsche Bank AG grew its stake in Pinnacle West Capital by 33.4% in the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after buying an additional 610,042 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Pinnacle West Capital by 27.2% in the 4th quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock valued at $97,162,000 after buying an additional 245,003 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Pinnacle West Capital by 57.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider's stock valued at $101,518,000 after purchasing an additional 388,527 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $90.59 on Friday. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.34 and a current ratio of 0.50. The company has a market capitalization of $10.82 billion, a P/E ratio of 18.01, a P/E/G ratio of 9.32 and a beta of 0.42. The company has a fifty day moving average of $90.27 and a 200-day moving average of $90.75.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a return on equity of 8.78% and a net margin of 11.28%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The business's revenue was up 8.5% on a year-over-year basis. As a group, equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be paid a $0.895 dividend. 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 payout ratio is currently 71.17%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. UBS Group restated a "neutral" rating and set a $98.00 price target (up from $96.00) on shares of Pinnacle West Capital in a research report on Friday, July 11th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. KeyCorp reduced their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Finally, Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of "Hold" and a consensus target price of $96.78.

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.

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