Wellington Management Group LLP Takes Position in Pinnacle West Capital Corporation $PNW

Wellington Management Group LLP bought a new stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,272 shares of the utilities provider's stock, valued at approximately $312,000.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Pinnacle West Capital by 26.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after acquiring an additional 6,183 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Pinnacle West Capital by 12.0% in 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 in the last quarter. Stratos Wealth Partners LTD. raised its stake in Pinnacle West Capital by 26.2% in 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Pinnacle West Capital by 8.5% in 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 in the last quarter. Finally, Amalgamated Bank raised its stake in Pinnacle West Capital by 1.7% in 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 in the last quarter. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Down 0.3%

NYSE PNW traded down $0.31 on Friday, reaching $88.97. The company had a trading volume of 567,462 shares, compared to its average volume of 907,237. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The stock has a market capitalization of $10.63 billion, a P/E ratio of 18.34, a P/E/G ratio of 9.22 and a beta of 0.45. The company's fifty day moving average is $90.98 and its 200 day moving average is $91.49. 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 announced its earnings results 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 return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the firm posted $1.76 EPS. The business's revenue was up 3.8% compared to the same quarter last year. Sell-side analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have commented on PNW shares. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the stock an "outperform" rating in a research note on Thursday, August 21st. KeyCorp lowered their price objective on 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. BMO Capital Markets upped their price objective on 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. UBS Group reiterated a "neutral" rating and issued a $98.00 target price (up from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Finally, Barclays cut their price target on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of "Hold" and an average target price of $97.22.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction dated 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 transaction, the executive vice president owned 56 shares of the company's stock, valued at $5,172.72. The trade was a 99.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by insiders.

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.