Y Intercept Hong Kong Ltd Sells 6,975 Shares of Pinnacle West Capital Corporation (NYSE:PNW)

Key Points

• Y Intercept Hong Kong Ltd has reduced its stake in Pinnacle West Capital Corporation by 47.3%, resulting in ownership of 7,763 shares valued at approximately $739,000.
• Several institutional investors have increased their stakes in Pinnacle West Capital, with Wealth Enhancement Advisory Services LLC boosting its position by 26.2% during the fourth quarter.
• Pinnacle West Capital has announced a quarterly dividend of $0.895 per share, representing a 3.94% dividend yield, which will be paid on September 2nd.

Y Intercept Hong Kong Ltd lowered its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 47.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,763 shares of the utilities provider's stock after selling 6,975 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Pinnacle West Capital were worth $739,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan bought a new position in Pinnacle West Capital during the 4th quarter worth $35,000. HM Payson & Co. increased its stake in shares of Pinnacle West Capital by 49.7% in the 1st quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 196 shares during the last quarter. Spirit of America Management Corp NY bought a new position in shares of Pinnacle West Capital in the 1st quarter valued at $57,000. Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of Pinnacle West Capital by 3,500.0% in the 1st quarter. Mowery & Schoenfeld Wealth Management LLC now owns 612 shares of the utilities provider's stock valued at $58,000 after purchasing an additional 595 shares during the last quarter. Finally, Tsfg LLC bought a new position in shares of Pinnacle West Capital in the 1st quarter valued at $60,000. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNW. Barclays increased their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 1st. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a research note on Friday, May 9th. KeyCorp dropped their price target 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. Morgan Stanley dropped their price target on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, May 22nd. Finally, Wall Street Zen downgraded Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Pinnacle West Capital currently has an average rating of "Hold" and a consensus price target of $96.78.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded down $0.38 during midday trading on Wednesday, reaching $89.49. The company's stock had a trading volume of 787,060 shares, compared to its average volume of 1,039,199. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The firm has a 50 day moving average price of $90.27 and a 200-day moving average price of $90.75. The stock has a market capitalization of $10.69 billion, a P/E ratio of 17.79, a PEG ratio of 9.36 and a beta of 0.42. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.50 and a quick ratio of 0.34.

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

Pinnacle West Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 4.00%. Pinnacle West Capital's payout ratio is 71.17%.

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.