Versor Investments LP Sells 11,770 Shares of Pinnacle West Capital Corporation $PNW

Versor Investments LP lessened its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 69.1% in the first quarter, Holdings Channel reports. The institutional investor owned 5,253 shares of the utilities provider’s stock after selling 11,770 shares during the period. Versor Investments LP’s holdings in Pinnacle West Capital were worth $500,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock valued at $2,524,000 after buying an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Pinnacle West Capital by 12.0% during the 1st 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 during the last quarter. Stratos Wealth Partners LTD. boosted its stake in Pinnacle West Capital by 26.2% during the 1st 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Pinnacle West Capital by 8.5% during the 1st 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 during the last quarter. Finally, Amalgamated Bank boosted its stake in Pinnacle West Capital by 1.7% during the 1st 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 during the last quarter. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.2%

PNW opened at $92.2450 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The firm’s fifty day moving average is $90.84 and its 200 day moving average is $91.39. The stock has a market cap of $11.02 billion, a price-to-earnings ratio of 19.02, a price-to-earnings-growth ratio of 9.50 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the company earned $1.76 EPS. Pinnacle West Capital’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current fiscal year.

Pinnacle West Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be issued a $0.895 dividend. This represents a $3.58 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital’s payout ratio is currently 73.81%.

Analyst Ratings Changes

PNW has been the topic of several recent analyst reports. Barclays cut their target price on 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. Wall Street Zen cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Monday, May 5th. KeyCorp lowered their target price on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, July 16th. Wells Fargo & Company raised their target price on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. 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. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $97.00.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

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.