Versor Investments LP Sells 5,900 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Versor Investments LP lowered its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 39.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,200 shares of the utilities provider’s stock after selling 5,900 shares during the period. Versor Investments LP’s holdings in Pinnacle West Capital were worth $703,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of PNW. MeadowBrook Investment Advisors LLC bought a new stake in Pinnacle West Capital during the fourth quarter valued at approximately $25,000. Blue Trust Inc. raised its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares in the last quarter. First United Bank & Trust bought a new stake in shares of Pinnacle West Capital during the 4th quarter worth $29,000. Cape Investment Advisory Inc. purchased a new position in Pinnacle West Capital in the first quarter worth $30,000. Finally, Newbridge Financial Services Group Inc. increased its stake in Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 199 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Up 0.8 %

NYSE PNW opened at $88.26 on Wednesday. The business’s 50-day moving average is $83.17 and its 200 day moving average is $77.21. The stock has a market capitalization of $10.02 billion, a PE ratio of 19.23, a PEG ratio of 2.23 and a beta of 0.50. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $89.39.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the company earned $0.94 EPS. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.75 earnings per share for the current year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st were given a $0.88 dividend. The ex-dividend date was Thursday, August 1st. This represents a $3.52 annualized dividend and a dividend yield of 3.99%. Pinnacle West Capital’s dividend payout ratio is 76.69%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PNW. Wells Fargo & Company lifted their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price target for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. Finally, Barclays decreased their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $77.95.

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.