Alliancebernstein L.P. Purchases 37,291 Shares of Pinnacle West Capital Corporation $PNW

Alliancebernstein L.P. increased its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 24.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 192,234 shares of the utilities provider’s stock after purchasing an additional 37,291 shares during the quarter. Alliancebernstein L.P.’s holdings in Pinnacle West Capital were worth $18,310,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Clearstead Trust LLC bought a new position in shares of Pinnacle West Capital in the first quarter worth about $25,000. Costello Asset Management INC bought a new position in shares of Pinnacle West Capital in the first quarter worth about $26,000. Brooklyn Investment Group lifted its holdings in shares of Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock worth $46,000 after acquiring an additional 396 shares during the last quarter. HM Payson & Co. lifted its holdings in shares of Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock worth $56,000 after acquiring an additional 196 shares during the last quarter. Finally, Spirit of America Management Corp NY bought a new position in shares of Pinnacle West Capital in the first quarter worth about $57,000. Institutional investors own 91.51% of the company’s stock.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $87.62 on Thursday. The company has a market capitalization of $10.46 billion, a PE ratio of 18.06, a P/E/G ratio of 9.02 and a beta of 0.45. The company has a 50 day simple moving average of $90.83 and a two-hundred day simple moving average of $91.43. 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.

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. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.76 EPS. Research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st were given a dividend of $0.895 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $3.58 annualized dividend and a dividend yield of 4.1%. Pinnacle West Capital’s dividend payout ratio (DPR) is 73.81%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PNW. UBS Group reissued a “neutral” rating and issued a $98.00 target price (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Mizuho downgraded Pinnacle West Capital from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $102.00 to $90.00 in a research note on Tuesday. 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. Barclays lowered their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 13th. Finally, Morgan Stanley set a $89.00 price objective on Pinnacle West Capital and gave the company an “outperform” rating in a research note on Thursday, August 21st. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $96.50.

About Pinnacle West Capital

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.