Dimensional Fund Advisors LP Increases Stock Position in Pinnacle West Capital Corporation $PNW

Dimensional Fund Advisors LP increased its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 11.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,104,560 shares of the utilities provider’s stock after buying an additional 110,674 shares during the period. Dimensional Fund Advisors LP owned 0.93% of Pinnacle West Capital worth $105,203,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new stake in Pinnacle West Capital in the 4th quarter worth $417,000. Raymond James Financial Inc. purchased a new stake in Pinnacle West Capital in the 4th quarter worth $4,892,000. MetLife Investment Management LLC increased its holdings in Pinnacle West Capital by 1.9% in the 4th quarter. MetLife Investment Management LLC now owns 30,086 shares of the utilities provider’s stock worth $2,550,000 after acquiring an additional 563 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in Pinnacle West Capital by 125.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 842 shares of the utilities provider’s stock worth $71,000 after acquiring an additional 468 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in Pinnacle West Capital by 15.9% in the 4th quarter. Stifel Financial Corp now owns 163,084 shares of the utilities provider’s stock worth $13,825,000 after acquiring an additional 22,319 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Trading Up 0.1%

Shares of PNW stock opened at $91.2920 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The stock’s fifty day moving average is $90.88 and its two-hundred day moving average is $91.47. The firm has a market capitalization of $10.90 billion, a P/E ratio of 18.82, a PEG ratio of 9.43 and a beta of 0.38. 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 issued 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. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.76 EPS. Research analysts expect 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 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 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, August 1st. Pinnacle West Capital’s dividend payout ratio is presently 73.81%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PNW. Morgan Stanley cut 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 report on Thursday, May 22nd. Wall Street Zen cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a report on Friday, May 9th. Wells Fargo & Company raised their price objective on Pinnacle West Capital from $95.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Finally, KeyCorp decreased their price objective 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. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $97.00.

Insider Transactions at Pinnacle West Capital

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

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.