Y Intercept Hong Kong Ltd Raises Stake in Pinnacle West Capital Corporation $PNW

Y Intercept Hong Kong Ltd increased its holdings in Pinnacle West Capital Corporation (NYSE:PNW) by 117.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,916 shares of the utilities provider’s stock after buying an additional 9,153 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Pinnacle West Capital were worth $1,513,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PNW. Clearstead Trust LLC purchased a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $25,000. Costello Asset Management INC purchased a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $26,000. Ameritas Advisory Services LLC purchased a new stake in shares of Pinnacle West Capital in the 2nd quarter worth about $31,000. Brooklyn Investment Group boosted its position in shares of Pinnacle West Capital by 440.0% in the 1st quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock worth $46,000 after buying an additional 396 shares in the last quarter. Finally, HM Payson & Co. boosted its position 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 worth $56,000 after buying an additional 196 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 56 shares of the company’s stock, valued at $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Trading Down 1.1%

Shares of PNW stock opened at $88.55 on Monday. The firm has a 50-day moving average price of $89.56 and a 200 day moving average price of $90.69. Pinnacle West Capital Corporation has a twelve month low of $81.47 and a twelve month high of $96.50. The company has a market capitalization of $10.58 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 9.23 and a beta of 0.46. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25.

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

Pinnacle West Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 3rd will be paid a dividend of $0.91 per share. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $3.64 dividend on an annualized basis and a dividend yield of 4.1%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.90. Pinnacle West Capital’s dividend payout ratio is currently 75.05%.

Wall Street Analyst Weigh In

Several research firms recently commented on PNW. KeyCorp decreased their price objective on shares of Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Pinnacle West Capital in a research report on Wednesday, October 8th. Barclays boosted their price objective on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 7th. TD Cowen initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, October 16th. They issued a “hold” rating and a $97.00 price objective on the stock. Finally, UBS Group boosted their target price on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $96.69.

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.