Versor Investments LP Has $703,000 Stake in Pinnacle West Capital Co. (NYSE:PNW)

Versor Investments LP trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 39.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNW. Capital Research Global Investors grew its stake in Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock valued at $960,425,000 after acquiring an additional 6,344,121 shares during the period. Lazard Asset Management LLC boosted its position in shares of Pinnacle West Capital by 72.7% during the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock worth $502,139,000 after buying an additional 2,828,450 shares during the period. Zimmer Partners LP acquired a new position in shares of Pinnacle West Capital during the first quarter worth about $198,409,000. Norges Bank acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth about $112,914,000. Finally, Victory Capital Management Inc. boosted its position in shares of Pinnacle West Capital by 1,267.8% during the fourth quarter. Victory Capital Management Inc. now owns 311,861 shares of the utilities provider's stock worth $22,404,000 after buying an additional 289,061 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of the firm's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction 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 approximately $548,862.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

Pinnacle West Capital Price Performance

Shares of PNW stock traded up $0.25 during trading hours on Wednesday, reaching $88.55. The company's stock had a trading volume of 875,382 shares, compared to its average volume of 1,112,603. The firm's 50 day simple moving average is $83.43 and its 200-day simple moving average is $77.29. The company has a market capitalization of $10.06 billion, a price-to-earnings ratio of 19.29, a PEG ratio of 2.23 and a beta of 0.50. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $89.39. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating 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 company had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same period in the prior year, the company earned $0.94 EPS. Pinnacle West Capital's 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 company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 1st were paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date was Thursday, August 1st. Pinnacle West Capital's payout ratio is 76.69%.

Wall Street Analysts Forecast Growth

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

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.