Pinnacle West Capital Corporation (PNW) Stake Lifted by State of Tennessee Treasury Department

State of Tennessee Treasury Department lifted its holdings in Pinnacle West Capital Corporation (NYSE:PNW) by 0.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,512 shares of the utilities provider’s stock after purchasing an additional 75 shares during the quarter. State of Tennessee Treasury Department’s holdings in Pinnacle West Capital Corporation were worth $2,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the stock. WealthTrust Arizona LLC increased its position in Pinnacle West Capital Corporation by 0.7% during the second quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock valued at $107,000 after acquiring an additional 9 shares during the last quarter. Wedbush Securities Inc. increased its position in Pinnacle West Capital Corporation by 0.3% during the second quarter. Wedbush Securities Inc. now owns 8,736 shares of the utilities provider’s stock valued at $744,000 after acquiring an additional 25 shares during the last quarter. ING Groep NV increased its position in Pinnacle West Capital Corporation by 0.6% during the second quarter. ING Groep NV now owns 5,708 shares of the utilities provider’s stock valued at $486,000 after acquiring an additional 34 shares during the last quarter. Eqis Capital Management Inc. increased its position in Pinnacle West Capital Corporation by 1.0% during the second quarter. Eqis Capital Management Inc. now owns 3,928 shares of the utilities provider’s stock valued at $334,000 after acquiring an additional 39 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in Pinnacle West Capital Corporation by 0.4% during the second quarter. CIBC Asset Management Inc now owns 10,805 shares of the utilities provider’s stock valued at $920,000 after acquiring an additional 41 shares during the last quarter. Institutional investors own 84.20% of the company’s stock.

In related news, Chairman Donald E. Brandt sold 35,013 shares of Pinnacle West Capital Corporation stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total value of $3,136,114.41. Following the sale, the chairman now directly owns 118,574 shares in the company, valued at approximately $10,620,673.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David P. Falck sold 4,600 shares of Pinnacle West Capital Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $89.98, for a total value of $413,908.00. Following the completion of the sale, the executive vice president now owns 42,840 shares in the company, valued at $3,854,743.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,419 shares of company stock worth $3,713,068. 0.70% of the stock is currently owned by insiders.

Several research firms have issued reports on PNW. BidaskClub lowered Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley boosted their price target on Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the company an “underweight” rating in a report on Friday, September 8th. Zacks Investment Research lowered Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Royal Bank Of Canada reissued a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a report on Tuesday, August 29th. Finally, BMO Capital Markets reissued a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $83.67.

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Pinnacle West Capital Corporation (PNW) opened at 89.27 on Friday. The company’s 50-day moving average price is $89.04 and its 200-day moving average price is $86.23. Pinnacle West Capital Corporation has a 52 week low of $70.86 and a 52 week high of $90.92. The company has a market capitalization of $9.96 billion, a price-to-earnings ratio of 19.72 and a beta of 0.38.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The company had revenue of $944.59 million for the quarter, compared to analysts’ expectations of $921.79 million. During the same period in the previous year, the firm posted $1.08 EPS. Pinnacle West Capital Corporation’s revenue was up 3.2% compared to the same quarter last year. Equities analysts forecast that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were issued a $0.655 dividend. This represents a $2.62 annualized dividend and a yield of 2.93%. The ex-dividend date was Friday, July 28th. Pinnacle West Capital Corporation’s payout ratio is 57.96%.

Pinnacle West Capital Corporation Company Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Institutional Ownership by Quarter for Pinnacle West Capital Corporation (NYSE:PNW)

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