CIBC Asset Management Inc increased its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 0.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,805 shares of the utilities provider’s stock after buying an additional 41 shares during the period. CIBC Asset Management Inc’s holdings in Pinnacle West Capital Corporation were worth $920,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PNW. Tompkins Financial Corp boosted its stake in shares of Pinnacle West Capital Corporation by 15.4% in the first quarter. Tompkins Financial Corp now owns 1,500 shares of the utilities provider’s stock valued at $113,000 after buying an additional 200 shares during the last quarter. Candriam Luxembourg S.C.A. bought a new stake in shares of Pinnacle West Capital Corporation during the first quarter valued at about $1,854,000. Lazard Asset Management LLC boosted its stake in shares of Pinnacle West Capital Corporation by 0.3% in the first quarter. Lazard Asset Management LLC now owns 151,331 shares of the utilities provider’s stock valued at $12,617,000 after buying an additional 385 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Pinnacle West Capital Corporation by 3,579.0% in the first quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock valued at $899,860,000 after buying an additional 10,498,905 shares during the last quarter. Finally, FDO Partners LLC bought a new stake in shares of Pinnacle West Capital Corporation during the first quarter valued at about $327,000. Institutional investors and hedge funds own 83.02% of the company’s stock.

Pinnacle West Capital Corporation (NYSE:PNW) opened at 88.53 on Friday. The stock has a market cap of $9.88 billion, a price-to-earnings ratio of 19.55 and a beta of 0.37. The company has a 50-day moving average price of $86.48 and a 200 day moving average price of $84.31. Pinnacle West Capital Corporation has a 12-month low of $70.86 and a 12-month high of $89.56.

Pinnacle West Capital Corporation (NYSE:PNW) last released its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. The company had revenue of $944.59 million during the quarter, compared to the consensus estimate of $921.79 million. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The company’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.08 EPS. On average, equities research analysts predict that Pinnacle West Capital Corporation will post $4.27 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be given a $0.655 dividend. This represents a $2.62 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, July 28th. Pinnacle West Capital Corporation’s payout ratio is currently 57.96%.

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Several analysts have recently issued reports on PNW shares. BMO Capital Markets reiterated a “hold” rating and issued a $86.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Wednesday, May 17th. Zacks Investment Research cut Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Morgan Stanley reduced their price objective on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating on the stock in a research note on Monday, May 8th. Royal Bank Of Canada reiterated a “hold” rating and issued a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. Finally, BidaskClub upgraded Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $81.89.

In other news, SVP Barbara M. Gomez sold 1,900 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $84.00, for a total value of $159,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Daniel T. Froetscher sold 2,800 shares of the business’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $87.31, for a total transaction of $244,468.00. Following the completion of the sale, the senior vice president now directly owns 8,568 shares of the company’s stock, valued at approximately $748,072.08. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by insiders.

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.

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

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