First Trust Advisors LP cut its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 810,407 shares of the utilities provider’s stock after selling 16,844 shares during the period. First Trust Advisors LP’s holdings in Pinnacle West Capital Corporation were worth $69,014,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. 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 worth $113,000 after buying an additional 200 shares in the last quarter. Candriam Luxembourg S.C.A. purchased a new stake in shares of Pinnacle West Capital Corporation during the first quarter worth 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 worth $12,617,000 after buying an additional 385 shares in 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 worth $899,860,000 after buying an additional 10,498,905 shares in the last quarter. Finally, FDO Partners LLC purchased a new stake in shares of Pinnacle West Capital Corporation during the first quarter worth about $327,000. Institutional investors and hedge funds own 83.02% of the company’s stock.

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

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

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be paid 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 dividend payout ratio (DPR) is currently 57.96%.

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A number of equities research analysts recently issued reports on PNW shares. BMO Capital Markets restated 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 lowered 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 restated 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 company. The company currently has an average rating of “Hold” and a consensus price target of $81.89.

In other news, SVP Barbara M. Gomez sold 1,900 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was 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 SEC, which is available at the SEC website. Also, SVP Daniel T. Froetscher sold 2,800 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $87.31, for a total value of $244,468.00. Following the completion of the transaction, the senior vice president now directly owns 8,568 shares in the company, valued at approximately $748,072.08. The disclosure for this sale can be found here. 0.70% of the stock is owned by company 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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