Great West Life Assurance Co. Can cut its position in Pinnacle West Capital Corporation (NYSE:PNW) by 40.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 110,946 shares of the utilities provider’s stock after selling 76,385 shares during the period. Great West Life Assurance Co. Can’s holdings in Pinnacle West Capital Corporation were worth $9,429,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. boosted its position 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. American Century Companies Inc. boosted its stake in Pinnacle West Capital Corporation by 778.9% in the first quarter. American Century Companies Inc. now owns 1,045,482 shares of the utilities provider’s stock worth $87,172,000 after buying an additional 926,522 shares in the last quarter. British Airways Pensions Investment Management Ltd acquired a new stake in Pinnacle West Capital Corporation during the first quarter worth approximately $33,965,000. Jennison Associates LLC boosted its stake in Pinnacle West Capital Corporation by 199.5% in the first quarter. Jennison Associates LLC now owns 611,078 shares of the utilities provider’s stock worth $50,952,000 after buying an additional 407,026 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Pinnacle West Capital Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 11,277,423 shares of the utilities provider’s stock worth $940,311,000 after buying an additional 398,486 shares in the last quarter. 83.02% of the stock is currently owned by institutional investors.

Shares of Pinnacle West Capital Corporation (PNW) opened at 88.97 on Friday. Pinnacle West Capital Corporation has a 1-year low of $70.86 and a 1-year high of $89.56. The stock has a 50 day moving average of $86.47 and a 200 day moving average of $84.23. The stock has a market cap of $9.93 billion, a PE ratio of 19.65 and a beta of 0.37.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The firm had revenue of $944.59 million during the quarter, compared to analyst estimates of $921.79 million. During the same quarter in the prior year, the business posted $1.08 earnings per share. Pinnacle West Capital Corporation’s revenue for the quarter was up 3.2% compared to the same quarter last year. Equities research analysts forecast that Pinnacle West Capital Corporation will post $4.26 EPS for the current year.

The company also recently announced 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. The ex-dividend date is Friday, July 28th. This represents a $2.62 annualized dividend and a dividend yield of 2.94%. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is presently 57.96%.

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A number of brokerages have recently weighed in on PNW. BMO Capital Markets restated a “hold” rating and set a $86.00 price objective on shares of Pinnacle West Capital Corporation in a research report on Wednesday, May 17th. Morgan Stanley dropped their target price on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating for the company in a research report on Monday, May 8th. Zacks Investment Research lowered Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. BidaskClub downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. Pinnacle West Capital Corporation has an average rating of “Hold” and a consensus target price of $81.89.

In related news, SVP Barbara M. Gomez sold 1,900 shares of the company’s stock in a transaction on 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 legal filing with the SEC, which can be accessed through this link. Also, SVP Daniel T. Froetscher sold 2,800 shares of the company’s stock in a transaction on Friday, May 26th. The shares were 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 in the company, valued at $748,072.08. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate 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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