Janus Henderson Group PLC cut its position in Pinnacle West Capital Co. (NYSE:PNW) by 15.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,553,246 shares of the utilities provider’s stock after selling 285,181 shares during the quarter. Janus Henderson Group PLC owned 1.39% of Pinnacle West Capital worth $131,342,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Swiss National Bank boosted its stake in shares of Pinnacle West Capital by 2.8% in the second quarter. Swiss National Bank now owns 405,651 shares of the utilities provider’s stock valued at $34,545,000 after purchasing an additional 11,200 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Pinnacle West Capital by 4.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 507,078 shares of the utilities provider’s stock valued at $43,183,000 after purchasing an additional 20,097 shares during the period. American Century Companies Inc. boosted its stake in shares of Pinnacle West Capital by 140.6% in the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock valued at $214,251,000 after purchasing an additional 1,470,383 shares during the period. Franklin Resources Inc. boosted its stake in shares of Pinnacle West Capital by 0.3% in the second quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock valued at $167,166,000 after purchasing an additional 5,092 shares during the period. Finally, State of Wisconsin Investment Board boosted its stake in shares of Pinnacle West Capital by 38.0% in the second quarter. State of Wisconsin Investment Board now owns 82,960 shares of the utilities provider’s stock valued at $7,065,000 after purchasing an additional 22,860 shares during the period. Institutional investors and hedge funds own 82.80% of the company’s stock.

Several brokerages have recently weighed in on PNW. Royal Bank of Canada restated a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital in a research note on Tuesday, August 29th. BidaskClub upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. SunTrust Banks reiterated a “hold” rating and set a $84.00 price objective on shares of Pinnacle West Capital in a research note on Thursday, October 12th. KeyCorp reiterated a “hold” rating on shares of Pinnacle West Capital in a research note on Friday, September 1st. Finally, Zacks Investment Research upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Thursday, October 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $86.70.

In other Pinnacle West Capital news, CEO Donald E. Brandt sold 18,153 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the sale, the chief executive officer now directly owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Gallagher sold 2,012 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the sale, the director now directly owns 12,786 shares in the company, valued at $1,142,684.82. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Co. (NYSE PNW) traded down $2.10 during midday trading on Wednesday, reaching $89.12. 523,800 shares of the company’s stock were exchanged, compared to its average volume of 673,460. Pinnacle West Capital Co. has a 12-month low of $74.46 and a 12-month high of $92.48. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. The company has a market cap of $10,000.00, a P/E ratio of 19.70, a price-to-earnings-growth ratio of 6.61 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.13. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.35 EPS. research analysts predict that Pinnacle West Capital Co. will post 4.27 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st were issued a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.12%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Tuesday, October 31st. Pinnacle West Capital’s dividend payout ratio is 60.04%.

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About Pinnacle West Capital

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 (NYSE:PNW)

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