Wedge Capital Management L L P NC reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.5% during the second quarter, Holdings Channel reports. The institutional investor owned 1,710,898 shares of the utilities provider’s stock after selling 44,030 shares during the period. Pinnacle West Capital accounts for 1.4% of Wedge Capital Management L L P NC’s holdings, making the stock its 9th largest position. Wedge Capital Management L L P NC’s holdings in Pinnacle West Capital were worth $145,700,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Boston Partners boosted its position in shares of Pinnacle West Capital by 30,924.3% in the second quarter. Boston Partners now owns 2,052,566 shares of the utilities provider’s stock worth $174,796,000 after buying an additional 2,045,950 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position 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 worth $43,183,000 after buying an additional 20,097 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Pinnacle West Capital by 30.6% in the second quarter. Canada Pension Plan Investment Board now owns 15,810 shares of the utilities provider’s stock worth $1,346,000 after buying an additional 3,700 shares in the last quarter. Trexquant Investment LP boosted its position in shares of Pinnacle West Capital by 108.1% in the second quarter. Trexquant Investment LP now owns 8,300 shares of the utilities provider’s stock worth $707,000 after buying an additional 4,311 shares in the last quarter. Finally, Global X Management Co. LLC boosted its position in shares of Pinnacle West Capital by 29.1% in the second quarter. Global X Management Co. LLC now owns 5,654 shares of the utilities provider’s stock worth $481,000 after buying an additional 1,273 shares in the last quarter. Institutional investors and hedge funds own 83.02% of the company’s stock.

Shares of Pinnacle West Capital Co. (NYSE PNW) opened at 88.97 on Friday. The company’s 50-day moving average price is $86.47 and its 200-day moving average price is $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 Co. has a 52-week low of $70.86 and a 52-week high of $89.56.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.16 by $0.33. Pinnacle West Capital had a return on equity of 13.86% and a net margin of 18.24%. The business had revenue of $944.59 million during the quarter, compared to the consensus estimate of $921.79 million. During the same period in the prior year, the business posted $1.08 earnings per share. Pinnacle West Capital’s revenue was up 3.2% compared to the same quarter last year. Analysts expect that Pinnacle West Capital Co. will post $4.27 earnings per share 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 issued a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Friday, July 28th. Pinnacle West Capital’s dividend payout ratio is 57.96%.

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A number of brokerages have recently weighed in on PNW. Morgan Stanley raised their price target on Pinnacle West Capital from $79.00 to $83.00 and gave the company an “underweight” rating in a research report on Thursday. BMO Capital Markets restated a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital in a research report on Friday, August 4th. Royal Bank Of Canada restated a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital in a research report on Monday, July 24th. BidaskClub upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Zacks Investment Research upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating and ten have given a hold rating to the company. Pinnacle West Capital has an average rating of “Hold” and an average price target of $81.89.

In other news, SVP Daniel T. Froetscher sold 2,800 shares of the company’s stock in a transaction on 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 $748,072.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

Pinnacle West Capital 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 (NYSE:PNW)

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