Pinnacle West Capital Corporation (NYSE:PNW)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $89.60 and last traded at $89.58, with a volume of 278,654 shares changing hands. The stock had previously closed at $89.23.

Several equities analysts recently weighed in on PNW shares. BMO Capital Markets reissued a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Friday, August 4th. Royal Bank Of Canada reissued a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. BidaskClub raised shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research raised shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Morgan Stanley raised their target price on shares of Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. One research analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. Pinnacle West Capital Corporation currently has a consensus rating of “Hold” and a consensus target price of $81.89.

The company has a 50-day moving average price of $86.54 and a 200-day moving average price of $84.59. The company has a market capitalization of $10.00 billion, a PE ratio of 19.79 and a beta of 0.37.

Pinnacle West Capital Corporation (NYSE:PNW) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.33. The business had revenue of $944.59 million during the quarter, compared to analyst estimates of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. Pinnacle West Capital Corporation’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.08 EPS. Equities analysts predict that Pinnacle West Capital Corporation will post $4.27 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 1st will be given a $0.655 dividend. This represents a $2.62 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Friday, July 28th. Pinnacle West Capital Corporation’s payout ratio is currently 57.96%.

In related news, SVP Daniel T. Froetscher sold 2,800 shares of the stock in a transaction on 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 sale, the senior vice president now directly owns 8,568 shares of the company’s stock, valued at approximately $748,072.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.70% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Pinnacle West Capital Corporation by 4.4% in the second quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock valued at $1,002,686,000 after buying an additional 496,727 shares in the last quarter. BlackRock Inc. raised 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 in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Pinnacle West Capital Corporation by 27.2% in the second quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock valued at $285,454,000 after buying an additional 716,993 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Pinnacle West Capital Corporation by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 2,635,293 shares of the utilities provider’s stock valued at $219,732,000 after buying an additional 297,131 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Pinnacle West Capital Corporation 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 buying an additional 1,470,383 shares in the last quarter. 85.87% of the stock is owned by hedge funds and other institutional investors.

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About Pinnacle West Capital Corporation

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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