State of Wisconsin Investment Board boosted its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 38.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 82,960 shares of the utilities provider’s stock after buying an additional 22,860 shares during the period. State of Wisconsin Investment Board owned about 0.07% of Pinnacle West Capital Corporation worth $7,065,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. 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 during the period. Boston Partners boosted its stake in shares of Pinnacle West Capital Corporation 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 during the period. American Century Companies Inc. boosted its stake in shares of 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 during the period. British Airways Pensions Investment Management Ltd bought a new stake in shares of Pinnacle West Capital Corporation during the first quarter worth approximately $33,965,000. Finally, Jennison Associates LLC boosted its stake in shares of 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 during the period. 84.18% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Corporation (NYSE:PNW) opened at 90.44 on Tuesday. The company has a 50 day moving average price of $87.42 and a 200 day moving average price of $85.18. Pinnacle West Capital Corporation has a 12 month low of $70.86 and a 12 month high of $90.47. The firm has a market capitalization of $10.10 billion, a price-to-earnings ratio of 19.97 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. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. 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 company earned $1.08 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. Analysts anticipate that Pinnacle West Capital Corporation will post $4.26 earnings per share for the current fiscal 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 given a $0.655 dividend. This represents a $2.62 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, July 28th. Pinnacle West Capital Corporation’s dividend payout ratio is currently 57.96%.

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A number of analysts have recently commented on PNW shares. BMO Capital Markets reaffirmed a “hold” rating and issued a $86.00 price target on shares of Pinnacle West Capital Corporation in a research note on Wednesday, May 17th. BidaskClub raised Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. 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 target on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating for the company in a research note on Monday, May 8th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $81.89.

In other news, EVP David P. Falck sold 4,600 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $89.98, for a total value of $413,908.00. Following the completion of the transaction, the executive vice president now owns 42,840 shares of the company’s stock, valued at approximately $3,854,743.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Donald E. Brandt sold 35,013 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total value of $3,136,114.41. Following the completion of the transaction, the chairman now directly owns 118,574 shares of the company’s stock, valued at approximately $10,620,673.18. 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.

Institutional Ownership by Quarter for Pinnacle West Capital Corporation (NYSE:PNW)

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