Pinnacle West Capital Corporation (PNW) Position Boosted by Swiss National Bank

Swiss National Bank increased its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 1.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 410,851 shares of the utilities provider’s stock after purchasing an additional 5,200 shares during the period. Swiss National Bank owned approximately 368,080.09% of Pinnacle West Capital Corporation worth $34,742,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PNW. FMR LLC boosted its stake in shares of Pinnacle West Capital Corporation by 10.6% during the 1st quarter. FMR LLC now owns 150,779 shares of the utilities provider’s stock worth $12,572,000 after purchasing an additional 14,420 shares during the period. Thrivent Financial For Lutherans boosted its position in Pinnacle West Capital Corporation by 5.1% in the 1st quarter. Thrivent Financial For Lutherans now owns 4,707 shares of the utilities provider’s stock valued at $390,000 after buying an additional 230 shares during the period. Dimensional Fund Advisors LP boosted its position in Pinnacle West Capital Corporation by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 269,144 shares of the utilities provider’s stock valued at $22,441,000 after buying an additional 5,016 shares during the period. Xact Kapitalforvaltning AB boosted its position in Pinnacle West Capital Corporation by 4.8% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,320 shares of the utilities provider’s stock valued at $794,000 after buying an additional 423 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its position in Pinnacle West Capital Corporation by 509.0% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 18,074 shares of the utilities provider’s stock valued at $1,539,000 after buying an additional 15,106 shares during the period. 85.15% of the stock is owned by hedge funds and other institutional investors.

Shares of Pinnacle West Capital Corporation (PNW) opened at $90.78 on Friday. Pinnacle West Capital Corporation has a 12-month low of $72.61 and a 12-month high of $92.48. The stock has a market cap of $10,142.83, a PE ratio of 19.61, a P/E/G ratio of 6.57 and a beta of 0.38. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.68 and a current ratio of 0.90.

Pinnacle West Capital Corporation (NYSE:PNW) last released its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.13. Pinnacle West Capital Corporation had a net margin of 14.67% and a return on equity of 10.31%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the business earned $2.35 earnings per share. Pinnacle West Capital Corporation’s revenue was up 1.4% compared to the same quarter last year. analysts predict that Pinnacle West Capital Corporation will post 4.27 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st will be paid a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, October 31st. This is a positive change from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is 60.04%.

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Several research firms have recently commented on PNW. BidaskClub upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Bank of America Corporation began coverage on shares of Pinnacle West Capital Corporation in a report on Tuesday, October 24th. They issued a “neutral” rating and a $89.00 price target for the company. Royal Bank Of Canada restated a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a report on Monday, July 24th. Morgan Stanley boosted their price target on shares of Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $86.40.

In other Pinnacle West Capital Corporation news, CEO Donald E. Brandt sold 18,153 shares of the business’s 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 in the company, valued at approximately $10,617,115.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Gallagher sold 2,012 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the completion of the sale, the director now owns 12,786 shares in the company, valued at $1,142,684.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 61,584 shares of company stock valued at $5,518,300. 0.70% of the stock is currently owned by 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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