Metropolitan Life Insurance Co. NY cut its position in Pinnacle West Capital Corporation (NYSE:PNW) by 1.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,407 shares of the utilities provider’s stock after selling 847 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Pinnacle West Capital Corporation were worth $4,620,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of PNW. Jane Street Group LLC acquired a new stake in Pinnacle West Capital Corporation during the first quarter worth $1,041,000. Paloma Partners Management Co boosted its stake in Pinnacle West Capital Corporation by 388.1% in the first quarter. Paloma Partners Management Co now owns 66,291 shares of the utilities provider’s stock worth $5,528,000 after buying an additional 52,710 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new stake in Pinnacle West Capital Corporation during the first quarter worth $14,092,000. New England Asset Management Inc. boosted its stake in Pinnacle West Capital Corporation by 21.1% in the first quarter. New England Asset Management Inc. now owns 38,600 shares of the utilities provider’s stock worth $3,219,000 after buying an additional 6,720 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in Pinnacle West Capital Corporation during the first quarter valued at approximately $211,000. 83.06% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Corporation (NYSE:PNW) traded up 1.70% during midday trading on Thursday, reaching $88.72. The company’s stock had a trading volume of 939,891 shares. Pinnacle West Capital Corporation has a 12 month low of $70.86 and a 12 month high of $89.56. The company has a market cap of $9.90 billion, a PE ratio of 21.43 and a beta of 0.37. The stock has a 50-day moving average price of $86.49 and a 200 day moving average price of $83.82.

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 analysts’ consensus estimates of $1.16 by $0.33. The business had revenue of $944.59 million for the quarter, compared to analyst estimates of $921.79 million. Pinnacle West Capital Corporation had a net margin of 13.17% and a return on equity of 9.40%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the firm posted $1.08 earnings per share. Analysts expect that Pinnacle West Capital Corporation will post $4.24 earnings per share for the current fiscal year.

The firm 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 dividend of $0.655 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.62 dividend on an annualized basis and a dividend yield of 2.95%. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is presently 63.75%.

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Several research firms have recently commented on PNW. 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. Zacks Investment Research upgraded Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. BMO Capital Markets reiterated a “hold” rating and set a $86.00 target price on shares of Pinnacle West Capital Corporation in a report on Wednesday, May 17th. Morgan Stanley reduced their target price on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating on the stock in a report on Monday, May 8th. Finally, BidaskClub upgraded Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. One analyst has rated the stock with a sell rating and ten have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $81.44.

In related news, Director Denis A. Cortese sold 1,776 shares of the stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $83.85, for a total transaction of $148,917.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Barbara M. Gomez sold 1,900 shares of the stock in a transaction on Tuesday, May 16th. The stock was 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. Over the last ninety days, insiders have sold 60,875 shares of company stock valued at $5,160,422. Corporate insiders own 0.70% of the company’s stock.

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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