MUFG Americas Holdings Corp reduced its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 4.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,176 shares of the utilities provider’s stock after selling 1,721 shares during the period. MUFG Americas Holdings Corp’s holdings in Pinnacle West Capital Corporation were worth $2,825,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PNW. Northwest Investment Counselors LLC bought a new stake in Pinnacle West Capital Corporation during the second quarter valued at $106,000. WealthTrust Arizona LLC increased its stake in Pinnacle West Capital Corporation by 0.7% in the second quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock valued at $107,000 after buying an additional 9 shares during the last quarter. Amica Retiree Medical Trust increased its stake in Pinnacle West Capital Corporation by 128.0% in the first quarter. Amica Retiree Medical Trust now owns 1,496 shares of the utilities provider’s stock valued at $125,000 after buying an additional 840 shares during the last quarter. Pacer Advisors Inc. increased its stake in Pinnacle West Capital Corporation by 3.3% in the first quarter. Pacer Advisors Inc. now owns 2,096 shares of the utilities provider’s stock valued at $175,000 after buying an additional 66 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Pinnacle West Capital Corporation by 8.9% in the first quarter. Parallel Advisors LLC now owns 2,069 shares of the utilities provider’s stock valued at $175,000 after buying an additional 169 shares during the last quarter. Institutional investors own 85.87% of the company’s stock.

Pinnacle West Capital Corporation (NYSE:PNW) opened at 89.92 on Thursday. The company has a market capitalization of $10.04 billion, a PE ratio of 19.86 and a beta of 0.37. The company has a 50-day moving average price of $87.12 and a 200-day moving average price of $85.06. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $90.01.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The company had revenue of $944.59 million for the quarter, compared to the consensus estimate of $921.79 million. During the same period last year, the firm posted $1.08 EPS. Pinnacle West Capital Corporation’s revenue for the quarter was up 3.2% on a year-over-year basis. Analysts expect that Pinnacle West Capital Corporation will post $4.26 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, July 28th. Pinnacle West Capital Corporation’s payout ratio is currently 57.96%.

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Several analysts have commented on the company. Royal Bank Of Canada reiterated a “hold” rating and set a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. Morgan Stanley increased their target price on 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. Zacks Investment Research upgraded Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note 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 research note on Wednesday, May 17th. Finally, BidaskClub upgraded Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $81.89.

In other Pinnacle West Capital Corporation news, SVP Daniel T. Froetscher sold 2,800 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $87.31, for a total transaction of $244,468.00. Following the transaction, the senior vice president now directly owns 8,568 shares of the company’s stock, valued at approximately $748,072.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company 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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