Verition Fund Management LLC decreased its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 76.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,491 shares of the utilities provider’s stock after selling 125,454 shares during the quarter. Verition Fund Management LLC’s holdings in Pinnacle West Capital Corporation were worth $3,363,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Swiss National Bank grew its holdings in shares of Pinnacle West Capital Corporation by 2.8% during the second quarter. Swiss National Bank now owns 405,651 shares of the utilities provider’s stock worth $34,545,000 after purchasing an additional 11,200 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Pinnacle West Capital Corporation by 4.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 507,078 shares of the utilities provider’s stock worth $43,183,000 after purchasing an additional 20,097 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Pinnacle West Capital Corporation by 140.6% during the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock worth $214,251,000 after purchasing an additional 1,470,383 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Pinnacle West Capital Corporation by 0.3% during the second quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock worth $167,166,000 after purchasing an additional 5,092 shares in the last quarter. Finally, State of Wisconsin Investment Board grew its holdings in shares of Pinnacle West Capital Corporation by 38.0% during the second quarter. State of Wisconsin Investment Board now owns 82,960 shares of the utilities provider’s stock worth $7,065,000 after purchasing an additional 22,860 shares in the last quarter. 84.20% of the stock is owned by institutional investors.

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PNW has been the subject of several recent analyst reports. Zacks Investment Research raised Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Monday, September 11th. BidaskClub raised Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. BMO Capital Markets reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Friday, August 4th. Royal Bank Of Canada reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Monday, July 24th. Finally, KeyCorp reissued a “hold” rating on shares of Pinnacle West Capital Corporation in a report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $85.78.

Pinnacle West Capital Corporation (NYSE PNW) traded up 0.452% during mid-day trading on Friday, reaching $87.705. The company had a trading volume of 234,130 shares. The firm has a 50-day moving average of $87.76 and a 200 day moving average of $86.70. Pinnacle West Capital Corporation has a 1-year low of $70.86 and a 1-year high of $90.92. The company has a market capitalization of $9.79 billion, a PE ratio of 19.369 and a beta of 0.36.

Pinnacle West Capital Corporation (NYSE:PNW) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.33. The business had revenue of $944.59 million during the quarter, compared to analysts’ expectations of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 EPS. On average, analysts predict that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current fiscal year.

In other Pinnacle West Capital Corporation news, Director Kathryn L. Munro sold 1,806 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $90.28, for a total transaction of $163,045.68. Following the completion of the transaction, the director now owns 17,852 shares in the company, valued at approximately $1,611,678.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Donald E. Brandt sold 35,013 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the transaction, the chairman now 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. Insiders have sold a total of 41,419 shares of company stock valued at $3,713,068 in the last 90 days. 0.70% of the stock is currently owned by company 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.

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

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