Victory Capital Management Inc. increased its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 5.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 324,520 shares of the utilities provider’s stock after buying an additional 17,134 shares during the quarter. Victory Capital Management Inc. owned 0.29% of Pinnacle West Capital Corporation worth $27,441,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. WealthTrust Arizona LLC grew its position in Pinnacle West Capital Corporation by 0.7% during the second quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock worth $107,000 after buying an additional 9 shares in the last quarter. Captrust Financial Advisors acquired a new stake in Pinnacle West Capital Corporation during the second quarter worth about $109,000. Parallel Advisors LLC grew its position in Pinnacle West Capital Corporation by 3.6% during the second quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock worth $186,000 after buying an additional 75 shares in the last quarter. Pacer Advisors Inc. grew its position in Pinnacle West Capital Corporation by 8.3% during the second quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock worth $193,000 after buying an additional 174 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. acquired a new stake in Pinnacle West Capital Corporation during the third quarter worth about $205,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on PNW shares. Zacks Investment Research raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. BidaskClub raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Monday, July 24th. BMO Capital Markets reaffirmed a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Friday, August 4th. Finally, Morgan Stanley lifted their price objective on Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $86.40.

Pinnacle West Capital Corporation (NYSE:PNW) opened at $88.34 on Friday. Pinnacle West Capital Corporation has a one year low of $72.15 and a one year high of $90.92. The company has a quick ratio of 0.48, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. The stock has a market cap of $9,987.53, a P/E ratio of 19.31, a PEG ratio of 6.47 and a beta of 0.38.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the company posted $2.35 earnings per share. Pinnacle West Capital Corporation’s quarterly revenue was up 1.4% compared to the same quarter last year. sell-side analysts forecast that Pinnacle West Capital Corporation will post 4.27 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be paid a $0.695 dividend. The ex-dividend date is Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.15%. This is a boost from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. Pinnacle West Capital Corporation’s payout ratio is 60.04%.

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

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About Pinnacle West Capital Corporation

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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