Pinnacle West Capital Corporation (PNW) Position Decreased by Bank of Montreal Can

Bank of Montreal Can cut its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 27.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 238,051 shares of the utilities provider’s stock after selling 91,408 shares during the period. Bank of Montreal Can owned about 0.21% of Pinnacle West Capital Corporation worth $20,272,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Pinnacle West Capital Corporation by 3,579.0% in the first quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock worth $899,860,000 after buying an additional 10,498,905 shares during the period. American Century Companies Inc. raised its position in shares of Pinnacle West Capital Corporation by 778.9% in the first quarter. American Century Companies Inc. now owns 1,045,482 shares of the utilities provider’s stock worth $87,172,000 after buying an additional 926,522 shares during the period. British Airways Pensions Investment Management Ltd acquired a new position in shares of Pinnacle West Capital Corporation during the first quarter worth $33,965,000. Jennison Associates LLC raised its position in shares of Pinnacle West Capital Corporation by 199.5% in the first quarter. Jennison Associates LLC now owns 611,078 shares of the utilities provider’s stock worth $50,952,000 after buying an additional 407,026 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Pinnacle West Capital Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 11,277,423 shares of the utilities provider’s stock worth $940,311,000 after buying an additional 398,486 shares during the period. Institutional investors and hedge funds own 83.02% of the company’s stock.

Shares of Pinnacle West Capital Corporation (PNW) traded down 0.49% on Friday, hitting $88.53. The company had a trading volume of 437,707 shares. Pinnacle West Capital Corporation has a 52 week low of $70.86 and a 52 week high of $89.56. The company has a market capitalization of $9.88 billion, a price-to-earnings ratio of 19.55 and a beta of 0.37. The stock’s 50-day moving average is $86.48 and its 200 day moving average is $84.31.

Pinnacle West Capital Corporation (NYSE:PNW) last announced 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 company 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%. Pinnacle West Capital Corporation’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $1.08 earnings per share. Equities analysts expect that Pinnacle West Capital Corporation will post $4.27 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be given a $0.655 dividend. This represents a $2.62 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Friday, July 28th. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is presently 57.96%.

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PNW has been the subject of a number of recent analyst reports. BMO Capital Markets reissued a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. 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 report on Monday, July 24th. BidaskClub raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research raised shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, Morgan Stanley upped 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 research report on Thursday. One research analyst has rated the stock with a sell rating and ten have given a hold rating to the company. The stock has an average rating of “Hold” and an average target price of $81.89.

In other news, SVP Barbara M. Gomez sold 1,900 shares of Pinnacle West Capital Corporation stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $84.00, for a total value of $159,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Daniel T. Froetscher sold 2,800 shares of Pinnacle West Capital Corporation stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $87.31, for a total value of $244,468.00. Following the completion of the sale, the senior vice president now directly owns 8,568 shares in the company, valued at $748,072.08. The disclosure for this sale can be found here. 0.70% of the stock is 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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