Pinnacle West Capital Corporation (NYSE:PNW) Position Cut by NN Investment Partners Holdings N.V.

NN Investment Partners Holdings N.V. lowered its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 60.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,991 shares of the utilities provider’s stock after selling 12,156 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Pinnacle West Capital Corporation were worth $681,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PNW. BlackRock Inc. increased its position 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 in the last quarter. American Century Companies Inc. increased 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 in the last quarter. 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 increased 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 in the last quarter. Finally, Vanguard Group Inc. increased 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 in the last quarter. Institutional investors and hedge funds own 85.87% of the company’s stock.

Shares of Pinnacle West Capital Corporation (NYSE PNW) traded up 0.46% during mid-day trading on Friday, hitting $89.29. The company’s stock had a trading volume of 629,304 shares. The company has a 50-day moving average price of $86.79 and a 200-day moving average price of $84.75. Pinnacle West Capital Corporation has a 1-year low of $70.86 and a 1-year high of $89.91. The stock has a market cap of $9.97 billion, a PE ratio of 19.72 and a beta of 0.37.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $921.79 million. During the same period in the prior year, the business posted $1.08 EPS. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Analysts predict that Pinnacle West Capital Corporation will post $4.27 EPS for the current fiscal 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 paid a dividend of $0.655 per share. The ex-dividend date is Friday, July 28th. This represents a $2.62 dividend on an annualized basis and a dividend yield of 2.93%. Pinnacle West Capital Corporation’s dividend payout ratio is 57.96%.

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A number of analysts recently issued reports on PNW shares. BidaskClub cut Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Zacks Investment Research cut Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. BMO Capital Markets reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. Morgan Stanley reduced their price objective on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating for the company in a research report on Monday, May 8th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $81.89.

In other news, SVP Daniel T. Froetscher sold 2,800 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $87.31, for a total transaction of $244,468.00. Following the completion of the transaction, the senior vice president now directly owns 8,568 shares in the company, valued at approximately $748,072.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.70% of the company’s stock.

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.

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

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