Pinnacle West Capital Corporation (PNW) Stake Increased by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 13.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 388,645 shares of the utilities provider’s stock after buying an additional 45,586 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.35% of Pinnacle West Capital Corporation worth $32,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Captrust Financial Advisors acquired a new stake in Pinnacle West Capital Corporation in the 2nd quarter valued at approximately $109,000. Parallel Advisors LLC increased its holdings in Pinnacle West Capital Corporation by 3.6% in the 2nd quarter. Parallel Advisors LLC now owns 2,144 shares of the utilities provider’s stock valued at $186,000 after purchasing an additional 75 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Pinnacle West Capital Corporation by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,270 shares of the utilities provider’s stock valued at $193,000 after purchasing an additional 174 shares during the last quarter. Stock Yards Bank & Trust Co. acquired a new stake in Pinnacle West Capital Corporation in the 3rd quarter valued at approximately $205,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Pinnacle West Capital Corporation in the 3rd quarter valued at approximately $214,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

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Pinnacle West Capital Corporation (PNW) opened at $89.28 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.90 and a quick ratio of 0.68. Pinnacle West Capital Corporation has a 1 year low of $72.61 and a 1 year high of $92.48. The company has a market cap of $9,986.41, a P/E ratio of 19.31, a price-to-earnings-growth ratio of 6.47 and a beta of 0.38.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 last year, the company posted $2.35 EPS. The firm’s revenue was up 1.4% compared to the same quarter last year. equities research analysts forecast that Pinnacle West Capital Corporation will post 4.27 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st will be given a $0.695 dividend. This represents a $2.78 annualized dividend and a yield of 3.11%. The ex-dividend date is Tuesday, October 31st. This is a boost from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is currently 60.04%.

Several analysts recently weighed in on PNW shares. Zacks Investment Research downgraded shares of Pinnacle West Capital Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. BidaskClub upgraded shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. ValuEngine upgraded shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Morgan Stanley lifted their target price on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the company an “underweight” rating in a report on Friday, September 8th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $89.00 target price on shares of Pinnacle West Capital Corporation in a report on Tuesday, August 29th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. Pinnacle West Capital Corporation presently has a consensus rating of “Hold” and an average target price of $86.40.

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 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 of the company’s stock, valued at approximately $1,611,678.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael L. Gallagher sold 2,012 shares of Pinnacle West Capital Corporation stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the sale, the director now directly owns 12,786 shares of the company’s stock, valued at $1,142,684.82. The disclosure for this sale can be found here. Insiders sold a total of 21,971 shares of company stock valued at $1,968,278 in the last three months. 0.70% of the stock is currently owned by corporate insiders.

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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