State Street Corp Sells 134,237 Shares of Pinnacle West Capital Corporation (PNW)

State Street Corp reduced its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,899,403 shares of the utilities provider’s stock after selling 134,237 shares during the period. State Street Corp owned about 5.29% of Pinnacle West Capital Corporation worth $502,391,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. 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 valued at $107,000 after acquiring an additional 9 shares during the last quarter. Wedbush Securities Inc. grew its position in Pinnacle West Capital Corporation by 0.3% during the second quarter. Wedbush Securities Inc. now owns 8,736 shares of the utilities provider’s stock valued at $744,000 after acquiring an additional 25 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Pinnacle West Capital Corporation by 0.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,288 shares of the utilities provider’s stock valued at $706,000 after acquiring an additional 29 shares during the last quarter. ING Groep NV grew its position in Pinnacle West Capital Corporation by 0.6% during the second quarter. ING Groep NV now owns 5,708 shares of the utilities provider’s stock valued at $486,000 after acquiring an additional 34 shares during the last quarter. Finally, Eqis Capital Management Inc. grew its position in Pinnacle West Capital Corporation by 1.0% during the second quarter. Eqis Capital Management Inc. now owns 3,928 shares of the utilities provider’s stock valued at $334,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 84.20% of the company’s stock.

In related news, Director Kathryn L. Munro sold 1,806 shares of the company’s stock in a transaction 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 sale, the director now directly owns 17,852 shares in the company, valued at approximately $1,611,678.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Donald E. Brandt sold 35,013 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total value of $3,136,114.41. Following the sale, the chairman now owns 118,574 shares of the company’s stock, valued at $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 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

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A number of brokerages have commented on PNW. Royal Bank Of Canada reiterated a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Monday, July 24th. Morgan Stanley increased 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, August 10th. Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Credit Suisse Group began coverage on shares of Pinnacle West Capital Corporation in a research report on Wednesday, September 20th. They set a “neutral” rating and a $90.00 price target on the stock. Finally, KeyCorp reiterated a “hold” rating on shares of Pinnacle West Capital Corporation in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. Pinnacle West Capital Corporation has an average rating of “Hold” and a consensus price target of $85.78.

Pinnacle West Capital Corporation (PNW) opened at 87.31 on Friday. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $90.92. The company has a market cap of $9.75 billion, a PE ratio of 19.28 and a beta of 0.36. The stock has a 50 day moving average of $87.76 and a 200 day moving average of $86.70.

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

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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