Chevy Chase Trust Holdings LLC Buys 3,459 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in Pinnacle West Capital by 5.8%, acquiring an additional 3,459 shares during Q2, bringing its total holdings to 63,089 shares valued at approximately $5.65 million.
• Pinnacle West Capital's stock has seen recent trading fluctuations, with a current price of $92.77 and a 1-year range between $81.47 and $96.50.
• Brokerage analysts have varied ratings on Pinnacle West Capital, with price targets ranging from $95.00 to $101.00, reflecting a consensus rating of "Hold" with a consensus target price of $96.50.

Chevy Chase Trust Holdings LLC grew its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 5.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 63,089 shares of the utilities provider's stock after acquiring an additional 3,459 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Pinnacle West Capital worth $5,645,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Pinnacle West Capital by 12.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after purchasing an additional 1,411 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after purchasing an additional 1,150 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Pinnacle West Capital by 8.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after acquiring an additional 366 shares during the period. Amalgamated Bank raised its position in shares of Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after purchasing an additional 372 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Pinnacle West Capital by 39.3% during the 1st quarter. GAMMA Investing LLC now owns 2,108 shares of the utilities provider's stock worth $201,000 after purchasing an additional 595 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.23% of the company's stock.

Pinnacle West Capital Trading Down 0.4%

Shares of Pinnacle West Capital stock opened at $92.77 on Tuesday. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The company has a market capitalization of $11.08 billion, a P/E ratio of 19.13, a PEG ratio of 9.65 and a beta of 0.46. The company's fifty day moving average is $89.70 and its two-hundred day moving average is $90.71.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the firm posted $1.76 EPS. Pinnacle West Capital's revenue for the quarter was up 3.8% on a year-over-year basis. Analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNW. UBS Group upped their price objective on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, October 10th. TD Cowen started coverage on shares of Pinnacle West Capital in a report on Thursday, October 16th. They issued a "hold" rating and a $97.00 price objective on the stock. Zacks Research lowered shares of Pinnacle West Capital from a "hold" rating to a "strong sell" rating in a report on Friday, October 10th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $99.00 target price on shares of Pinnacle West Capital in a research report on Monday. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Pinnacle West Capital in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $96.50.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.

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