Pinnacle West Capital Corporation (NYSE:PNW) Shares Sold by Swiss National Bank

Swiss National Bank lowered its position in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 220,200 shares of the utilities provider's stock after selling 3,200 shares during the quarter. Swiss National Bank owned 0.18% of Pinnacle West Capital worth $20,974,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Pinnacle West Capital by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 14,464,661 shares of the utilities provider's stock valued at $1,377,759,000 after purchasing an additional 283,752 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock worth $206,420,000 after purchasing an additional 610,042 shares during the last quarter. Reaves W H & Co. Inc. boosted its stake in shares of Pinnacle West Capital by 8.5% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,509,511 shares of the utilities provider's stock worth $143,781,000 after purchasing an additional 118,796 shares during the last quarter. Nuveen Asset Management LLC boosted its position in shares of Pinnacle West Capital by 27.2% in the fourth quarter. Nuveen Asset Management LLC now owns 1,146,185 shares of the utilities provider's stock worth $97,162,000 after acquiring an additional 245,003 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Pinnacle West Capital by 57.4% in the first quarter. Assenagon Asset Management S.A. now owns 1,065,801 shares of the utilities provider's stock worth $101,518,000 after acquiring an additional 388,527 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PNW shares. Wall Street Zen cut shares of Pinnacle West Capital from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Morgan Stanley decreased their target price on shares of Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. KeyCorp decreased their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "hold" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of "Hold" and an average price target of $97.00.

Pinnacle West Capital Trading Down 0.7%

NYSE PNW traded down $0.61 during mid-day trading on Friday, hitting $91.30. The company's stock had a trading volume of 1,463,106 shares, compared to its average volume of 1,258,529. The firm has a market capitalization of $10.90 billion, a P/E ratio of 18.82, a price-to-earnings-growth ratio of 9.43 and a beta of 0.38. The stock's fifty day simple moving average is $90.71 and its two-hundred day simple moving average is $91.32. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

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

Pinnacle West Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 1st will be paid a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.9%. Pinnacle West Capital's dividend payout ratio (DPR) is currently 73.81%.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred 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 sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by corporate insiders.

Pinnacle West Capital Company 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.