BNP Paribas Arbitrage SA reduced its position in Pinnacle West Capital Corp. (NYSE:PNW) by 16.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 39,209 shares of the company’s stock after selling 7,723 shares during the period. BNP Paribas Arbitrage SA’s holdings in Pinnacle West Capital Corp. were worth $2,979,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Mizuho Asset Management Co. Ltd. boosted its stake in Pinnacle West Capital Corp. by 66.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,338 shares of the company’s stock worth $108,000 after buying an additional 534 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Pinnacle West Capital Corp. during the second quarter worth approximately $121,000. Pacad Investment Ltd. bought a new stake in Pinnacle West Capital Corp. during the second quarter worth approximately $154,000. Pacer Advisors Inc. boosted its stake in Pinnacle West Capital Corp. by 10.4% in the second quarter. Pacer Advisors Inc. now owns 2,054 shares of the company’s stock worth $166,000 after buying an additional 194 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in Pinnacle West Capital Corp. by 2.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 2,820 shares of the company’s stock worth $206,000 after buying an additional 74 shares during the period. Institutional investors own 81.05% of the company’s stock.

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

Shares of Pinnacle West Capital Corp. (NYSE:PNW) traded down 3.59% during midday trading on Wednesday, reaching $73.93. 848,593 shares of the company traded hands. Pinnacle West Capital Corp. has a 1-year low of $60.70 and a 1-year high of $82.78. The stock has a market capitalization of $8.23 billion, a P/E ratio of 19.24 and a beta of 0.28. The stock’s 50-day moving average is $74.48 and its 200-day moving average is $76.25.

Pinnacle West Capital Corp. (NYSE:PNW) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $2.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.41 by $0.06. The company earned $1.17 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital Corp. had a net margin of 12.30% and a return on equity of 8.97%. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.30 earnings per share. Equities analysts predict that Pinnacle West Capital Corp. will post $3.96 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Tuesday, November 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, October 28th. This represents a $0.48 annualized dividend and a yield of 0.65%. Pinnacle West Capital Corp.’s dividend payout ratio is currently 68.23%.

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A number of analysts recently commented on PNW shares. Williams Capital upgraded shares of Pinnacle West Capital Corp. from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research note on Monday, October 10th. Zacks Investment Research upgraded shares of Pinnacle West Capital Corp. from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a research note on Tuesday, October 4th. Bank of America Corp. upgraded shares of Pinnacle West Capital Corp. from an “underperform” rating to a “neutral” rating in a research note on Tuesday, November 22nd. SunTrust Banks Inc. lifted their price objective on shares of Pinnacle West Capital Corp. from $75.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, September 26th. Finally, Mizuho lifted their price objective on shares of Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Pinnacle West Capital Corp. has a consensus rating of “Hold” and an average price target of $72.78.

In other Pinnacle West Capital Corp. news, VP John S. Hatfield sold 4,523 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $75.27, for a total value of $340,446.21. Following the transaction, the vice president now directly owns 2,265 shares in the company, valued at $170,486.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.70% of the stock is currently owned by company insiders.

Pinnacle West Capital Corp. Company Profile

Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.

5 Day Chart for NYSE:PNW

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