Pinnacle West Capital Corporation (PNW) Stake Cut by Pictet Asset Management Ltd.

Pictet Asset Management Ltd. reduced its position in Pinnacle West Capital Corporation (NYSE:PNW) by 6.0% during the second quarter, Holdings Channel reports. The fund owned 401,390 shares of the utilities provider’s stock after selling 25,459 shares during the period. Pictet Asset Management Ltd.’s holdings in Pinnacle West Capital Corporation were worth $35,463,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. WealthTrust Arizona LLC increased its position in Pinnacle West Capital Corporation by 0.7% in the first quarter. WealthTrust Arizona LLC now owns 1,244 shares of the utilities provider’s stock worth $104,000 after buying an additional 9 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in Pinnacle West Capital Corporation during the second quarter worth about $106,000. Tompkins Financial Corp increased its position in Pinnacle West Capital Corporation by 15.4% in the first quarter. Tompkins Financial Corp now owns 1,500 shares of the utilities provider’s stock worth $113,000 after buying an additional 200 shares during the last quarter. Amica Retiree Medical Trust increased its position in Pinnacle West Capital Corporation by 128.0% in the first quarter. Amica Retiree Medical Trust now owns 1,496 shares of the utilities provider’s stock worth $125,000 after buying an additional 840 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in Pinnacle West Capital Corporation by 3.3% in the first quarter. Pacer Advisors Inc. now owns 2,096 shares of the utilities provider’s stock worth $175,000 after buying an additional 66 shares during the last quarter. Institutional investors and hedge funds own 83.02% of the company’s stock.

Shares of Pinnacle West Capital Corporation (NYSE:PNW) opened at 88.32 on Thursday. Pinnacle West Capital Corporation has a 12 month low of $70.86 and a 12 month high of $89.56. The company’s 50-day moving average price is $86.46 and its 200-day moving average price is $84.19. The company has a market cap of $9.85 billion, a P/E ratio of 21.45 and a beta of 0.37.

Pinnacle West Capital Corporation (NYSE:PNW) last released its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The firm had revenue of $944.59 million during the quarter, compared to analysts’ expectations of $921.79 million. During the same period in the previous year, the firm posted $1.08 EPS. Pinnacle West Capital Corporation’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities analysts forecast that Pinnacle West Capital Corporation will post $4.26 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st will be given a dividend of $0.655 per share. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.62 annualized dividend and a dividend yield of 2.97%. Pinnacle West Capital Corporation’s dividend payout ratio is currently 57.96%.

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A number of research firms have recently issued reports on PNW. BMO Capital Markets reissued a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. BidaskClub downgraded Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Royal Bank Of Canada reissued 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. Zacks Investment Research raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, Morgan Stanley dropped their price target on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating on the stock in a research report on Monday, May 8th. One research analyst has rated the stock with a sell rating and ten have issued a hold rating to the stock. Pinnacle West Capital Corporation currently has an average rating of “Hold” and a consensus target price of $81.78.

In other news, SVP Barbara M. Gomez sold 1,900 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $84.00, for a total transaction of $159,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Daniel T. Froetscher sold 2,800 shares of the company’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $87.31, for a total value of $244,468.00. Following the transaction, the senior vice president now directly owns 8,568 shares of the company’s stock, valued at $748,072.08. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

Pinnacle West Capital Corporation Company Profile

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.

Want to see what other hedge funds are holding PNW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle West Capital Corporation (NYSE:PNW).

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

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