Los Angeles Capital Management & Equity Research Inc. Has $6.34 Million Stake in Pinnacle West Capital Corporation (PNW)

Los Angeles Capital Management & Equity Research Inc. reduced its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 13.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,964 shares of the utilities provider’s stock after selling 11,580 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned 0.07% of Pinnacle West Capital Corporation worth $6,339,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Boston Partners lifted its holdings in Pinnacle West Capital Corporation by 30,924.3% in the 2nd quarter. Boston Partners now owns 2,052,566 shares of the utilities provider’s stock worth $174,796,000 after purchasing an additional 2,045,950 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Pinnacle West Capital Corporation by 11,341.5% in the 2nd quarter. Janus Henderson Group PLC now owns 1,838,427 shares of the utilities provider’s stock worth $156,560,000 after purchasing an additional 1,822,359 shares in the last quarter. American Century Companies Inc. lifted its holdings in Pinnacle West Capital Corporation by 140.6% in the 2nd quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock worth $214,251,000 after purchasing an additional 1,470,383 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Pinnacle West Capital Corporation by 27.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock worth $285,454,000 after purchasing an additional 716,993 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Pinnacle West Capital Corporation by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock worth $1,002,686,000 after purchasing an additional 496,727 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Corporation (NYSE PNW) opened at $90.05 on Monday. The firm has a market capitalization of $10,061.27, a P/E ratio of 19.45, a PEG ratio of 6.52 and a beta of 0.38. The company has a current ratio of 0.90, a quick ratio of 0.68 and a debt-to-equity ratio of 0.85. Pinnacle West Capital Corporation has a 12-month low of $72.61 and a 12-month high of $92.48.

Pinnacle West Capital Corporation (NYSE:PNW) last released its earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.13. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital Corporation had a return on equity of 10.31% and a net margin of 14.67%. The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.35 EPS. analysts forecast that Pinnacle West Capital Corporation will post 4.27 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be given a dividend of $0.695 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.78 annualized dividend and a dividend yield of 3.09%. This is an increase from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. Pinnacle West Capital Corporation’s payout ratio is currently 60.04%.

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In other news, Director Michael L. Gallagher sold 2,012 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the transaction, the director now owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kathryn L. Munro sold 1,806 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $90.28, for a total value of $163,045.68. Following the transaction, the director now directly owns 17,852 shares in the company, valued at approximately $1,611,678.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,584 shares of company stock worth $5,518,300. Corporate insiders own 0.70% of the company’s stock.

A number of research analysts recently commented on PNW shares. Zacks Investment Research raised Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Monday, September 11th. BidaskClub raised Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. ValuEngine raised Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. BMO Capital Markets reaffirmed a “hold” rating and issued a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Friday, August 4th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $86.40.

Pinnacle West Capital Corporation 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.

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

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