Bridgewater Associates LP purchased a new stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,570 shares of the utilities provider’s stock, valued at approximately $560,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PNW. Canada Pension Plan Investment Board increased its position in shares of Pinnacle West Capital Corporation by 65.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 12,110 shares of the utilities provider’s stock valued at $1,010,000 after purchasing an additional 4,800 shares during the last quarter. Chicago Equity Partners LLC purchased a new stake in shares of Pinnacle West Capital Corporation during the 1st quarter valued at about $220,000. World Asset Management Inc increased its position in shares of Pinnacle West Capital Corporation by 9.9% during the 1st quarter. World Asset Management Inc now owns 11,740 shares of the utilities provider’s stock valued at $979,000 after purchasing an additional 1,054 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Pinnacle West Capital Corporation by 13.8% during the 1st quarter. UBS Asset Management Americas Inc. now owns 373,366 shares of the utilities provider’s stock valued at $31,131,000 after purchasing an additional 45,243 shares during the last quarter. Finally, British Columbia Investment Management Corp increased its position in shares of Pinnacle West Capital Corporation by 2.8% during the 1st quarter. British Columbia Investment Management Corp now owns 37,689 shares of the utilities provider’s stock valued at $3,143,000 after purchasing an additional 1,025 shares during the last quarter. 84.20% of the stock is owned by hedge funds and other institutional investors.

Shares of Pinnacle West Capital Corporation (NYSE:PNW) opened at 89.27 on Friday. Pinnacle West Capital Corporation has a 12-month low of $70.86 and a 12-month high of $90.92. The stock has a market capitalization of $9.96 billion, a price-to-earnings ratio of 19.72 and a beta of 0.38. The company has a 50-day moving average of $89.04 and a 200 day moving average of $86.23.

Pinnacle West Capital Corporation (NYSE:PNW) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.33. The company had revenue of $944.59 million during the quarter, compared to analysts’ expectations of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. Pinnacle West Capital Corporation’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $1.08 earnings per share. Analysts predict that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were given a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a yield of 2.93%. The ex-dividend date was Friday, July 28th. Pinnacle West Capital Corporation’s dividend payout ratio is currently 57.96%.

In related news, Chairman Donald E. Brandt sold 35,013 shares of Pinnacle West Capital Corporation stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total transaction of $3,136,114.41. Following the completion of the transaction, the chairman now directly owns 118,574 shares in the company, valued at $10,620,673.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn L. Munro sold 1,806 shares of Pinnacle West Capital Corporation 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 owns 17,852 shares of the company’s stock, valued at $1,611,678.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,419 shares of company stock valued at $3,713,068. 0.70% of the stock is owned by company insiders.

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Several research firms have recently commented on PNW. Zacks Investment Research raised shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research report on Monday, September 11th. Morgan Stanley upped their price target on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the company an “underweight” rating in a research report on Friday, September 8th. KeyCorp reaffirmed a “hold” rating on shares of Pinnacle West Capital Corporation in a research report on Friday, September 1st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Tuesday, August 29th. Finally, BidaskClub raised shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $83.67.

About Pinnacle West Capital Corporation

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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