Chemical Bank Has $592,000 Position in Pinnacle West Capital Corporation (PNW)

Chemical Bank maintained its stake in Pinnacle West Capital Corporation (NYSE:PNW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,954 shares of the utilities provider’s stock at the close of the 2nd quarter. Chemical Bank’s holdings in Pinnacle West Capital Corporation were worth $592,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in Pinnacle West Capital Corporation during the 2nd quarter valued at $106,000. WealthTrust Arizona LLC grew its position in shares of Pinnacle West Capital Corporation by 0.7% during the 2nd quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock valued at $107,000 after acquiring an additional 9 shares during the period. Pacer Advisors Inc. grew its position in shares of Pinnacle West Capital Corporation by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 2,096 shares of the utilities provider’s stock valued at $175,000 after acquiring an additional 66 shares during the period. Parallel Advisors LLC grew its position in shares of Pinnacle West Capital Corporation by 8.9% during the 1st quarter. Parallel Advisors LLC now owns 2,069 shares of the utilities provider’s stock valued at $175,000 after acquiring an additional 169 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Pinnacle West Capital Corporation by 2.2% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,315 shares of the utilities provider’s stock valued at $193,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.

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A number of equities research analysts have recently issued reports on PNW shares. BidaskClub raised shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Zacks Investment Research downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Royal Bank Of Canada reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research report on Tuesday, August 29th. KeyCorp reissued a “hold” rating on shares of Pinnacle West Capital Corporation in a research report on Friday, September 1st. Finally, Morgan Stanley boosted their price objective 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $83.67.

Pinnacle West Capital Corporation (NYSE PNW) opened at 88.96 on Friday. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $90.92. The company has a market cap of $9.93 billion, a P/E ratio of 19.65 and a beta of 0.38. The company has a 50-day moving average of $88.98 and a 200 day moving average of $86.17.

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

The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 1st were given a $0.655 dividend. The ex-dividend date was Friday, July 28th. This represents a $2.62 annualized dividend and a dividend yield of 2.95%. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is 57.96%.

In related news, Director Kathryn L. Munro sold 1,806 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $90.28, for a total transaction of $163,045.68. Following the transaction, the director now directly owns 17,852 shares in the company, valued at $1,611,678.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David P. Falck sold 4,600 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $89.98, for a total transaction of $413,908.00. Following the transaction, the executive vice president now owns 42,840 shares in the company, valued at $3,854,743.20. The disclosure for this sale can be found here. Insiders have sold 41,419 shares of company stock worth $3,713,068 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

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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