Alliancebernstein L.P. Buys 3,747 Shares of Pinnacle West Capital Corporation (PNW)

Alliancebernstein L.P. boosted its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 1.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 345,263 shares of the utilities provider’s stock after purchasing an additional 3,747 shares during the quarter. Alliancebernstein L.P. owned approximately 0.31% of Pinnacle West Capital Corporation worth $29,403,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new stake in Pinnacle West Capital Corporation during the 2nd quarter worth about $106,000. WealthTrust Arizona LLC increased its holdings in shares of Pinnacle West Capital Corporation by 0.7% in 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 last quarter. Parallel Advisors LLC increased its holdings in shares of Pinnacle West Capital Corporation by 8.9% in 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 last quarter. Pacer Advisors Inc. increased its holdings in shares of Pinnacle West Capital Corporation by 3.3% in 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 last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Pinnacle West Capital Corporation by 2.2% in 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 last quarter. Institutional investors own 84.20% of the company’s stock.

In related news, Director Kathryn L. Munro sold 1,806 shares of the business’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $90.28, for a total value of $163,045.68. Following the completion of the sale, the director now directly owns 17,852 shares of the company’s stock, valued at $1,611,678.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Donald E. Brandt sold 35,013 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the completion of the sale, the chairman now directly owns 118,574 shares of the company’s stock, valued at $10,620,673.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,419 shares of company stock valued at $3,713,068. 0.70% of the stock is owned by corporate insiders.

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

Pinnacle West Capital Corporation (NYSE:PNW) opened at 88.28 on Wednesday. The stock has a market cap of $9.85 billion, a P/E ratio of 19.50 and a beta of 0.38. Pinnacle West Capital Corporation has a 1-year low of $70.86 and a 1-year high of $90.92. The company’s 50-day moving average price is $89.15 and its 200-day moving average price is $86.36.

Pinnacle West Capital Corporation (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.33. The firm had revenue of $944.59 million during the quarter, compared to analyst estimates 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 in the previous year, the company earned $1.08 earnings per share. Analysts predict that Pinnacle West Capital Corporation will post $4.25 EPS for the current year.

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.

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

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