Korea Investment CORP Has $5.20 Million Stake in Pinnacle West Capital Corporation (NYSE:PNW)

Korea Investment CORP decreased its position in Pinnacle West Capital Corporation (NYSE:PNW) by 42.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,100 shares of the utilities provider’s stock after selling 45,600 shares during the period. Korea Investment CORP owned approximately 0.05% of Pinnacle West Capital Corporation worth $5,203,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PNW. WealthTrust Arizona LLC increased its position in shares of 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 period. Northwest Investment Counselors LLC acquired a new position in shares of Pinnacle West Capital Corporation during the second quarter worth about $106,000. Tompkins Financial Corp increased its position in shares of 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 period. Amica Retiree Medical Trust increased its position in shares of 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 period. Finally, Pacer Advisors Inc. increased its position in shares of 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 period. 83.02% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Corporation (PNW) opened at 88.53 on Friday. The stock has a market capitalization of $9.88 billion, a P/E ratio of 19.55 and a beta of 0.37. The company has a 50-day moving average price of $86.48 and a 200 day moving average price of $84.31. Pinnacle West Capital Corporation has a 1-year low of $70.86 and a 1-year high of $89.56.

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 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 company had revenue of $944.59 million for the quarter, compared to the consensus estimate of $921.79 million. During the same period in the previous year, the business earned $1.08 EPS. The company’s revenue was up 3.2% on a year-over-year basis. On average, equities analysts predict that Pinnacle West Capital Corporation will post $4.27 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, July 28th. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is currently 57.96%.

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PNW has been the subject of a number of analyst reports. BMO Capital Markets reissued a “hold” rating and set a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Friday, August 4th. Royal Bank Of Canada reissued a “hold” rating and set a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. BidaskClub raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Morgan Stanley increased their target price on Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the stock an “underweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $81.89.

In other Pinnacle West Capital Corporation news, SVP Daniel T. Froetscher sold 2,800 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $87.31, for a total transaction of $244,468.00. Following the sale, the senior vice president now directly owns 8,568 shares of the company’s stock, valued at approximately $748,072.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Barbara M. Gomez sold 1,900 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $84.00, for a total transaction of $159,600.00. The disclosure for this sale can be found here. 0.70% of the stock is owned by insiders.

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.

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

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