HGK Asset Management Inc. Has $209,000 Holdings in Pinnacle West Capital Corporation (PNW)

HGK Asset Management Inc. maintained its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,449 shares of the utilities provider’s stock at the end of the second quarter. HGK Asset Management Inc.’s holdings in Pinnacle West Capital Corporation were worth $209,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Pinnacle West Capital Corporation by 3,579.0% in the 1st quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock worth $899,860,000 after buying an additional 10,498,905 shares during the last quarter. Boston Partners lifted its position in shares of 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 buying an additional 2,045,950 shares during the last quarter. American Century Companies Inc. lifted its position in shares of 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 buying an additional 1,470,383 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Pinnacle West Capital Corporation by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 11,277,423 shares of the utilities provider’s stock worth $940,311,000 after buying an additional 398,486 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Pinnacle West Capital Corporation by 12.7% in the 1st quarter. JPMorgan Chase & Co. now owns 2,635,293 shares of the utilities provider’s stock worth $219,732,000 after buying an additional 297,131 shares during the last quarter. 84.20% of the stock is owned by institutional investors.

Shares of Pinnacle West Capital Corporation (NYSE PNW) opened at 88.74 on Wednesday. The company has a 50-day moving average of $88.79 and a 200 day moving average of $86.08. The company has a market capitalization of $9.91 billion, a P/E ratio of 19.60 and a beta of 0.38. Pinnacle West Capital Corporation has a 12 month low of $70.86 and a 12 month high of $90.92.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping 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 in the prior year, the firm earned $1.08 EPS. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. Analysts forecast that Pinnacle West Capital Corporation will post $4.25 EPS for the current year.

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

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In other news, EVP David P. Falck sold 4,600 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $89.98, for a total value of $413,908.00. Following the sale, the executive vice president now owns 42,840 shares of the company’s stock, valued at approximately $3,854,743.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kathryn L. Munro sold 1,806 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $90.28, for a total transaction of $163,045.68. Following the completion of the sale, 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 ninety days, insiders sold 41,419 shares of company stock worth $3,713,068. 0.70% of the stock is owned by insiders.

A number of research analysts have recently issued reports on PNW shares. BMO Capital Markets restated a “hold” rating and issued a $86.00 price target on shares of Pinnacle West Capital Corporation in a research report on Wednesday, May 17th. BidaskClub downgraded shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. 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 restated a “hold” rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research report on Monday, July 24th. Finally, Morgan Stanley raised their price target on shares of Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the stock an “underweight” rating in a research report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target 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.

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

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