Insider Selling: Pinnacle West Capital Corporation (PNW) CEO Sells 18,153 Shares of Stock

Pinnacle West Capital Corporation (NYSE:PNW) CEO Donald E. Brandt sold 18,153 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the completion of the sale, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Pinnacle West Capital Corporation (PNW) traded up $1.45 during trading hours on Tuesday, reaching $89.79. 676,800 shares of the company traded hands, compared to its average volume of 678,947. The firm has a market cap of $10,250.00, a PE ratio of 19.08, a P/E/G ratio of 6.40 and a beta of 0.38. Pinnacle West Capital Corporation has a 1 year low of $72.15 and a 1 year high of $90.92. The company has a current ratio of 0.90, a quick ratio of 0.68 and a debt-to-equity ratio of 0.85.

Pinnacle West Capital Corporation (NYSE:PNW) last released its earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.13. Pinnacle West Capital Corporation had a net margin of 14.67% and a return on equity of 10.31%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the company earned $2.35 EPS. The business’s quarterly revenue was up 1.4% compared to the same quarter last year. research analysts forecast that Pinnacle West Capital Corporation will post 4.27 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 1st will be paid a $0.695 dividend. This is a boost from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.10%. Pinnacle West Capital Corporation’s dividend payout ratio is currently 60.04%.

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Several hedge funds have recently made changes to their positions in PNW. Boston Partners raised its stake 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 valued at $174,796,000 after buying an additional 2,045,950 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Pinnacle West Capital Corporation by 11,341.5% in the 2nd quarter. Janus Henderson Group PLC now owns 1,838,427 shares of the utilities provider’s stock valued at $156,560,000 after buying an additional 1,822,359 shares in the last quarter. American Century Companies Inc. raised its stake 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 valued at $214,251,000 after buying an additional 1,470,383 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Pinnacle West Capital Corporation by 27.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock valued at $285,454,000 after buying an additional 716,993 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Pinnacle West Capital Corporation by 4.4% in the 2nd quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock valued at $1,002,686,000 after buying an additional 496,727 shares in the last quarter. Institutional investors own 85.15% of the company’s stock.

A number of analysts have recently weighed in on PNW shares. Morgan Stanley boosted their price objective on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the stock an “underweight” rating in a research note on Friday, September 8th. Credit Suisse Group AG started coverage on shares of Pinnacle West Capital Corporation in a research note on Wednesday, September 20th. They issued a “neutral” rating and a $90.00 price objective for the company. Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research note on Monday, September 11th. BidaskClub upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, KeyCorp restated a “hold” rating on shares of Pinnacle West Capital Corporation in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $86.40.

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.

Insider Buying and Selling by Quarter for Pinnacle West Capital Corporation (NYSE:PNW)

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