Principal Financial Group Inc. Lowers Stake in Pinnacle West Capital Co. (PNW)

Principal Financial Group Inc. reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 4.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 196,915 shares of the utilities provider’s stock after selling 9,732 shares during the period. Principal Financial Group Inc. owned about 0.18% of Pinnacle West Capital worth $16,651,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of PNW. Swiss National Bank increased its stake in Pinnacle West Capital by 2.8% during the second quarter. Swiss National Bank now owns 405,651 shares of the utilities provider’s stock valued at $34,545,000 after purchasing an additional 11,200 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Pinnacle West Capital by 4.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 507,078 shares of the utilities provider’s stock worth $43,183,000 after acquiring an additional 20,097 shares during the last quarter. American Century Companies Inc. grew its position in shares of Pinnacle West Capital by 140.6% during the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock worth $214,251,000 after acquiring an additional 1,470,383 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Pinnacle West Capital by 0.3% during the second quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock worth $167,166,000 after acquiring an additional 5,092 shares during the last quarter. Finally, State of Wisconsin Investment Board grew its position in shares of Pinnacle West Capital by 38.0% during the second quarter. State of Wisconsin Investment Board now owns 82,960 shares of the utilities provider’s stock worth $7,065,000 after acquiring an additional 22,860 shares during the last quarter. 82.80% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently issued reports on the stock. SunTrust Banks reiterated a “hold” rating and issued a $91.00 target price on shares of Pinnacle West Capital in a research report on Friday, November 24th. ValuEngine upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Zacks Investment Research upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Thursday, October 26th. Bank of America began coverage on shares of Pinnacle West Capital in a report on Tuesday, October 24th. They issued a “neutral” rating and a $89.00 price target for the company. Finally, Credit Suisse Group began coverage on shares of Pinnacle West Capital in a report on Wednesday, September 20th. They issued a “neutral” rating and a $90.00 price target for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $86.70.

In related news, CEO Donald E. Brandt sold 18,153 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total value of $1,625,419.62. Following the completion of the transaction, the chief executive officer now directly owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael L. Gallagher sold 2,012 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total value of $179,812.44. Following the completion of the transaction, the director now directly owns 12,786 shares of the company’s stock, valued at $1,142,684.82. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

Shares of Pinnacle West Capital Co. (NYSE:PNW) traded down $0.87 on Wednesday, hitting $89.34. The stock had a trading volume of 623,000 shares, compared to its average volume of 677,107. The firm has a market cap of $10,079.14, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 6.53 and a beta of 0.38. Pinnacle West Capital Co. has a one year low of $73.74 and a one year high of $92.48. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.13. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the company posted $2.35 earnings per share. The firm’s revenue was up 1.4% on a year-over-year basis. equities analysts predict that Pinnacle West Capital Co. will post 4.27 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 1st were issued a $0.695 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $2.78 dividend on an annualized basis and a yield of 3.11%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.66. Pinnacle West Capital’s dividend payout ratio is currently 60.04%.

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About Pinnacle West Capital

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 (NYSE:PNW)

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