JPMorgan Chase & Co. Sells 125,483 Shares of Pinnacle West Capital Co. (NYSE:PNW)

JPMorgan Chase & Co. decreased its stake in Pinnacle West Capital Co. (NYSE:PNWGet Rating) by 13.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 822,756 shares of the utilities provider’s stock after selling 125,483 shares during the period. JPMorgan Chase & Co.’s holdings in Pinnacle West Capital were worth $60,161,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Arizona State Retirement System increased its holdings in shares of Pinnacle West Capital by 0.5% in the 1st quarter. Arizona State Retirement System now owns 30,497 shares of the utilities provider’s stock worth $2,382,000 after buying an additional 141 shares during the last quarter. Eaton Vance Management increased its holdings in shares of Pinnacle West Capital by 1.9% in the 1st quarter. Eaton Vance Management now owns 7,921 shares of the utilities provider’s stock worth $619,000 after buying an additional 146 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Pinnacle West Capital by 58.1% in the 1st quarter. First Horizon Advisors Inc. now owns 408 shares of the utilities provider’s stock worth $32,000 after buying an additional 150 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in shares of Pinnacle West Capital by 1.1% in the 1st quarter. Mutual of America Capital Management LLC now owns 15,056 shares of the utilities provider’s stock worth $1,176,000 after buying an additional 161 shares during the last quarter. Finally, Janiczek Wealth Management LLC increased its holdings in shares of Pinnacle West Capital by 83.7% in the 2nd quarter. Janiczek Wealth Management LLC now owns 373 shares of the utilities provider’s stock worth $27,000 after buying an additional 170 shares during the last quarter. Institutional investors own 86.21% of the company’s stock.

Insider Transactions at Pinnacle West Capital

In other news, Director Kathryn L. Munro sold 2,468 shares of the firm’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $76.99, for a total value of $190,011.32. Following the completion of the sale, the director now directly owns 16,180 shares of the company’s stock, valued at approximately $1,245,698.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. KeyCorp reduced their target price on shares of Pinnacle West Capital from $62.00 to $56.00 and set an “underweight” rating on the stock in a report on Thursday, October 20th. Wolfe Research raised shares of Pinnacle West Capital from an “underperform” rating to a “peer perform” rating in a report on Thursday, November 17th. Mizuho increased their target price on shares of Pinnacle West Capital from $76.00 to $77.00 and gave the company a “neutral” rating in a report on Tuesday, August 9th. Wells Fargo & Company increased their target price on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a report on Friday, November 4th. Finally, Morgan Stanley increased their target price on shares of Pinnacle West Capital from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, November 11th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. According to MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $71.67.

Pinnacle West Capital Trading Up 0.3 %

NYSE:PNW opened at $76.39 on Friday. The company has a 50-day moving average price of $68.26 and a 200-day moving average price of $72.03. Pinnacle West Capital Co. has a 12 month low of $59.03 and a 12 month high of $80.51. The company has a current ratio of 0.98, a quick ratio of 0.77 and a debt-to-equity ratio of 1.15. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 16.18 and a beta of 0.40.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Tuesday, November 1st will be given a $0.865 dividend. This represents a $3.46 annualized dividend and a dividend yield of 4.53%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.85. The ex-dividend date is Monday, October 31st. Pinnacle West Capital’s dividend payout ratio (DPR) is currently 73.31%.

Pinnacle West Capital Profile

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.

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

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