Verition Fund Management buys $6.1 Million stake in Pinnacle West Capital Corporation (PNW)

Pinnacle West Capital Corporation (PNW) : Verition Fund Management scooped up 76,762 additional shares in Pinnacle West Capital Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 81,769 shares of Pinnacle West Capital Corporation which is valued at $6.1 Million.Pinnacle West Capital Corporation makes up approximately 1.60% of Verition Fund Management’s portfolio.

Other Hedge Funds, Including , Rothschild Asset Management Inc boosted its stake in PNW in the latest quarter, The investment management firm added 1,005 additional shares and now holds a total of 5,375 shares of Pinnacle West Capital Corporation which is valued at $398,879. Pinnacle West Capital Corporation makes up approx 0.01% of Rothschild Asset Management Inc’s portfolio.Guardian Life Insurance Co Of America reduced its stake in PNW by selling 109 shares or 21.0% in the most recent quarter. The Hedge Fund company now holds 410 shares of PNW which is valued at $30,426. Pinnacle West Capital Corporation makes up approx 0.01% of Guardian Life Insurance Co Of America’s portfolio.Cornerstone Capital Management Holdings. reduced its stake in PNW by selling 6,524 shares or 21.22% in the most recent quarter. The Hedge Fund company now holds 24,223 shares of PNW which is valued at $1.8 Million. Pinnacle West Capital Corporation makes up approx 0.02% of Cornerstone Capital Management Holdings.’s portfolio.Lsv Asset Management boosted its stake in PNW in the latest quarter, The investment management firm added 105,600 additional shares and now holds a total of 490,460 shares of Pinnacle West Capital Corporation which is valued at $36.4 Million. Pinnacle West Capital Corporation makes up approx 0.08% of Lsv Asset Management’s portfolio.Retirement Systems Of Alabama reduced its stake in PNW by selling 1,173 shares or 2.04% in the most recent quarter. The Hedge Fund company now holds 56,311 shares of PNW which is valued at $4.1 Million. Pinnacle West Capital Corporation makes up approx 0.02% of Retirement Systems Of Alabama’s portfolio.

Pinnacle West Capital Corporation closed down -0.1 points or -0.14% at $71.97 with 7,24,269 shares getting traded on Wednesday. Post opening the session at $71.91, the shares hit an intraday low of $71.3101 and an intraday high of $72.1 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Pinnacle West Capital Corporation reported $0.04 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.12. The company had revenue of $677.20 million for the quarter, compared to analysts expectations of $695.02 million. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS.

Many Wall Street Analysts have commented on Pinnacle West Capital Corporation. Company shares were Reiterated by RBC Capital Mkts on Feb 22, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 69 from a previous price target of $68 .

Pinnacle West Capital Corporation is a holding company that operates primarily through its wholly owned subsidiaries is engaged in regulated retail and wholesale electricity businesses. The Company’s operations primarily include electricity generation transmission and distribution. The Company’s subsidiaries include Arizona Public Service Company (APS) a vertically integrated electric utility that provides either retail or wholesale electric service to the State of Arizona with the exceptions of about one-half of the Phoenix metropolitan area the Tucson metropolitan area and Mohave County in northwestern Arizona; El Dorado Investment Company (El Dorado) and Bright Canyon Energy Corporation (BCE). APS provides electric service to approximately 1.2 million customers. APS has ownership interests in or leases the coal nuclear gas oil and solar generating facilities.

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