Bruderman Asset Management Lowers stake in Pinnacle West Capital Corporation (PNW)

Pinnacle West Capital Corporation (PNW) : Bruderman Asset Management reduced its stake in Pinnacle West Capital Corporation by 1.39% during the most recent quarter end. The investment management company now holds a total of 120,624 shares of Pinnacle West Capital Corporation which is valued at $9,323,029 after selling 1,704 shares in Pinnacle West Capital Corporation , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Pinnacle West Capital Corporation makes up approximately 2.88% of Bruderman Asset Management’s portfolio.

Other Hedge Funds, Including , Private Advisor Group reduced its stake in PNW by selling 1,786 shares or 32.45% in the most recent quarter. The Hedge Fund company now holds 3,718 shares of PNW which is valued at $287,364. Pinnacle West Capital Corporation makes up approx 0.01% of Private Advisor Group’s portfolio. Gsa Capital Partners Llp sold out all of its stake in PNW during the most recent quarter. The investment firm sold 3,104 shares of PNW which is valued $239,536.Chicago Equity Partners boosted its stake in PNW in the latest quarter, The investment management firm added 23,620 additional shares and now holds a total of 165,255 shares of Pinnacle West Capital Corporation which is valued at $13,033,662. Pinnacle West Capital Corporation makes up approx 0.37% of Chicago Equity Partners’s portfolio.Concert Wealth Management boosted its stake in PNW in the latest quarter, The investment management firm added 13 additional shares and now holds a total of 7,438 shares of Pinnacle West Capital Corporation which is valued at $586,635. Pinnacle West Capital Corporation makes up approx 0.08% of Concert Wealth Management’s portfolio. British Airways Pensions Investment Management Ltd sold out all of its stake in PNW during the most recent quarter. The investment firm sold 265,940 shares of PNW which is valued $20,918,840.

Pinnacle West Capital Corporation opened for trading at $75.28 and hit $76.72 on the upside on Wednesday, eventually ending the session at $76.56, with a gain of 1.35% or 1.02 points. The heightened volatility saw the trading volume jump to 8,44,337 shares. Company has a market cap of $8,512 M.

On the company’s financial health, Pinnacle West Capital Corporation reported $1.08 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Aug 2, 2016. Analyst had a consensus of $1.14. The company had revenue of $915.39 million for the quarter, compared to analysts expectations of $910.66 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 EPS.

Many Wall Street Analysts have commented on Pinnacle West Capital Corporation. Company shares were Reiterated by Mizuho on Aug 3, 2016 to “Neutral”, Firm has raised the Price Target to $ 78 from a previous price target of $70 .Company shares were Reiterated by RBC Capital Mkts on Jun 20, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 73 from a previous price target of $69 .

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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