PINNACLE WEST CAP CORP PNW
COM · Common Stock · CUSIP 723484101
American corporation
- SectorUtilities
- IndustryElectric Services
- HeadquartersPhoenix, AZ
- Founded1985
- Websitepinnaclewest.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($105.9m this quarter). Holder counts are more reliable. Shares outstanding: 119.7m as of 2025-10-28, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $88.68. Options: 6 managers hold calls ($10.9m notional), 6 hold puts ($7.7m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 481 |
| Q4 2022 | 542 |
| Q1 2023 | 526 |
| Q2 2023 | 526 |
| Q3 2023 | 525 |
| Q4 2023 | 552 |
| Q1 2024 | 525 |
| Q2 2024 | 544 |
| Q3 2024 | 580 |
| Q4 2024 | 618 |
| Q1 2025 | 618 |
| Q2 2025 | 632 |
| Q3 2025 | 625 |
| Q4 2025 | 659 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 230 | 272 |
| Q2 2024 | 239 | 228 |
| Q3 2024 | 269 | 230 |
| Q4 2024 | 291 | 246 |
| Q1 2025 | 299 | 252 |
| Q2 2025 | 314 | 248 |
| Q3 2025 | 288 | 271 |
| Q4 2025 | 316 | 235 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $12.0m | $7.9m | 0.66 |
| Q2 2025 | $13.5m | $5.7m | 0.42 |
| Q3 2025 | $18.0m | $5.0m | 0.28 |
| Q4 2025 | $10.9m | $7.7m | 0.71 |
Biggest buyers
| Soroban Capital Partners LP | New | +2.9m |
| ATLAS Infrastructure Partners (UK) Ltd. | Added | +1.4m |
| BlackRock, Inc. | Added | +934.6k |
| HSBC HOLDINGS PLC | Added | +860.4k |
| Balyasny Asset Management L.P. | New | +766.7k |
| WELLINGTON MANAGEMENT GROUP LLP | New | +646.9k |
| TWO SIGMA ADVISERS, LP | Added | +612.4k |
| Assenagon Asset Management S.A. | Added | +526.2k |
| Squarepoint Ops LLC | Added | +388.3k |
| Qube Research & Technologies Ltd | Added | +301.3k |
Biggest sellers
| Lombard Odier Asset Management (Europe) Ltd | Sold out | -5.5m |
| Capital Research Global Investors | Reduced | -2.4m |
| DEUTSCHE BANK AG\ | Reduced | -2.2m |
| ExodusPoint Capital Management, LP | Sold out | -547.7k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Reduced | -539.6k |
| JPMORGAN CHASE & CO | Reduced | -512.5k |
| Russell Investments Group, Ltd. | Reduced | -299.2k |
| BANK OF AMERICA CORP /DE/ | Reduced | -200.0k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | Reduced | -162.5k |
| Pictet Asset Management Holding SA | Reduced | -150.0k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $7.9m89.3k shares |
| CITADEL ADVISORS LLC | Reduced | $1.9m21.4k shares |
| JANE STREET GROUP, LLC | Reduced | $691.9k7.8k shares |
| SIMPLEX TRADING, LLC | Reduced | $266.1k3.0k shares |
| GROUP ONE TRADING LLC | Reduced | $79.8k900 shares |
| Walleye Trading LLC | Reduced | $8.9k100 shares |
Biggest puts
| JPMORGAN CHASE & CO | New | $4.4m50.0k shares |
| CITADEL ADVISORS LLC | Reduced | $1.4m16.2k shares |
| JANE STREET GROUP, LLC | Reduced | $1.0m11.4k shares |
| Walleye Trading LLC | New | $408.0k4.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $399.1k4.5k shares |
| GROUP ONE TRADING LLC | Reduced | $26.6k300 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Capital Research Global Investors 13G · institution +2.3 pts · filed 2026-05-14 | 13.6% |
| BlackRock, Inc. 13G · institution filed 2025-04-17 | 8.2% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.3% |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 13G · institution -0.4 pts · filed 2026-08-12 | 5.4% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 1 | $43.3k | 2 | $655.0k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 1 | $141.2k | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 14.7m $1.3bn | Reduced -11.3k |
| Capital Research Global Investors 0.22% of their portfolio | 13.5m $1.2bn | Reduced -2.4m |
| BlackRock, Inc. 0.02% of their portfolio | 11.8m $1.0bn | Added +934.6k |
| STATE STREET CORP 0.02% of their portfolio | 6.9m $615.6m | Added +251.7k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 1.97% of their portfolio | 6.7m $592.9m | Reduced -539.6k |
| ATLAS Infrastructure Partners (UK) Ltd. 19.84% of their portfolio | 4.5m $395.7m | Added +1.4m |
| Invesco Ltd. 0.04% of their portfolio | 4.2m $376.9m | Added +74.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 3.1m $274.1m | Added +27.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.08% of their portfolio | 2.9m $257.3m | Reduced -83.2k |
| Soroban Capital Partners LP 1.89% of their portfolio | 2.9m $258.0m | New |
| MORGAN STANLEY 0.01% of their portfolio | 1.9m $167.5m | Reduced -47.9k |
| REAVES W H & CO INC 2.67% of their portfolio | 1.7m $152.5m | Reduced -84.3k |
| TWO SIGMA ADVISERS, LP 0.29% of their portfolio | 1.7m $147.1m | Added +612.4k |
| NORGES BANK 0.02% of their portfolio | 1.6m $140.5m | Not comparable |
| Pictet Asset Management Holding SA 0.13% of their portfolio | 1.5m $134.5m | Reduced -150.0k |
| FIRST TRUST ADVISORS LP 0.09% of their portfolio | 1.4m $121.6m | Added +63.7k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.3m $117.0m | Added +53.1k |
| TWO SIGMA INVESTMENTS, LP 0.17% of their portfolio | 1.3m $116.1m | Added +223.1k |
| HSBC HOLDINGS PLC 0.03% of their portfolio | 1.3m $114.6m | Added +860.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.1m $99.1m | Added +10.6k |
| Squarepoint Ops LLC 0.20% of their portfolio | 1.1m $98.2m | Added +388.3k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 1.1m $95.4m | Added +144.2k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 968.4k $85.9m | Reduced -77.9k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 921.0k $81.7m | Reduced -48.2k |
| Assenagon Asset Management S.A. 0.12% of their portfolio | 920.7k $81.7m | Added +526.2k |
| Empower Advisory Group, LLC 0.21% of their portfolio | 862.5k $76.5m | Added +99 |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 849.0k $75.3m | Reduced -200.0k |
| Nuveen, LLC 0.02% of their portfolio | 823.5k $73.0m | Reduced -1.0k |
| BARCLAYS PLC 0.03% of their portfolio | 768.0k $68.1m | Added +7.7k |
| Balyasny Asset Management L.P. 0.13% of their portfolio | 766.7k $68.0m | New |
| CINCINNATI FINANCIAL CORP 1.26% of their portfolio | 729.5k $64.7m | Unchanged |
| Point72 Asset Management, L.P. 0.10% of their portfolio | 698.4k $61.9m | Added +82.0k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 669.4k $59.4m | Added +89.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 646.9k $57.4m | New |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.63% of their portfolio | 624.9k $55.4m | Unchanged |
| Legal & General Group Plc 0.01% of their portfolio | 602.8k $53.5m | Reduced -71.2k |
| Qube Research & Technologies Ltd 0.08% of their portfolio | 598.3k $53.1m | Added +301.3k |
| Yaupon Capital Management LP 2.23% of their portfolio | 511.6k $45.4m | Added +27.9k |
| Epoch Investment Partners, Inc. 0.25% of their portfolio | 505.3k $44.8m | Added +19.6k |
| Gotham Asset Management, LLC 0.16% of their portfolio | 504.1k $44.7m | Added +136.2k |
| Perpetual Ltd 0.64% of their portfolio | 499.0k $44.3m | Added +5.9k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 482.2k $42.8m | Added +239.1k |
| Newport Trust Company, LLC 0.10% of their portfolio | 471.1k $41.8m | Reduced -14.6k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 432.0k $38.3m | Reduced -2.2m |
| UBS Group AG 0.01% of their portfolio | 424.4k $37.6m | Reduced -17.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.06% of their portfolio | 413.4k $36.7m | Added +206.6k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.12% of their portfolio | 400.7k $35.5m | Added +11.6k |
| AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 377.5k $33.5m | Added +44.3k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 356.5k $31.6m | Reduced -92.1k |
| HRT FINANCIAL LP 0.12% of their portfolio | 346.3k $30.7m | Added +77.7k |
| GABELLI FUNDS LLC 0.20% of their portfolio | 333.6k $29.6m | Added +1.5k |
| California Public Employees Retirement System 0.02% of their portfolio | 317.1k $28.1m | Reduced -63.3k |
| Treasurer of the State of North Carolina 0.09% of their portfolio | 316.2k $28.1m | Reduced -66.0k |
| CINCINNATI INSURANCE CO 0.40% of their portfolio | 296.8k $26.3m | Unchanged |
| Quantinno Capital Management LP 0.05% of their portfolio | 286.1k $25.4m | Added +111.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 278.8k $24.7m | Reduced -512.5k |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 1.20% of their portfolio | 277.9k $24.7m | Added +96.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 277.7k $24.6m | Reduced -38.4k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 241.9k $21.5m | Added +641 |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 235.6k $20.9m | Reduced -119.7k |
| Swiss National Bank 0.01% of their portfolio | 235.5k $20.9m | Added +4.0k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 235.4k $20.9m | Added +15.8k |
| JENNISON ASSOCIATES LLC 0.01% of their portfolio | 230.9k $20.5m | Reduced -121.1k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.10% of their portfolio | 223.9k $19.9m | Reduced -838 |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 222.9k $19.8m | Reduced -484 |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 222.0k $19.7m | Added +98.7k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 218.6k $19.4m | Reduced -4.0k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 211.6k $18.8m | Reduced -14.8k |
| Trexquant Investment LP 0.17% of their portfolio | 211.5k $18.8m | Added +72.9k |
| Midwest Trust Co 0.22% of their portfolio | 197.2k $17.5m | Reduced -3.9k |
| Amundi 0.00% of their portfolio | 193.2k $17.1m | Added +15.5k |
| Cerity Partners LLC 0.02% of their portfolio | 186.6k $16.6m | Added +92.4k |
| Capital World Investors 0.00% of their portfolio | 175.5k $15.6m | New |
| Bridgewater Associates, LP 0.06% of their portfolio | 174.0k $15.4m | Added +67.8k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 172.7k $15.3m | Reduced -29.6k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.03% of their portfolio | 171.1k $15.2m | Added +48.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 170.2k $15.1m | Reduced -1 |
| Ceredex Value Advisors LLC 0.44% of their portfolio | 166.7k $14.8m | Reduced -31.1k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.02% of their portfolio | 165.0k $14.6m | Added +56.3k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 162.4k $14.4m | Reduced -13.6k |
| FEDERATED HERMES, INC. 0.02% of their portfolio | 162.4k $14.4m | Reduced -474 |
| AE Wealth Management LLC 0.08% of their portfolio | 159.6k $14.2m | Added +7.3k |
| SKBA CAPITAL MANAGEMENT LLC 2.00% of their portfolio | 158.8k $14.1m | Reduced -2.5k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 153.2k $13.6m | Reduced -2.1k |
| TUDOR INVESTMENT CORP ET AL 0.07% of their portfolio | 148.5k $13.2m | Reduced -125.2k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 146.7k $13.0m | Added +25.1k |
| Edgestream Partners, L.P. 0.36% of their portfolio | 146.1k $13.0m | Added +96.9k |
| CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio | 140.9k $12.5m | Reduced -11.3k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 139.3k $12.4m | Added +77.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 138.6k $12.2m | Added +13.8k |
| Zimmer Partners, LP 0.32% of their portfolio | 136.5k $12.1m | Reduced -12.2k |
| LSV ASSET MANAGEMENT 0.03% of their portfolio | 135.7k $12.0m | Added +43.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 135.2k $12.0m | Added +3.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 135.1k $12.0m | Reduced -37.0k |
| Aventail Capital Group, LP 0.63% of their portfolio | 123.6k $11.0m | Reduced -92.0k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 118.9k $10.5m | Reduced -6.4k |
| CITIGROUP INC 0.01% of their portfolio | 116.5k $10.3m | Reduced -19.4k |
| Aquatic Capital Management LLC 0.29% of their portfolio | 115.0k $10.2m | Added +48.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 113.7k $10.1m | Added +1.2k |
| Schonfeld Strategic Advisors LLC 0.05% of their portfolio | 110.8k $9.8m | Reduced -54.1k |