State Street Corp. Boosts Pinnacle West Stake to 12.4%
Ticker: PNW · Form: SC 13G/A · Filed: Jan 29, 2024 · CIK: 764622
| Field | Detail |
|---|---|
| Company | Pinnacle West Capital Corp (PNW) |
| Form Type | SC 13G/A |
| Filed Date | Jan 29, 2024 |
| Risk Level | low |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, utility-sector
TL;DR
**State Street Corp. now owns 12.4% of Pinnacle West Capital, a notable institutional stake.**
AI Summary
State Street Corporation, a major financial institution, filed an amended SC 13G/A on January 29, 2024, indicating its ownership of common stock in Pinnacle West Capital Corp. As of December 31, 2023, State Street Corporation reported beneficial ownership of 14,032,604 shares, representing 12.4% of Pinnacle West Capital Corp's outstanding common stock. This filing is important for investors as it shows a significant institutional holder's updated stake, which can influence market perception and potentially signal confidence or concern in the utility company's future.
Why It Matters
This filing reveals a significant institutional investor's updated position, which can influence market sentiment and potentially impact the stock price of Pinnacle West Capital Corp.
Risk Assessment
Risk Level: low — This filing is a routine update from a large institutional investor and does not indicate any immediate high-risk events.
Analyst Insight
A smart investor would note this significant institutional holding by State Street Corporation and consider it as part of their overall due diligence when evaluating Pinnacle West Capital Corp., but would not make investment decisions based solely on this filing.
Key Numbers
- 14,032,604 — Shares Beneficially Owned (State Street Corporation's total shares in Pinnacle West Capital Corp.)
- 12.4% — Percentage of Class (State Street Corporation's ownership stake in Pinnacle West Capital Corp.)
Key Players & Entities
- State Street Corporation (company) — the reporting person and institutional investor
- Pinnacle West Capital Corp (company) — the subject company whose stock is being reported
- 14,032,604 (dollar_amount) — number of shares beneficially owned by State Street Corporation
- 12.4% (dollar_amount) — percentage of class beneficially owned by State Street Corporation
- December 31, 2023 (date) — date of event requiring the filing
FAQ
Who is the reporting person in this SC 13G/A filing?
The reporting person is State Street Corporation, as indicated in the 'NAME OF REPORTING PERSON' section of the filing.
What is the subject company whose shares are being reported?
The subject company is PINNACLE WEST CAPITAL CORP, as stated under 'NAME OF ISSUER' in the filing.
As of what date was the beneficial ownership reported?
The date of the event which requires the filing of this statement was December 31, 2023, as specified in the filing.
How many shares of Pinnacle West Capital Corp. does State Street Corporation beneficially own?
State Street Corporation beneficially owns 14,032,604 shares of Pinnacle West Capital Corp., as detailed on Page 3 of the filing.
What percentage of Pinnacle West Capital Corp.'s common stock does State Street Corporation own?
State Street Corporation owns 12.4% of the class of common stock of Pinnacle West Capital Corp., as reported on Page 3 of the filing.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 29, 2024 regarding PINNACLE WEST CAPITAL CORP (PNW).