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PNWPinnacle West Capital · Insider ownership research

Pinnacle West Capital insiders sold $97K in the past 12 months. How much of their stake is that?

About 1.2% overall. As a group they ended with more shares than they started with. The biggest individual seller, Elizabeth Blankenship, sold shares equal to 11% of starting holdings, but more vested, so the stake grew.

Updated Oct 8, 2026 from SEC filings · covers Oct 9, 2025 to Oct 8, 2026
How this comparesMore of their stake sold than at 82 of the 311 other companies we can measure (#230 of 312)See ranking
0
buyers among officers and directors, past 12 months
0%
of sales were under disclosed trading plans, past 12 months
1 of 16
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 9, 2026 to Oct 8, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Aug 10, 2026Elizabeth Blankenship sold 980 shares ($97K) with no plan disclosed. That is 8.2% of the total stake held that day.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Elizabeth Blankenship
VP, Controller and CAO
980$99.168.2%11KAug 10, 2026Aug 11, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? Less than usual: about a third of the 5-year average. 1 insider sold; the average is 1 a year. Year by year
Latest filing: Filed Aug 11 for a sale on Aug 10. Elizabeth Blankenship sold 980 shares ($97K) with no plan disclosed. Filing
35 SEC ownership filings in the period · See the evidence

What stands out

Elizabeth Blankenship sold 980 shares (11% of starting holdings), but 4.5K more vested, so the stake grew (from 8.7K to 11K).Largest sale, Aug 10, 2026
Tax withholding outweighed market sales: the company withheld $2.6M of officers' and directors' shares for taxes, against $97K sold on the open market. The largest was Theodore Geisler ($1.3M withheld).Largest withholding, Mar 18, 2026

Percentages cover 12 of 16 officers and directors. 4 are left out

i
Left out: Andrew Cooper (holdings couldn't be fully reconciled); Glynis Bryan (most holdings were last confirmed in 2020); Melena de la Jr. (most holdings were last confirmed in 2022); Kristine Svinicki (most holdings were last confirmed in 2023).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period
Elizabeth Blankenship
VP, Controller and CAO
Sold 11%, but 2K shares were added (mostly vesting), so the stake grew
11% · $97KNo plan disclosed
Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed
OctNovDecJanFebMarAprMayJunJulAug 2026: $97K no plan disclosed$97KAugSepOct

Outside holders, reported separately

Jacob Tetlow sold $650K and Jose Esparza Jr. sold $184K in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Pinnacle West Capital CEO selling stock?

No. Theodore Geisler reported no open-market sales in the past 12 months.

Why are Pinnacle West Capital insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Pinnacle West Capital insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Pinnacle West Capital insiders sell?

About 1.2% overall. As a group they ended with more shares than they started with. The biggest individual seller, Elizabeth Blankenship, sold shares equal to 11% of starting holdings, but more vested, so the stake grew. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold1 officer or director: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Elizabeth Blankenship
VP, Controller and CAO
$97K
980 shares
11%No plan disclosed

Outside holder, reported separately: Adam Heflin (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing

Outside holder, reported separately: Jacob Tetlow (a 10% owner, not part of management). Sold $650K (6.6K shares) from May 13, 2026 to May 13, 2026. Holds 12K shares. Latest filing

Outside holder, reported separately: Jose Esparza Jr. (a 10% owner, not part of management). Sold $184K (1.8K shares) from Aug 7, 2026 to Aug 7, 2026. Latest filing

The full ownership picture15 of 16 insiders fully reconciled · 13 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 8, 2025SoldHeld Oct 8, 2026Still held
Theodore Geisler
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Chairman, CEO and President, Director
32K050Kno sales
Vesting, gifts, unvested awards and holding lines for Theodore Geisler
+10Kshares vested or exercised
0gifted (net of own trusts)
−13Kwithheld by the company for taxes
33K → 70Kunvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock00
TrustCommon Stock32,24850,003

Additional holdings last reported Feb 17, 2023, not confirmed since: 8,470 shares. Not included in any total or percentage on this page.

Andrew Cooper
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +458 shares on Feb 20, 2026 (Direct). See the filing Sales and other transactions for Andrew Cooper are complete.
SVP & CFO
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Andrew Cooper
+7.8Kshares vested or exercised
0gifted (net of own trusts)
−9.7Kwithheld by the company for taxes
37K → 57Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +458 shares on Feb 20, 2026 (Direct). The balances below are as reported, not verified totals.

Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock15,04929,053
Richard Fox
Director
11K011Kno sales
Vesting, gifts, unvested awards and holding lines for Richard Fox
0shares vested or exercised
0gifted (net of own trusts)
1.9K → 1.9Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock10,62610,626
Paula Sims
Director
9.4K011Kno sales
Vesting, gifts, unvested awards and holding lines for Paula Sims
0shares vested or exercised
0gifted (net of own trusts)
1.9K → 1.9Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock9,36711,032
Elizabeth Blankenship
VP, Controller and CAO
8.7K−98011K+26%
Vesting, gifts, unvested awards and holding lines for Elizabeth Blankenship
+2Kshares vested or exercised
0gifted (net of own trusts)
−1.3Kwithheld by the company for taxes
9.2K → 14Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock8,62110,886
401KCommon Stock5555
401(k)Common Stock5454
Paul Mountain
VP, Finance and Planning
6K06Kno sales
Vesting, gifts, unvested awards and holding lines for Paul Mountain
0shares vested or exercised
0gifted (net of own trusts)
9.5K → 9.5Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
TrustCommon Sock3,4213,421
TrustCommon Stock2,0232,023
401(k)Common Stock278278
401KCommon Stock277277
William Spence
Director
4.6K06.3Kno sales
Vesting, gifts, unvested awards and holding lines for William Spence
0shares vested or exercised
0gifted (net of own trusts)
1.9K → 1.9Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock4,6266,291
Shirley Baum
SVP and GC
3.3K05.8Kno sales
Vesting, gifts, unvested awards and holding lines for Shirley Baum
+2.3Kshares vested or exercised
0gifted (net of own trusts)
−2Kwithheld by the company for taxes
0 → 7.7Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Sock3,3115,846
James Trevathan Jr.
Director
2.7K02.7Kno sales
Vesting, gifts, unvested awards and holding lines for James Trevathan Jr.
0shares vested or exercised
0gifted (net of own trusts)
1.9K → 3.6Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock2,6602,660
Ronald Butler Jr.
Director
1.4K01.4Kno sales
Vesting, gifts, unvested awards and holding lines for Ronald Butler Jr.
0shares vested or exercised
0gifted (net of own trusts)
3.5K → 5.2Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
TrustCommon Stock1,4131,413
Susan Flanagan
Director
7500750no sales
Vesting, gifts, unvested awards and holding lines for Susan Flanagan
0shares vested or exercised
0gifted (net of own trusts)
3.5K → 5.2Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock750750
Christopher Bauer
VP and Treasurer
1300494no sales
Vesting, gifts, unvested awards and holding lines for Christopher Bauer
+563shares vested or exercised
0gifted (net of own trusts)
−170withheld by the company for taxes
0 → 2.5Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Sock130494
Carol Eicher
Director
1000100no sales
Vesting, gifts, unvested awards and holding lines for Carol Eicher
0shares vested or exercised
0gifted (net of own trusts)
3.5K → 5.2Kunvested awards, start → end
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock100100

15 of 16 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (15 exactly, 0 with a minor or footnoted difference). For 1 we show sales but not holdings; the ! icon on that row explains why. Percentages cover 12 of 16 officers and directors. Left out: Andrew Cooper (holdings couldn't be fully reconciled); Glynis Bryan (most holdings were last confirmed in 2020); Melena de la Jr. (most holdings were last confirmed in 2022); Kristine Svinicki (most holdings were last confirmed in 2023). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$97K of sales by plan status, purpose, seller and month

Officer and director open-market sales: $97K across 980 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $97K

Sales with no 10b5-1 plan and no tax reference in the filing. $97K of it is Elizabeth Blankenship. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Elizabeth Blankenship, Aug 10, 2026

Taxes

25,865 shares ($2.6M) were withheld by the company for taxes, which isn't a market sale.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Elizabeth Blankenship
VP, Controller and CAO
980$97K0%100%Aug 10, 2026 to Aug 10, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$0$0$0$0
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$0$0$0$0
Mar 2026$0$0$0$0
Apr 2026$0$0$0$0
May 2026$0$0$0$0
Jun 2026$0$0$0$0
Jul 2026$0$0$0$0
Aug 2026$97K$0$0$97K
Sep 2026$0$0$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about a third of the 5-year average. 1 insider sold; the average is 1 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 8, 2026
Latest 12 months
9801$97K
Oct 8, 2025
1 year earlier
1.5K1$141K
Oct 8, 2024
2 years earlier
9.3K2$777K
Oct 9, 2023
3 years earlier
1.5K1$119K
Oct 9, 2022
4 years earlier
3.6K2$229K
Oct 9, 2021
5 years earlier
00$0

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty1 insider whose holdings couldn't be fully reconciled

Andrew Cooper: holdings couldn't be fully reconciled (difference of 598 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +458 shares on Feb 20, 2026 (Direct). Filing, Feb 20, 2026

Footnote: "Each Restricted Stock Unit represents a contingent right to receive the economic equivalent of one share of the Company's common stock. The Restricted Stock Units will be settled in 100% shares of common stock."

Inferred rename: "trust" is treated as the same holder as "Charitable Unitrust", because the old name was never reported again and the new one opened with the same balance (5,587 shares). Old name, new name

Inferred rename: "family trust" is treated as the same holder as "Trust", because the old name was never reported again and the new one opened with the same balance (33,178 shares). Old name, new name

Inferred rename: "wife through 401(k)" is treated as the same holder as "spouse 401(k)", because the old name was never reported again and the new one opened with the same balance (1 shares). Old name, new name

Inferred rename: "spouse 401(k)" is treated as the same holder as "Spouse", because the old name was never reported again and the new one opened with the same balance (1 shares). Old name, new name

Inferred rename: "Spouse" is treated as the same holder as "wife's 401(k)", because the old name was never reported again and the new one opened with the same balance (1 shares). Old name, new name

Inferred rename: "401K" is treated as the same holder as "Trust", because the old name was never reported again and the new one opened with the same balance (6 shares). Old name, new name

Inferred typo: the share class "Common Stock" is treated as the same class as "Common Sock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (James Trevathan Jr., 877 shares): old title, new title

Inferred typo: the share class "Common Sotck" is treated as the same class as "Common Stock" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Elizabeth Blankenship, 54 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,439 filings from SEC EDGAR, and how we read them

All 1,439 Forms 3, 4 and 5 filed for Pinnacle West Capital (SEC CIK 764622) from Feb 7, 1997 to Aug 11, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages. 239 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (49)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Jeffrey GuldnerMar 20, 2025137,594 shares, last reported balance as of Mar 18, 2025
Robert SmithMar 20, 202518,328 shares, last reported balance as of Mar 18, 2025
Bruce NordstromMay 23, 202473,580 shares, last reported balance as of May 22, 2024
Donna EasterlyJan 2, 202413,073 shares, last reported balance as of Oct 17, 2023
Kathryn MunroMay 19, 202317,080 shares, last reported balance as of Sep 9, 2018
Barbara LockwoodDec 8, 20228,590 shares, last reported balance as of Dec 6, 2022
Dale KleinMay 20, 2022100 shares, last reported balance as of Dec 14, 2010
David WagenerMay 20, 202219,327 shares, last reported balance as of May 18, 2022
Maria LacalFeb 24, 202224,578 shares, last reported balance as of Feb 18, 2022
James HatfieldNov 10, 202125,896 shares, last reported balance as of Nov 9, 2021
Denis CorteseMay 19, 202118,762 shares, last reported balance as of May 19, 2021
Daniel FroetscherFeb 23, 202112,728 shares, last reported balance as of Feb 19, 2021
Humberto LopezMay 22, 202059,193 shares, last reported balance as of May 20, 2020
Lee NickloyFeb 27, 2020No balance on record
Robert BementFeb 24, 202010,268 shares, last reported balance as of Feb 20, 2020
Donald BrandtOct 24, 201983,865 shares, last reported balance as of Oct 22, 2019
Michael GallagherMay 17, 20197,786 shares, last reported balance as of May 13, 2019
Denise DannerMar 1, 20197,249 shares, last reported balance as of Feb 27, 2019
John HatfieldFeb 22, 20192,774 shares, last reported balance as of Feb 20, 2019
Mark SchiavoniMay 31, 201825,496 shares, last reported balance as of May 29, 2018
Roy Herberger Jr.Mar 16, 201856,629 shares, last reported balance as of Mar 14, 2018
David FalckFeb 22, 201844,881 shares, last reported balance as of Feb 20, 2018
Barbara GomezMay 18, 20176,544 shares, last reported balance as of May 16, 2017
Randall EdingtonFeb 23, 201737,936 shares, last reported balance as of Feb 21, 2017
TAMMY McLEODMar 10, 201610,370 shares, last reported balance as of Mar 8, 2016
Patrick DinkelFeb 23, 20164,111 shares, last reported balance as of Feb 19, 2016
Cindy ReddingJun 2, 2014300 shares, last reported balance as of May 21, 2014
Susan JohnsonMay 23, 201413,073 shares, last reported balance as of May 21, 2014
Lori SundbergMar 15, 20139,937 shares, last reported balance as of Feb 27, 2013
Donald RobinsonFeb 22, 201352,684 shares, last reported balance as of Feb 20, 2013
Edward Basha Jr.Feb 8, 2013260 shares, last reported balance as of Jun 29, 2012
Pamela GrantJul 6, 201128,250 shares, last reported balance as of Jul 1, 2011
Douglas ParkerJul 6, 20117,993 shares, last reported balance as of Jul 1, 2011
William PostFeb 23, 201076,192 shares, last reported balance as of Feb 19, 2010
Steven WheelerFeb 23, 201018,722 shares, last reported balance as of Feb 19, 2010
Chris FroggattAug 26, 200926,067 shares, last reported balance as of Aug 24, 2009
William Jamieson Jr.Jul 6, 200915,890 shares, last reported balance as of Jul 1, 2009
William StewartJul 6, 200936,763 shares, last reported balance as of Jul 1, 2009
Nancy LoftinFeb 20, 200932,789 shares, last reported balance as of Feb 20, 2009
John DenmanFeb 20, 200932,392 shares, last reported balance as of Feb 20, 2009
Jack DavisMar 20, 200877,558 shares, last reported balance as of Mar 18, 2008
Armando FloresMar 20, 200827,981 shares, last reported balance as of Mar 18, 2008
Jan BennettMar 20, 200820,356 shares, last reported balance as of Mar 18, 2008
Martha HesseMay 8, 20071,100 shares, last reported balance as of May 4, 2007
James LevineFeb 26, 200746,416 shares, last reported balance as of Feb 22, 2007
Robert AikenFeb 10, 200415,265 shares, last reported balance as of Feb 6, 2004
Gregg OverbeckNov 19, 200324,465 shares, last reported balance as of Nov 17, 2003
Martin SchultzNov 19, 200319,192 shares, last reported balance as of Nov 17, 2003
Robert MatlockNo balance on record