Heflin Adam C has demonstrated a consistent pattern of selling shares in Pinnacle West Capital Corporation (PNW), with no recorded purchases across 45 transactions totaling over $3 million in sales. The activity is concentrated in periodic, high-value disposals, particularly around mid-March filings. On March 18, 2026, Heflin reported two sales totaling $1.11 million—$844,094.88 from a transaction coded "F" (likely a gift or transfer) and $266,630.64 from a sale coded "D" (direct disposition). This follows a nearly identical pattern from March 18, 2025, when Heflin sold $802,881.24 and $246,056.30 worth of PNW shares under the same transaction codes. Smaller but repeated sales occurred in February of both years, with February 2026 seeing six disposals ranging from $11,800.80 to $55,463.76, all coded "D," alongside larger "F" transactions.
The absence of any buy transactions suggests a one-directional reduction in Heflin’s PNW holdings, with the bulk of the sales occurring in March, possibly tied to vesting schedules or planned divestments. The recurring use of code "F" alongside "D" indicates a mix of direct sales and other transfers, though the filings do not specify recipients. Notably, the February 2026 transactions included multiple same-day sales, such as $38,647.62 and $36,090.78 under code "F," paired with smaller "D" disposals. While the exact rationale isn’t disclosed, the data reflects a deliberate and repeated unwinding of positions in PNW over time.
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