Jennison Associates LLC Cuts Position in Pinnacle West Capital Corporation $PNW

Jennison Associates LLC decreased its holdings in Pinnacle West Capital Corporation (NYSE:PNW) by 1.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 368,843 shares of the utilities provider’s stock after selling 4,590 shares during the period. Jennison Associates LLC’s holdings in Pinnacle West Capital were worth $33,000,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PNW. Clearstead Trust LLC purchased a new position in Pinnacle West Capital in the first quarter valued at approximately $25,000. Costello Asset Management INC purchased a new position in Pinnacle West Capital in the first quarter valued at about $26,000. Ameritas Advisory Services LLC purchased a new position in Pinnacle West Capital in the second quarter valued at about $31,000. Brooklyn Investment Group raised its position in Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 396 shares during the period. Finally, HM Payson & Co. raised its position in Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 196 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on PNW shares. Royal Bank Of Canada raised Pinnacle West Capital to a “hold” rating in a research report on Tuesday. BMO Capital Markets reissued a “market perform” rating and issued a $99.00 price objective on shares of Pinnacle West Capital in a research report on Monday, October 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Wednesday, October 8th. Mizuho lowered shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. Finally, UBS Group lifted their price objective on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, October 10th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and a consensus target price of $96.69.

Pinnacle West Capital Trading Up 0.4%

PNW opened at $89.47 on Friday. The firm has a market capitalization of $10.69 billion, a P/E ratio of 18.45, a P/E/G ratio of 9.23 and a beta of 0.46. The firm’s 50 day moving average is $89.61 and its 200-day moving average is $90.77. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.58. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.76 earnings per share. Analysts expect that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 3rd will be issued a $0.91 dividend. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.90. This represents a $3.64 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, November 3rd. Pinnacle West Capital’s dividend payout ratio is currently 73.81%.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.