210,538 Shares in Pinnacle West Capital Co. (NYSE:PNW) Acquired by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 210,538 shares of the utilities provider’s stock, valued at approximately $18,652,000. Assenagon Asset Management S.A. owned 0.19% of Pinnacle West Capital as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PNW. Blue Trust Inc. lifted its stake in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 291 shares during the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Pinnacle West Capital during the 1st quarter worth $30,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the second quarter worth $52,000. First Horizon Advisors Inc. increased its holdings in Pinnacle West Capital by 20.9% in the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after buying an additional 137 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Pinnacle West Capital in the second quarter valued at $82,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays dropped their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Morgan Stanley raised their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $80.79.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $88.20 on Friday. The firm has a market cap of $10.02 billion, a P/E ratio of 19.22, a P/E/G ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $91.57. The business’s 50-day moving average price is $88.23 and its 200 day moving average price is $81.72. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the business posted $0.94 EPS. The company’s revenue was up 15.7% on a year-over-year basis. On average, equities research analysts expect that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 4th will be given a dividend of $0.895 per share. The ex-dividend date is Monday, November 4th. This represents a $3.58 dividend on an annualized basis and a yield of 4.06%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88. Pinnacle West Capital’s dividend payout ratio is presently 76.69%.

Insider Transactions at Pinnacle West Capital

In other news, Director Susan T. Flanagan purchased 500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $86.54 per share, with a total value of $43,270.00. Following the completion of the acquisition, the director now directly owns 750 shares of the company’s stock, valued at approximately $64,905. This trade represents a 200.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at $548,862.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan T. Flanagan acquired 500 shares of Pinnacle West Capital stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $86.54 per share, with a total value of $43,270.00. Following the purchase, the director now directly owns 750 shares of the company’s stock, valued at approximately $64,905. This trade represents a 200.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.23% of the company’s stock.

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.