Jennison Associates LLC Trims Position in Pinnacle West Capital Co. (NYSE:PNW)

Jennison Associates LLC reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 55.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 461,885 shares of the utilities provider’s stock after selling 565,757 shares during the quarter. Jennison Associates LLC owned about 0.41% of Pinnacle West Capital worth $33,182,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Barclays PLC boosted its position in Pinnacle West Capital by 99.4% during the 3rd quarter. Barclays PLC now owns 332,043 shares of the utilities provider’s stock worth $24,465,000 after purchasing an additional 165,495 shares during the period. UBS Group AG boosted its position in Pinnacle West Capital by 83.2% in the 3rd quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock valued at $22,750,000 after buying an additional 140,215 shares during the last quarter. Trexquant Investment LP purchased a new position in Pinnacle West Capital in the 3rd quarter valued at about $6,709,000. Assenagon Asset Management S.A. purchased a new position in Pinnacle West Capital in the 4th quarter valued at about $5,994,000. Finally, Hudson Bay Capital Management LP boosted its position in Pinnacle West Capital by 254.3% in the 3rd quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock valued at $8,485,000 after buying an additional 82,660 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PNW. LADENBURG THALM/SH SH began coverage on shares of Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a research report on Friday, January 26th. Evercore ISI reduced their price target on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating on the stock in a research report on Monday, March 4th. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price target for the stock from $71.00 to $80.00 in a research report on Monday, March 18th. Finally, Morgan Stanley increased their price target on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $73.00.

Pinnacle West Capital Price Performance

NYSE PNW opened at $74.54 on Thursday. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $86.03. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. The firm has a market capitalization of $8.46 billion, a PE ratio of 16.90, a P/E/G ratio of 2.09 and a beta of 0.49. The company’s 50 day simple moving average is $71.64 and its 200 day simple moving average is $72.13.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 1st will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.72%. Pinnacle West Capital’s dividend payout ratio is presently 79.82%.

Pinnacle West Capital 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.