Assenagon Asset Management S.A. Acquires 466,736 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Assenagon Asset Management S.A. lifted its stake in Pinnacle West Capital Co. (NYSE:PNW) by 221.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 677,274 shares of the utilities provider’s stock after purchasing an additional 466,736 shares during the period. Assenagon Asset Management S.A.’s holdings in Pinnacle West Capital were worth $57,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in PNW. Venturi Wealth Management LLC boosted its stake in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the third quarter worth about $43,000. Kennebec Savings Bank bought a new position in shares of Pinnacle West Capital in the third quarter valued at approximately $64,000. Blue Trust Inc. boosted its position in shares of Pinnacle West Capital by 193.5% in the third quarter. Blue Trust Inc. now owns 1,080 shares of the utilities provider’s stock valued at $96,000 after acquiring an additional 712 shares during the period. Finally, Crewe Advisors LLC grew its stake in Pinnacle West Capital by 39.2% during the third quarter. Crewe Advisors LLC now owns 1,100 shares of the utilities provider’s stock valued at $97,000 after acquiring an additional 310 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle West Capital Price Performance

PNW opened at $84.39 on Thursday. The stock’s 50 day moving average price is $88.28 and its 200-day moving average price is $86.78. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $95.42. The stock has a market capitalization of $9.60 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be given a $0.895 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 annualized dividend and a dividend yield of 4.24%. Pinnacle West Capital’s dividend payout ratio is 67.80%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Citigroup raised their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Finally, KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a research report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $84.65.

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.