Assenagon Asset Management S.A. Decreases Stake in Pinnacle West Capital Corporation $PNW

Assenagon Asset Management S.A. reduced its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 58.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 394,475 shares of the utilities provider’s stock after selling 547,223 shares during the period. Assenagon Asset Management S.A.’s holdings in Pinnacle West Capital were worth $35,369,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Pinnacle West Capital by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock worth $1,322,482,000 after acquiring an additional 316,629 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Pinnacle West Capital by 2.5% in the second quarter. Invesco Ltd. now owns 4,248,954 shares of the utilities provider’s stock valued at $380,154,000 after purchasing an additional 102,778 shares during the period. Geode Capital Management LLC raised its stake in shares of Pinnacle West Capital by 1.1% in the second quarter. Geode Capital Management LLC now owns 3,026,662 shares of the utilities provider’s stock worth $270,282,000 after purchasing an additional 33,216 shares during the last quarter. ATLAS Infrastructure Partners UK Ltd. raised its stake in shares of Pinnacle West Capital by 2.5% in the second quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,862,950 shares of the utilities provider’s stock worth $256,148,000 after purchasing an additional 69,404 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Pinnacle West Capital by 3.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,780,490 shares of the utilities provider’s stock worth $248,770,000 after purchasing an additional 84,727 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on PNW shares. KeyCorp downgraded shares of Pinnacle West Capital from an “overweight” rating to a “sector weight” rating in a report on Friday, December 12th. TD Cowen assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, October 16th. They issued a “hold” rating and a $97.00 price objective on the stock. UBS Group raised their target price on shares of Pinnacle West Capital from $94.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday. Jefferies Financial Group restated a “buy” rating and set a $115.00 target price on shares of Pinnacle West Capital in a research report on Tuesday, November 4th. Finally, Morgan Stanley set a $85.00 price target on Pinnacle West Capital in a research report on Tuesday. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $96.58.

Pinnacle West Capital Stock Performance

PNW opened at $88.56 on Friday. The firm has a fifty day moving average price of $89.66 and a 200 day moving average price of $89.81. Pinnacle West Capital Corporation has a 1 year low of $81.47 and a 1 year high of $96.50. The stock has a market cap of $10.60 billion, a P/E ratio of 18.18, a P/E/G ratio of 8.67 and a beta of 0.54. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.67 and a quick ratio of 0.49.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Monday, November 3rd. The utilities provider reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $3.04 by $0.35. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Pinnacle West Capital had a net margin of 11.20% and a return on equity of 8.57%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.37 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS and its FY 2025 guidance at 4.900-5.100 EPS. Equities research analysts anticipate that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Monday, February 2nd will be issued a $0.91 dividend. The ex-dividend date of this dividend is Monday, February 2nd. This represents a $3.64 dividend on an annualized basis and a yield of 4.1%. Pinnacle West Capital’s dividend payout ratio is presently 74.74%.

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.