Pinnacle West Capital Corporation (PNW) Shares Bought by Jennison Associates LLC

Jennison Associates LLC lifted its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 25.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 766,163 shares of the utilities provider’s stock after buying an additional 155,085 shares during the quarter. Jennison Associates LLC owned approximately 0.69% of Pinnacle West Capital Corporation worth $64,787,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Swiss National Bank raised its stake in shares of Pinnacle West Capital Corporation by 2.8% during the 2nd quarter. Swiss National Bank now owns 405,651 shares of the utilities provider’s stock worth $34,545,000 after buying an additional 11,200 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of Pinnacle West Capital Corporation by 4.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 507,078 shares of the utilities provider’s stock worth $43,183,000 after buying an additional 20,097 shares during the period. American Century Companies Inc. raised its stake in shares of Pinnacle West Capital Corporation by 140.6% during the 2nd quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock worth $214,251,000 after buying an additional 1,470,383 shares during the period. Franklin Resources Inc. raised its stake in shares of Pinnacle West Capital Corporation by 0.3% during the 2nd quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock worth $167,166,000 after buying an additional 5,092 shares during the period. Finally, State of Wisconsin Investment Board raised its stake in shares of Pinnacle West Capital Corporation by 38.0% during the 2nd quarter. State of Wisconsin Investment Board now owns 82,960 shares of the utilities provider’s stock worth $7,065,000 after buying an additional 22,860 shares during the period. 85.15% of the stock is owned by institutional investors and hedge funds.

PNW has been the subject of several research analyst reports. Zacks Investment Research downgraded Pinnacle West Capital Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. BidaskClub raised Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Morgan Stanley upped their target price on Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the stock an “underweight” rating in a research note on Friday, September 8th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $89.00 target price on shares of Pinnacle West Capital Corporation in a research note on Tuesday, August 29th. Finally, SunTrust Banks, Inc. reissued a “hold” rating and issued a $84.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Thursday, October 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $86.40.

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Pinnacle West Capital Corporation (PNW) opened at $89.79 on Tuesday. Pinnacle West Capital Corporation has a 52 week low of $72.15 and a 52 week high of $90.92. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $9,870.21, a price-to-earnings ratio of 19.08, a P/E/G ratio of 6.40 and a beta of 0.38.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.13. Pinnacle West Capital Corporation had a return on equity of 10.31% and a net margin of 14.67%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the company earned $2.35 EPS. The firm’s revenue was up 1.4% compared to the same quarter last year. equities analysts predict that Pinnacle West Capital Corporation will post 4.27 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 1st will be paid a $0.695 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This is an increase from Pinnacle West Capital Corporation’s previous quarterly dividend of $0.66. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.10%. Pinnacle West Capital Corporation’s dividend payout ratio (DPR) is 60.04%.

In other Pinnacle West Capital Corporation news, Director Kathryn L. Munro sold 1,806 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $90.28, for a total value of $163,045.68. Following the completion of the sale, the director now directly owns 17,852 shares of the company’s stock, valued at approximately $1,611,678.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Donald E. Brandt sold 35,013 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $89.57, for a total value of $3,136,114.41. Following the completion of the sale, the chairman now directly owns 118,574 shares of the company’s stock, valued at $10,620,673.18. The disclosure for this sale can be found here. Insiders sold a total of 41,419 shares of company stock valued at $3,713,068 over the last ninety days. Corporate insiders own 0.70% of the company’s stock.

About Pinnacle West Capital Corporation

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Institutional Ownership by Quarter for Pinnacle West Capital Corporation (NYSE:PNW)

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