Assenagon Asset Management S.A. Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Assenagon Asset Management S.A. grew its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 221.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 677,274 shares of the utilities provider's stock after buying an additional 466,736 shares during the period. Assenagon Asset Management S.A. owned 0.60% of Pinnacle West Capital worth $57,413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNW. Czech National Bank lifted its stake in Pinnacle West Capital by 6.6% in the 4th quarter. Czech National Bank now owns 24,656 shares of the utilities provider's stock worth $2,090,000 after purchasing an additional 1,523 shares in the last quarter. ST Germain D J Co. Inc. lifted its position in Pinnacle West Capital by 19.0% during the fourth quarter. ST Germain D J Co. Inc. now owns 1,145 shares of the utilities provider's stock worth $97,000 after buying an additional 183 shares in the last quarter. Fortitude Family Office LLC boosted its stake in Pinnacle West Capital by 140.7% during the fourth quarter. Fortitude Family Office LLC now owns 2,946 shares of the utilities provider's stock worth $250,000 after buying an additional 1,722 shares during the last quarter. Fortem Financial Group LLC boosted its stake in Pinnacle West Capital by 2.2% during the fourth quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider's stock worth $485,000 after buying an additional 124 shares during the last quarter. Finally, CWA Asset Management Group LLC grew its holdings in Pinnacle West Capital by 17.3% in the 4th quarter. CWA Asset Management Group LLC now owns 15,467 shares of the utilities provider's stock valued at $1,311,000 after buying an additional 2,284 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNW has been the topic of several recent research reports. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the company an "equal weight" rating in a research report on Thursday, November 7th. Citigroup increased their price target on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. Morgan Stanley cut their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday, November 22nd. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective for the company. Finally, Barclays downgraded Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $84.65.

Pinnacle West Capital Stock Up 2.5 %

Shares of PNW traded up $2.11 during mid-day trading on Thursday, hitting $86.52. 1,229,604 shares of the company's stock were exchanged, compared to its average volume of 1,091,850. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The company has a market cap of $9.84 billion, a price-to-earnings ratio of 16.39, a P/E/G ratio of 3.24 and a beta of 0.56. The stock's 50-day moving average is $88.28 and its 200-day moving average is $86.78. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $95.42.

Pinnacle West Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 3rd will be paid 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 4.14%. Pinnacle West Capital's dividend payout ratio (DPR) is 67.80%.

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.