Jennison Associates LLC Takes $32.08 Million Position in Pinnacle West Capital Co. (NYSE:PNW)

Jennison Associates LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 378,411 shares of the utilities provider's stock, valued at approximately $32,078,000. Jennison Associates LLC owned 0.33% of Pinnacle West Capital as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp increased its position in Pinnacle West Capital by 0.9% during the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider's stock worth $567,394,000 after purchasing an additional 56,644 shares during the period. Zimmer Partners LP increased its position in Pinnacle West Capital by 5.7% during the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock worth $256,882,000 after purchasing an additional 155,466 shares during the period. Charles Schwab Investment Management Inc. increased its position in Pinnacle West Capital by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider's stock worth $91,078,000 after purchasing an additional 5,066 shares during the period. Empower Advisory Group LLC increased its position in Pinnacle West Capital by 2.0% during the 3rd quarter. Empower Advisory Group LLC now owns 973,357 shares of the utilities provider's stock worth $86,230,000 after purchasing an additional 18,673 shares during the period. Finally, Captrust Financial Advisors increased its position in Pinnacle West Capital by 1.6% during the 3rd quarter. Captrust Financial Advisors now owns 732,031 shares of the utilities provider's stock worth $64,851,000 after purchasing an additional 11,208 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PNW shares. Wells Fargo & Company boosted their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th. Morgan Stanley decreased their price target on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group reduced their target price on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Barclays lowered 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 note on Monday, November 18th. Finally, Citigroup upped their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital currently has an average rating of "Hold" and an average price target of $85.21.

Pinnacle West Capital Trading Down 0.9 %

Shares of PNW stock traded down $0.80 on Friday, reaching $86.95. 1,026,407 shares of the stock were exchanged, compared to its average volume of 986,817. The stock has a market cap of $9.89 billion, a P/E ratio of 16.47, a price-to-earnings-growth ratio of 3.47 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The firm has a 50 day moving average of $86.44 and a two-hundred day moving average of $87.67. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $95.42.

Pinnacle West Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 3rd will be issued a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.12%. Pinnacle West Capital's payout ratio 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.