Assenagon Asset Management S.A. Invests $18.65 Million in Pinnacle West Capital Co. (NYSE:PNW)

Assenagon Asset Management S.A. purchased a new position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 210,538 shares of the utilities provider's stock, valued at approximately $18,652,000. Assenagon Asset Management S.A. owned about 0.19% of Pinnacle West Capital at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Pinnacle West Capital by 1.6% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 24,295 shares of the utilities provider's stock valued at $2,152,000 after acquiring an additional 384 shares in the last quarter. Romano Brothers AND Company increased its stake in Pinnacle West Capital by 14.7% during the 3rd quarter. Romano Brothers AND Company now owns 30,475 shares of the utilities provider's stock valued at $2,700,000 after purchasing an additional 3,900 shares in the last quarter. Riverwater Partners LLC raised its holdings in shares of Pinnacle West Capital by 2.5% in the third quarter. Riverwater Partners LLC now owns 13,926 shares of the utilities provider's stock worth $1,251,000 after buying an additional 346 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Pinnacle West Capital by 152,118.2% during the third quarter. International Assets Investment Management LLC now owns 258,771 shares of the utilities provider's stock worth $22,925,000 after buying an additional 258,601 shares during the period. Finally, Private Advisor Group LLC grew its holdings in shares of Pinnacle West Capital by 2.2% during the third quarter. Private Advisor Group LLC now owns 9,392 shares of the utilities provider's stock valued at $832,000 after buying an additional 203 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pinnacle West Capital

In other news, Director Susan T. Flanagan purchased 500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the transaction, the director now owns 750 shares of the company's stock, valued at $64,905. This trade represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other Pinnacle West Capital news, Director Susan T. Flanagan purchased 500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $86.54 per share, for a total transaction of $43,270.00. Following the completion of the transaction, the director now owns 750 shares of the company's stock, valued at $64,905. The trade was a 200.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert Edgar Smith sold 4,950 shares of the company's stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the sale, the executive vice president now owns 6,397 shares of the company's stock, valued at $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $1.41 during trading on Friday, reaching $88.20. 767,267 shares of the company's stock traded hands, compared to its average volume of 1,127,565. The firm has a market cap of $10.02 billion, a PE ratio of 19.22, a P/E/G ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The company has a 50-day simple moving average of $88.23 and a 200-day simple moving average of $81.72.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The business had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The business's revenue was up 15.7% compared to the same quarter last year. As a group, analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Pinnacle West Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 4th will be given a dividend of $0.895 per share. This represents a $3.58 annualized dividend and a dividend yield of 4.06%. The ex-dividend date is Monday, November 4th. This is an increase from Pinnacle West Capital's previous quarterly dividend of $0.88. Pinnacle West Capital's dividend payout ratio is 78.00%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PNW shares. Wells Fargo & Company raised their target price on Pinnacle West Capital from $87.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Barclays decreased their target price on Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a report on Tuesday, July 2nd. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 25th. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective for the company. Finally, StockNews.com raised shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $80.79.

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.