Assenagon Asset Management S.A. Raises Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• Assenagon Asset Management increased its stake in Pinnacle West Capital by 8.2% in the first quarter, ending with 996,153 shares valued at about $100.4 million.
• Insider activity included EVP Jacob Tetlow selling 6,567 shares at $99.00 each, cutting his ownership by nearly 50%.
• Pinnacle West Capital reported stronger-than-expected quarterly results, with EPS of $0.27 versus an expected loss and revenue of $1.15 billion, while analysts currently rate the stock a consensus Hold with an average target price of $102.71.

Assenagon Asset Management S.A. raised its holdings in shares of Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 996,153 shares of the utilities provider's stock after acquiring an additional 75,466 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.82% of Pinnacle West Capital worth $100,362,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PNW. Empowered Funds LLC boosted its stake in Pinnacle West Capital by 3.8% in the 4th quarter. Empowered Funds LLC now owns 3,166 shares of the utilities provider's stock worth $281,000 after purchasing an additional 116 shares during the period. Stratos Wealth Partners LTD. grew its stake in Pinnacle West Capital by 2.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 4,711 shares of the utilities provider's stock valued at $418,000 after acquiring an additional 131 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Pinnacle West Capital by 11.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,330 shares of the utilities provider's stock valued at $119,000 after acquiring an additional 140 shares in the last quarter. Truist Financial Corp increased its holdings in Pinnacle West Capital by 4.7% in the 4th quarter. Truist Financial Corp now owns 3,733 shares of the utilities provider's stock valued at $331,000 after acquiring an additional 167 shares during the last quarter. Finally, New York Life Investment Management LLC increased its holdings in Pinnacle West Capital by 1.1% in the 4th quarter. New York Life Investment Management LLC now owns 16,192 shares of the utilities provider's stock valued at $1,436,000 after acquiring an additional 170 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of the firm's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $99.00, for a total value of $650,133.00. Following the completion of the sale, the executive vice president owned 6,634 shares of the company's stock, valued at $656,766. This trade represents a 49.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PNW shares. Argus increased their price objective on shares of Pinnacle West Capital from $95.00 to $106.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Wells Fargo & Company set a $106.00 target price on Pinnacle West Capital in a report on Tuesday, April 21st. Citigroup boosted their target price on Pinnacle West Capital from $100.00 to $109.00 and gave the stock a "neutral" rating in a research report on Thursday, February 26th. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Finally, Weiss Ratings upgraded Pinnacle West Capital from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $102.71.

Pinnacle West Capital Trading Up 1.2%

Shares of PNW stock opened at $105.35 on Thursday. Pinnacle West Capital Corporation has a 1 year low of $85.32 and a 1 year high of $105.62. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.60 and a quick ratio of 0.39. The stock's 50 day simple moving average is $101.77 and its two-hundred day simple moving average is $97.55. The company has a market cap of $12.77 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 3.81 and a beta of 0.44.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.30. Pinnacle West Capital had a return on equity of 9.27% and a net margin of 11.99%.The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the company earned ($0.04) EPS. The company's revenue for the quarter was up 11.4% on a year-over-year basis. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Research analysts predict that Pinnacle West Capital Corporation will post 4.7 earnings per share for the current year.

Pinnacle West Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 4th were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 3.5%. The ex-dividend date was Monday, May 4th. Pinnacle West Capital's dividend payout ratio is presently 67.78%.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation is a publicly traded utility holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Arizona Public Service Company (APS), Pinnacle West generates, transmits and distributes electricity to more than one million residential, commercial and industrial customers across central and southern Arizona. The company's regulated operations focus on delivering safe, reliable power while meeting evolving environmental standards.

The company's diversified generation portfolio includes natural gas–fired plants, the nuclear-powered Palo Verde Generating Station—the largest nuclear facility in the United States by net output—plus growing investments in solar and battery storage projects.

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