Assenagon Asset Management S.A. Sells 813,931 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Assenagon Asset Management cut its Pinnacle West Capital stake by 81.7%, selling 813,931 shares during the second quarter and retaining 182,222 shares valued at approximately $19.5 million. Institutional investors own 91.51% of the company.
• Analysts remain generally cautious, with three Buy ratings and twelve Hold ratings producing a consensus “Hold” rating and a $104.07 price target. Pinnacle West shares opened at $101.12, while recent analyst targets range from $101 to $108.
• Pinnacle West reported quarterly EPS of $1.43, slightly below the $1.46 consensus, but revenue of $1.46 billion exceeded estimates and rose 7.1% year over year. The company declared a quarterly dividend of $0.91, equivalent to a 3.6% annual yield.

Assenagon Asset Management S.A. lessened its holdings in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 81.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 182,222 shares of the utilities provider's stock after selling 813,931 shares during the quarter. Assenagon Asset Management S.A. owned 0.15% of Pinnacle West Capital worth $19,498,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. DNB Asset Management AS raised its holdings in Pinnacle West Capital by 61.3% during the 4th quarter. DNB Asset Management AS now owns 44,843 shares of the utilities provider's stock valued at $3,978,000 after buying an additional 17,037 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its position in Pinnacle West Capital by 53.0% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 277,946 shares of the utilities provider's stock valued at $24,654,000 after buying an additional 96,236 shares during the period. Fox Run Management L.L.C. bought a new stake in Pinnacle West Capital in the 4th quarter worth $1,789,000. Qsemble Capital Management LP grew its holdings in Pinnacle West Capital by 393.7% in the 4th quarter. Qsemble Capital Management LP now owns 48,661 shares of the utilities provider's stock worth $4,316,000 after acquiring an additional 38,805 shares during the last quarter. Finally, Integrated Investment Consultants LLC purchased a new position in shares of Pinnacle West Capital in the fourth quarter valued at about $1,047,000. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,567 shares of Pinnacle West Capital stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $99.00, for a total transaction of $650,133.00. Following the sale, the executive vice president directly owned 6,634 shares of the company's stock, valued at approximately $656,766. The trade was a 49.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. TD Cowen upped their price objective on shares of Pinnacle West Capital from $100.00 to $101.00 and gave the company a "hold" rating in a research note on Friday, May 15th. Argus raised their target price on Pinnacle West Capital from $95.00 to $106.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Weiss Ratings restated a "buy (b)" rating on shares of Pinnacle West Capital in a report on Monday, August 3rd. Truist Financial lowered their price target on Pinnacle West Capital from $108.00 to $105.00 and set a "hold" rating for the company in a research report on Friday, May 29th. Finally, Barclays increased their price objective on Pinnacle West Capital from $102.00 to $108.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $104.07.

Pinnacle West Capital Stock Up 0.1%

Shares of Pinnacle West Capital stock opened at $101.12 on Monday. The company has a current ratio of 0.59, a quick ratio of 0.41 and a debt-to-equity ratio of 1.38. The company's fifty day simple moving average is $104.50 and its two-hundred day simple moving average is $101.36. The company has a market cap of $12.26 billion, a P/E ratio of 19.37, a PEG ratio of 3.70 and a beta of 0.44. Pinnacle West Capital Corporation has a 12-month low of $85.32 and a 12-month high of $111.16.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $1.43 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.03). The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.40 billion. Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%.The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Research analysts anticipate that Pinnacle West Capital Corporation will post 4.7 EPS for the current year.

Pinnacle West Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 3rd will be issued a $0.91 dividend. The ex-dividend date is Monday, August 3rd. This represents a $3.64 annualized dividend and a yield of 3.6%. Pinnacle West Capital's dividend payout ratio (DPR) is 69.73%.

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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