Jennison Associates LLC Cuts Stock Position in Pinnacle West Capital Corporation $PNW

Key Points

• Jennison Associates LLC cut its stake in Pinnacle West by 34.4% in Q4, selling 121,073 shares and reducing its holding to 230,932 shares worth about $20.48 million (roughly 0.19% of the company).
• Pinnacle West reported Q earnings of $0.13 EPS (ahead of the $0.05 estimate), set FY2026 guidance of 4.550–4.750 EPS, and announced a quarterly dividend of $0.91 (annualized $3.64, ~3.5% yield; ex-dividend May 4).

Jennison Associates LLC lowered its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 34.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 230,932 shares of the utilities provider's stock after selling 121,073 shares during the period. Jennison Associates LLC owned 0.19% of Pinnacle West Capital worth $20,484,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNW. Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in shares of Pinnacle West Capital in the third quarter valued at $16,292,000. Y Intercept Hong Kong Ltd lifted its holdings in shares of Pinnacle West Capital by 164.5% in the third quarter. Y Intercept Hong Kong Ltd now owns 44,748 shares of the utilities provider's stock valued at $4,012,000 after purchasing an additional 27,832 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Pinnacle West Capital by 556.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,208 shares of the utilities provider's stock valued at $1,633,000 after purchasing an additional 15,434 shares in the last quarter. Rakuten Investment Management Inc. purchased a new stake in shares of Pinnacle West Capital in the third quarter valued at $2,234,000. Finally, AE Wealth Management LLC lifted its holdings in shares of Pinnacle West Capital by 9.1% in the third quarter. AE Wealth Management LLC now owns 152,331 shares of the utilities provider's stock valued at $13,658,000 after purchasing an additional 12,732 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $103.67 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.36 and a debt-to-equity ratio of 1.30. Pinnacle West Capital Corporation has a 1 year low of $85.32 and a 1 year high of $104.92. The business has a fifty day simple moving average of $101.45 and a 200 day simple moving average of $94.55. The firm has a market cap of $12.55 billion, a price-to-earnings ratio of 20.49, a P/E/G ratio of 3.79 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.08. Pinnacle West Capital had a return on equity of 8.82% and a net margin of 11.55%.The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the company earned ($0.06) earnings per share. Pinnacle West Capital's quarterly revenue was up 3.0% compared to the same quarter last year. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. As a group, sell-side analysts predict that Pinnacle West Capital Corporation will post 4.7 earnings per share for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 4th will be 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 is Monday, May 4th. Pinnacle West Capital's dividend payout ratio (DPR) is 71.94%.

Wall Street Analysts Forecast Growth

PNW has been the subject of a number of research analyst reports. Barclays increased their target price on Pinnacle West Capital from $97.00 to $101.00 and gave the company an "equal weight" rating in a report on Tuesday, March 31st. Stifel Nicolaus set a $107.00 price objective on Pinnacle West Capital in a report on Thursday, February 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of Pinnacle West Capital in a report on Thursday, January 22nd. Argus increased their price objective on Pinnacle West Capital from $95.00 to $106.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $103.00 price objective on shares of Pinnacle West Capital in a report on Friday, January 23rd. Three analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $103.00.

Pinnacle West Capital 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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