Jennison Associates LLC Decreases Position in Pinnacle West Capital Corporation (NYSE:PNW)

Jennison Associates LLC cut its stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 1.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 373,433 shares of the utilities provider's stock after selling 4,978 shares during the period. Jennison Associates LLC owned 0.31% of Pinnacle West Capital worth $35,569,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Norinchukin Bank The increased its stake in Pinnacle West Capital by 2.7% during the 4th quarter. Norinchukin Bank The now owns 4,398 shares of the utilities provider's stock valued at $373,000 after purchasing an additional 117 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Pinnacle West Capital by 1.3% during the first quarter. Exchange Traded Concepts LLC now owns 9,724 shares of the utilities provider's stock valued at $926,000 after buying an additional 125 shares during the period. Allworth Financial LP increased its position in shares of Pinnacle West Capital by 19.1% in the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock worth $74,000 after purchasing an additional 125 shares during the last quarter. Probity Advisors Inc. increased its position in shares of Pinnacle West Capital by 2.7% in the fourth quarter. Probity Advisors Inc. now owns 6,056 shares of the utilities provider's stock worth $513,000 after purchasing an additional 159 shares during the last quarter. Finally, Mather Group LLC. lifted its stake in Pinnacle West Capital by 7.6% in the first quarter. Mather Group LLC. now owns 2,496 shares of the utilities provider's stock worth $238,000 after acquiring an additional 177 shares during the period. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $1.00 during mid-day trading on Tuesday, hitting $94.15. The company's stock had a trading volume of 611,102 shares, compared to its average volume of 1,135,824. The company has a market capitalization of $11.24 billion, a price-to-earnings ratio of 18.72, a P/E/G ratio of 9.63 and a beta of 0.42. The stock has a fifty day moving average of $90.21 and a 200-day moving average of $90.46. The company has a current ratio of 0.50, a quick ratio of 0.34 and a debt-to-equity ratio of 1.18. Pinnacle West Capital Corporation has a fifty-two week low of $81.47 and a fifty-two week high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $988.95 million. During the same period in the prior year, the firm earned $0.15 EPS. The business's revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 1st will be given a dividend of $0.895 per share. The ex-dividend date is Friday, August 1st. This represents a $3.58 annualized dividend and a yield of 3.80%. Pinnacle West Capital's payout ratio is presently 71.17%.

Analysts Set New Price Targets

PNW has been the subject of several analyst reports. KeyCorp reduced their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Wall Street Zen cut Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Morgan Stanley cut their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 22nd. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Finally, Barclays increased their price target on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $96.78.

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.