Raymond James Trust N.A. cut its position in IDACORP, Inc. (NYSE:IDA – Free Report) by 3.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,160 shares of the energy company’s stock after selling 251 shares during the quarter. Raymond James Trust N.A.’s holdings in IDACORP were worth $635,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of IDACORP by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 692,293 shares of the energy company’s stock worth $71,368,000 after buying an additional 35,651 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in IDACORP by 11.6% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 190,927 shares of the energy company’s stock worth $19,683,000 after purchasing an additional 19,770 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in IDACORP by 78.0% in the third quarter. Advisors Asset Management Inc. now owns 6,014 shares of the energy company’s stock worth $620,000 after purchasing an additional 2,635 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of IDACORP by 67.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock worth $4,918,000 after purchasing an additional 19,274 shares in the last quarter. Finally, Hilton Capital Management LLC lifted its holdings in shares of IDACORP by 15.9% during the 3rd quarter. Hilton Capital Management LLC now owns 16,142 shares of the energy company’s stock valued at $1,664,000 after purchasing an additional 2,220 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on IDA. Wells Fargo & Company upped their target price on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley boosted their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and raised their price target for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Jefferies Financial Group began coverage on shares of IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $108.83.
IDACORP Stock Performance
Shares of NYSE IDA opened at $118.95 on Tuesday. The company has a 50 day simple moving average of $107.00 and a two-hundred day simple moving average of $100.68. The stock has a market cap of $6.34 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 2.64 and a beta of 0.60. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a 12 month low of $86.43 and a 12 month high of $120.42.
IDACORP (NYSE:IDA – Get Free Report) last posted its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter in the prior year, the firm earned $2.07 earnings per share. As a group, analysts predict that IDACORP, Inc. will post 5.42 earnings per share for the current year.
IDACORP Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.89%. IDACORP’s dividend payout ratio is presently 63.82%.
About IDACORP
IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.
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