M&T Bank Corp Raises Stock Holdings in IDACORP, Inc. (NYSE:IDA)

M&T Bank Corp boosted its stake in IDACORP, Inc. (NYSE:IDA) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,992 shares of the energy company’s stock after purchasing an additional 92 shares during the quarter. M&T Bank Corp’s holdings in IDACORP were worth $1,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. CWM LLC increased its holdings in shares of IDACORP by 55.0% in the 2nd quarter. CWM LLC now owns 905 shares of the energy company’s stock worth $84,000 after buying an additional 321 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in IDACORP by 4.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 4,784 shares of the energy company’s stock valued at $446,000 after purchasing an additional 225 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in IDACORP during the second quarter worth about $8,032,000. Raymond James & Associates boosted its holdings in shares of IDACORP by 4.8% in the 2nd quarter. Raymond James & Associates now owns 430,204 shares of the energy company’s stock worth $40,073,000 after purchasing an additional 19,750 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of IDACORP by 4.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 108,997 shares of the energy company’s stock valued at $10,153,000 after purchasing an additional 4,700 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IDA. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Wells Fargo & Company upped their price objective on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Jefferies Financial Group initiated coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Finally, Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $102.00 to $116.00 in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $111.00.

IDACORP Price Performance

Shares of IDACORP stock opened at $113.06 on Monday. The company’s fifty day simple moving average is $110.64 and its two-hundred day simple moving average is $102.55. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $120.42. The firm has a market cap of $6.02 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period in the previous year, the business earned $2.07 earnings per share. As a group, equities analysts expect that IDACORP, Inc. will post 5.41 EPS for the current year.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were paid a dividend of $0.86 per share. The ex-dividend date was Tuesday, November 5th. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a dividend yield of 3.04%. IDACORP’s payout ratio is 63.82%.

IDACORP Company Profile

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.