Retirement Systems of Alabama Purchases 2,120 Shares of IDACORP, Inc. (NYSE:IDA)

Retirement Systems of Alabama grew its position in IDACORP, Inc. (NYSE:IDA) by 1.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 145,791 shares of the energy company’s stock after purchasing an additional 2,120 shares during the quarter. Retirement Systems of Alabama’s holdings in IDACORP were worth $15,030,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of IDA. M&T Bank Corp lifted its holdings in IDACORP by 0.8% in the third quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock valued at $1,133,000 after buying an additional 92 shares during the period. Trust Point Inc. raised its position in shares of IDACORP by 1.4% in the 3rd quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock worth $760,000 after acquiring an additional 101 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of IDACORP by 7.5% in the 3rd quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock valued at $157,000 after purchasing an additional 106 shares during the period. Raymond James Trust N.A. boosted its position in shares of IDACORP by 1.7% during the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock valued at $597,000 after purchasing an additional 107 shares in the last quarter. Finally, Pitcairn Co. grew its stake in IDACORP by 2.3% during the third quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock worth $495,000 after purchasing an additional 107 shares during the period. 89.10% of the stock is owned by institutional investors.

IDACORP Stock Down 0.1 %

IDACORP stock opened at $113.06 on Monday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average price is $110.64 and its two-hundred day moving average price is $102.55. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of 20.98, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. IDACORP, Inc. has a 1-year low of $86.43 and a 1-year high of $120.42.

IDACORP (NYSE:IDA) last released its quarterly 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 company 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 last year, the firm posted $2.07 EPS. On average, equities research analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders 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 yield of 3.04%. IDACORP’s dividend payout ratio (DPR) is 63.82%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IDA. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $102.00 to $116.00 in a research note on Friday, November 1st. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley raised their price target on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday. 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. Finally, Wells Fargo & Company raised their target price on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $111.00.

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.