State Street Corp Grows Stock Position in IDACORP, Inc. (NYSE:IDA)

State Street Corp raised its holdings in IDACORP, Inc. (NYSE:IDA) by 5.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,656,697 shares of the energy company’s stock after buying an additional 86,642 shares during the quarter. State Street Corp’s holdings in IDACORP were worth $170,789,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IDA. Clean Energy Transition LLP purchased a new stake in IDACORP in the second quarter valued at about $49,103,000. Nuance Investments LLC raised its stake in IDACORP by 19.0% in the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock valued at $103,813,000 after buying an additional 178,294 shares during the last quarter. Deprince Race & Zollo Inc. raised its stake in IDACORP by 30.8% in the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after buying an additional 135,793 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in IDACORP in the second quarter valued at about $8,032,000. Finally, F M Investments LLC purchased a new stake in IDACORP in the second quarter valued at about $5,236,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Stock Down 0.1 %

Shares of IDA stock opened at $113.06 on Friday. The stock has a 50 day moving average of $110.64 and a 200 day moving average of $102.42. 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 stock has a market cap of $6.02 billion, a P/E ratio of 20.98, a P/E/G ratio of 2.51 and a beta of 0.64. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $120.42.

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

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were issued a $0.86 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 3.04%. The ex-dividend date was Tuesday, November 5th. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

Analysts Set New Price Targets

IDA has been the subject of a number of research analyst reports. Jefferies Financial Group began coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. Wells Fargo & Company raised their price objective on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their price objective on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday. One research 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. According to data from MarketBeat.com, the company currently has an average 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.