Principal Financial Group Inc. Has $49.17 Million Stake in IDACORP, Inc. (NYSE:IDA)

Principal Financial Group Inc. lessened its holdings in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 1.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 476,984 shares of the energy company's stock after selling 9,236 shares during the period. Principal Financial Group Inc. owned 0.90% of IDACORP worth $49,170,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in IDA. Trust Point Inc. boosted its holdings in shares of IDACORP by 1.4% in the third quarter. Trust Point Inc. now owns 7,374 shares of the energy company's stock valued at $760,000 after acquiring an additional 101 shares in the last quarter. Pitcairn Co. increased its position in shares of IDACORP by 2.4% during the 1st quarter. Pitcairn Co. now owns 4,332 shares of the energy company's stock valued at $402,000 after purchasing an additional 103 shares during the period. Blue Trust Inc. lifted its holdings in shares of IDACORP by 7.5% in the third quarter. Blue Trust Inc. now owns 1,523 shares of the energy company's stock valued at $157,000 after buying an additional 106 shares during the period. Raymond James Trust N.A. boosted its stake in IDACORP by 1.7% during the second quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company's stock valued at $597,000 after buying an additional 107 shares in the last quarter. Finally, Fortem Financial Group LLC grew its holdings in IDACORP by 1.2% during the second quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company's stock worth $866,000 after acquiring an additional 112 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IDA has been the topic of a number of research reports. 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 report on Wednesday, September 25th. StockNews.com downgraded IDACORP from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They issued a "hold" rating and a $110.00 target price on the stock. Bank of America raised IDACORP from a "neutral" rating to a "buy" rating and upped their target price for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Wells Fargo & Company increased their price target on IDACORP from $106.00 to $109.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $108.83.

IDACORP Stock Up 2.8 %

NYSE:IDA traded up $3.19 during trading hours on Monday, hitting $117.02. 582,631 shares of the company's stock traded hands, compared to its average volume of 349,058. The stock's fifty day moving average price is $104.13 and its two-hundred day moving average price is $99.12. The firm has a market cap of $6.23 billion, a P/E ratio of 21.71, a P/E/G ratio of 2.53 and a beta of 0.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $117.26.

IDACORP (NYSE:IDA - Get Free Report) last posted 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 during the quarter, compared to analysts' expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period last year, the company earned $2.07 earnings per share. On average, research analysts expect that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, November 5th. This is an increase from IDACORP's previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.94%. IDACORP's dividend payout ratio is 63.82%.

IDACORP 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.