Raymond James & Associates Has $35.49 Million Stake in IDACORP, Inc. (NYSE:IDA)

Raymond James & Associates reduced its stake in IDACORP, Inc. (NYSE:IDA - Free Report) by 20.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 344,257 shares of the energy company's stock after selling 85,947 shares during the period. Raymond James & Associates owned approximately 0.65% of IDACORP worth $35,489,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. First Eagle Investment Management LLC grew its holdings in shares of IDACORP by 18.4% during the first quarter. First Eagle Investment Management LLC now owns 129,880 shares of the energy company's stock worth $12,065,000 after purchasing an additional 20,184 shares during the last quarter. Buckley Wealth Management LLC grew its holdings in shares of IDACORP by 273.1% during the first quarter. Buckley Wealth Management LLC now owns 38,425 shares of the energy company's stock worth $3,569,000 after purchasing an additional 28,125 shares during the last quarter. Sei Investments Co. grew its holdings in shares of IDACORP by 90.0% during the first quarter. Sei Investments Co. now owns 74,368 shares of the energy company's stock worth $6,908,000 after purchasing an additional 35,217 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of IDACORP during the first quarter worth about $5,087,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of IDACORP during the second quarter worth about $8,032,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Price Performance

IDA stock traded down $0.21 on Thursday, hitting $104.77. 222,641 shares of the company's stock traded hands, compared to its average volume of 339,260. IDACORP, Inc. has a 1-year low of $86.43 and a 1-year high of $105.25. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of 21.04, a P/E/G ratio of 3.38 and a beta of 0.60. The stock has a fifty day moving average of $102.79 and a 200-day moving average of $97.76. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87.

IDACORP (NYSE:IDA - Get Free Report) last released its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The company had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. During the same quarter in the prior year, the firm earned $1.35 EPS. On average, analysts forecast that IDACORP, Inc. will post 5.39 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors 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 a positive change from IDACORP's previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a yield of 3.28%. IDACORP's dividend payout ratio (DPR) is presently 69.08%.

Analyst Upgrades and Downgrades

IDA has been the topic of a number of research reports. Wells Fargo & Company raised their price target on IDACORP from $106.00 to $109.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 16th. Bank of America initiated coverage on IDACORP in a report on Thursday, September 12th. They set a "neutral" rating and a $110.00 price target on the stock. Morgan Stanley raised their price target on IDACORP from $102.00 to $108.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 25th. Finally, Jefferies Financial Group initiated coverage on IDACORP in a report on Friday, September 20th. They set a "hold" rating and a $110.00 price target on the stock. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, IDACORP has a consensus rating of "Hold" and an average price target of $104.83.

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.