339,536 Shares in IDACORP, Inc. (NYSE:IDA) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 339,536 shares of the energy company's stock, valued at approximately $37,104,000. Raymond James Financial Inc. owned approximately 0.64% of IDACORP at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of IDACORP by 98.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company's stock valued at $26,000 after purchasing an additional 120 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of IDACORP during the third quarter valued at $25,000. Versant Capital Management Inc lifted its holdings in shares of IDACORP by 2,150.0% during the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company's stock valued at $34,000 after purchasing an additional 301 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of IDACORP by 123.6% during the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company's stock valued at $44,000 after purchasing an additional 225 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in IDACORP by 35.9% in the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company's stock valued at $46,000 after acquiring an additional 117 shares during the period. 89.10% of the stock is owned by institutional investors.

Remove Ads

IDACORP Stock Performance

IDA traded up $0.99 during midday trading on Friday, reaching $116.05. The company had a trading volume of 261,551 shares, compared to its average volume of 311,915. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average of $111.52 and a two-hundred day moving average of $109.36. The company has a market cap of $6.26 billion, a P/E ratio of 21.18, a P/E/G ratio of 2.32 and a beta of 0.59. IDACORP, Inc. has a 1 year low of $88.70 and a 1 year high of $120.42.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. The business had revenue of $398.13 million during the quarter, compared to analysts' expectations of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. As a group, equities research analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 2.96%. The ex-dividend date was Wednesday, February 5th. IDACORP's dividend payout ratio is currently 62.77%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on IDA shares. Morgan Stanley increased their target price on IDACORP from $110.00 to $121.00 and gave the company an "equal weight" rating in a report on Friday, December 13th. Guggenheim raised IDACORP from a "neutral" rating to a "buy" rating in a report on Thursday, January 23rd. Jefferies Financial Group lowered their target price on IDACORP from $129.00 to $118.00 and set a "hold" rating on the stock in a report on Tuesday, January 28th. Finally, Bank of America increased their target price on IDACORP from $119.00 to $127.00 and gave the company a "buy" rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $118.20.

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.