Resona Asset Management Co. Ltd. acquired a new stake in IDACORP, Inc. (NYSE:IDA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,756 shares of the energy company's stock, valued at approximately $1,066,000.
Other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its position in IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company's stock worth $26,000 after purchasing an additional 120 shares during the period. Versant Capital Management Inc grew its stake in shares of IDACORP by 2,150.0% in the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company's stock valued at $34,000 after buying an additional 301 shares in the last quarter. Independence Bank of Kentucky raised its holdings in shares of IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company's stock valued at $44,000 after buying an additional 225 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in IDACORP during the 3rd quarter worth approximately $53,000. Finally, Jones Financial Companies Lllp boosted its holdings in IDACORP by 1,333.3% in the 4th quarter. Jones Financial Companies Lllp now owns 516 shares of the energy company's stock worth $56,000 after acquiring an additional 480 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on IDA. Bank of America upped their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a "buy" rating in a research note on Monday, March 3rd. UBS Group lifted their target price on IDACORP from $117.00 to $122.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Morgan Stanley increased their price target on IDACORP from $126.00 to $131.00 and gave the company an "equal weight" rating in a report on Thursday, March 20th. Jefferies Financial Group raised IDACORP from a "hold" rating to a "buy" rating in a research report on Wednesday, April 2nd. Finally, Guggenheim upgraded shares of IDACORP from a "neutral" rating to a "buy" rating in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, IDACORP presently has an average rating of "Hold" and an average target price of $120.50.
Read Our Latest Report on IDA
IDACORP Stock Performance
Shares of NYSE:IDA traded up $0.69 on Wednesday, reaching $120.20. 56,936 shares of the company's stock were exchanged, compared to its average volume of 327,968. The business's 50-day moving average is $114.62 and its two-hundred day moving average is $111.43. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a fifty-two week low of $89.61 and a fifty-two week high of $120.84. The firm has a market capitalization of $6.49 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 2.32 and a beta of 0.56.
IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. As a group, equities research analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current year.
IDACORP Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP's payout ratio is currently 62.77%.
About IDACORP
(
Free Report)
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.
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