Congress Asset Management Co. MA Boosts Stake in IDACORP, Inc. (NYSE:IDA)

Congress Asset Management Co. MA raised its position in shares of IDACORP, Inc. (NYSE:IDA) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,380 shares of the energy company’s stock after acquiring an additional 239 shares during the period. Congress Asset Management Co. MA’s holdings in IDACORP were worth $1,800,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its stake in shares of IDACORP by 4.0% in the third quarter. HighTower Advisors LLC now owns 6,724 shares of the energy company’s stock worth $627,000 after acquiring an additional 258 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in IDACORP during the third quarter valued at approximately $466,000. Envestnet Asset Management Inc. grew its holdings in shares of IDACORP by 75.1% during the third quarter. Envestnet Asset Management Inc. now owns 143,295 shares of the energy company’s stock valued at $13,420,000 after purchasing an additional 61,439 shares during the last quarter. Invesco Ltd. grew its holdings in shares of IDACORP by 10.3% during the third quarter. Invesco Ltd. now owns 278,698 shares of the energy company’s stock valued at $26,100,000 after purchasing an additional 26,068 shares during the last quarter. Finally, Jacobi Capital Management LLC grew its holdings in shares of IDACORP by 8.2% during the third quarter. Jacobi Capital Management LLC now owns 2,832 shares of the energy company’s stock valued at $265,000 after purchasing an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

Shares of NYSE:IDA opened at $92.44 on Friday. IDACORP, Inc. has a one year low of $86.43 and a one year high of $106.33. The stock has a fifty day moving average of $94.40 and a 200-day moving average of $93.52. The company has a market capitalization of $4.92 billion, a PE ratio of 18.56 and a beta of 0.57. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.19 and a current ratio of 1.54.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). The business had revenue of $448.94 million during the quarter, compared to analysts’ expectations of $441.21 million. IDACORP had a net margin of 14.18% and a return on equity of 8.71%. During the same quarter in the previous year, the company earned $1.11 EPS. As a group, equities analysts anticipate that IDACORP, Inc. will post 5.36 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 6th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.59%. IDACORP’s payout ratio is currently 66.67%.

Insider Activity

In related news, VP James Bo D. Hanchey sold 1,500 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total transaction of $142,635.00. Following the completion of the sale, the vice president now directly owns 1,650 shares in the company, valued at $156,898.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.47% of the company’s stock.

Wall Street Analysts Forecast Growth

IDA has been the subject of several recent research reports. StockNews.com raised IDACORP to a “sell” rating in a report on Friday, April 26th. Mizuho increased their price objective on IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a report on Thursday, May 16th. Wells Fargo & Company increased their price objective on IDACORP from $94.00 to $98.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Finally, Morgan Stanley increased their price objective on IDACORP from $96.00 to $98.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $97.40.

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.