Eastern Bank Purchases Shares of 500 IDACORP, Inc. (NYSE:IDA)

Eastern Bank acquired a new stake in shares of IDACORP, Inc. (NYSE:IDA) during the third quarter, Holdings Channel reports. The fund acquired 500 shares of the energy company’s stock, valued at approximately $52,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of IDA. Nuance Investments LLC bought a new position in shares of IDACORP during the first quarter valued at about $86,962,000. Clean Energy Transition LLP bought a new position in shares of IDACORP during the second quarter valued at about $49,103,000. Allspring Global Investments Holdings LLC grew its stake in shares of IDACORP by 59.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after buying an additional 145,316 shares during the last quarter. Deprince Race & Zollo Inc. grew its stake in shares of IDACORP by 30.8% during the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after buying an additional 135,793 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of IDACORP during the second quarter valued at about $8,032,000. 89.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on IDA. Jefferies Financial Group began coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 target price on the stock. Morgan Stanley raised their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Bank of America began coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.83.

IDACORP Stock Performance

Shares of IDA opened at $103.65 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The business’s 50 day moving average price is $102.82 and its 200-day moving average price is $97.86. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $105.25. The stock has a market cap of $5.52 billion, a P/E ratio of 19.41, a P/E/G ratio of 3.49 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.34. The firm had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same period in the previous year, the firm posted $1.35 EPS. Equities research analysts anticipate that IDACORP, Inc. will post 5.38 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 3.32%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. IDACORP’s dividend payout ratio is presently 62.17%.

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.