US Bancorp DE Boosts Stock Position in IDACORP, Inc. (NYSE:IDA)

US Bancorp DE grew its holdings in IDACORP, Inc. (NYSE:IDA) by 4.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,680 shares of the energy company’s stock after buying an additional 1,136 shares during the quarter. US Bancorp DE’s holdings in IDACORP were worth $2,544,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in IDA. V Square Quantitative Management LLC acquired a new stake in shares of IDACORP in the third quarter worth approximately $26,000. Rise Advisors LLC boosted its stake in shares of IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after acquiring an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of IDACORP in the second quarter worth approximately $35,000. Eastern Bank acquired a new stake in shares of IDACORP in the third quarter worth approximately $52,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of IDACORP in the second quarter worth approximately $71,000. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Performance

Shares of IDACORP stock opened at $109.51 on Wednesday. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $109.53. The business’s fifty day simple moving average is $103.02 and its 200-day simple moving average is $98.48. The firm has a market cap of $5.83 billion, a PE ratio of 20.32, a price-to-earnings-growth ratio of 3.58 and a beta of 0.60. 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 (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The business had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. During the same period last year, the company earned $2.07 EPS. Equities analysts forecast that IDACORP, Inc. will post 5.35 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is currently 61.60%.

Analysts Set New Price Targets

A number of research firms have weighed in on IDA. Jefferies Financial Group began coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $113.00 to $117.00 in a research note on Tuesday. Morgan Stanley boosted their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company boosted their price objective 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, four have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.83.

IDACORP Company 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.