Townsquare Capital LLC Invests $330,000 in IDACORP, Inc. (NYSE:IDA)

Townsquare Capital LLC acquired a new position in IDACORP, Inc. (NYSE:IDA) during the third quarter, Holdings Channel reports. The institutional investor acquired 3,204 shares of the energy company’s stock, valued at approximately $330,000.

A number of other institutional investors have also made changes to their positions in IDA. V Square Quantitative Management LLC bought a new position in IDACORP during the third quarter valued at about $26,000. Ashton Thomas Private Wealth LLC bought a new position in IDACORP during the second quarter valued at about $35,000. Avior Wealth Management LLC increased its stake in IDACORP by 35.9% during 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. Eastern Bank bought a new position in IDACORP during the third quarter valued at about $52,000. Finally, 1620 Investment Advisors Inc. bought a new position in IDACORP during the second quarter valued at about $71,000. 89.10% of the stock is currently owned by institutional investors.

IDACORP Stock Down 0.2 %

NYSE:IDA opened at $115.99 on Friday. The stock’s fifty day moving average price is $109.07 and its two-hundred day moving average price is $101.61. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $120.42. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The company has a market cap of $6.18 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 2.59 and a beta of 0.64.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The firm had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same period in the prior year, the company posted $2.07 EPS. On average, analysts anticipate that IDACORP, Inc. will post 5.41 EPS for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.86 per share. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $3.44 annualized dividend and a yield of 2.97%. IDACORP’s dividend payout ratio is currently 63.82%.

Analysts Set New Price Targets

A number of research firms have weighed in on IDA. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $102.00 to $116.00 in a report on Friday, November 1st. Jefferies Financial Group began coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. Morgan Stanley lifted their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, IDACORP has a consensus rating of “Hold” and an average 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.