Fulton Bank N.A. Acquires 573 Shares of IDACORP, Inc. (NYSE:IDA)

Fulton Bank N.A. increased its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 16.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,049 shares of the energy company’s stock after purchasing an additional 573 shares during the quarter. Fulton Bank N.A.’s holdings in IDACORP were worth $442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Algert Global LLC boosted its stake in shares of IDACORP by 42.5% in the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock worth $3,648,000 after buying an additional 10,550 shares during the last quarter. Edgestream Partners L.P. purchased a new position in IDACORP in the second quarter worth about $1,833,000. Diversified Trust Co bought a new stake in shares of IDACORP during the 4th quarter valued at about $704,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of IDACORP by 67.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after purchasing an additional 19,274 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of IDACORP in the 3rd quarter worth approximately $3,228,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Stock Down 3.2 %

Shares of IDA opened at $106.87 on Friday. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $120.42. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $5.69 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 2.51 and a beta of 0.65. The business’s 50 day moving average is $113.24 and its 200 day moving average is $104.69.

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

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were given a $0.86 dividend. This is an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date was Tuesday, November 5th. IDACORP’s payout ratio is currently 63.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IDA. Jefferies Financial Group initiated coverage on shares of IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price for the company. Morgan Stanley upped their price objective on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $102.00 to $116.00 in a research report on Friday, November 1st. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and upped their price target for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Finally, StockNews.com lowered shares of 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 issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $111.00.

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.