PNC Financial Services Group Inc. Trims Holdings in IDACORP, Inc. (NYSE:IDA)

PNC Financial Services Group Inc. trimmed its position in shares of IDACORP, Inc. (NYSE:IDA) by 7.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 5,971 shares of the energy company’s stock after selling 499 shares during the quarter. PNC Financial Services Group Inc.’s holdings in IDACORP were worth $652,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of IDA. Legacy Investment Solutions LLC purchased a new stake in IDACORP during the 3rd quarter valued at about $25,000. MassMutual Private Wealth & Trust FSB grew its position in IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after purchasing an additional 120 shares during the last quarter. Versant Capital Management Inc grew its position in IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after purchasing an additional 301 shares during the last quarter. Independence Bank of Kentucky grew its position in IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after purchasing an additional 225 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in IDACORP during the 4th quarter valued at about $45,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Stock Performance

Shares of NYSE IDA opened at $115.82 on Wednesday. The firm’s 50-day moving average price is $111.82 and its 200-day moving average price is $109.61. IDACORP, Inc. has a 52-week low of $88.70 and a 52-week high of $120.42. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $6.25 billion, a PE ratio of 21.13, a PEG ratio of 2.32 and a beta of 0.59.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The firm had revenue of $398.13 million for the quarter, compared to analysts’ expectations of $403.21 million. As a group, analysts anticipate that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Jefferies Financial Group cut their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. Bank of America raised their price target on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Morgan Stanley raised their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, IDACORP has an average rating of “Hold” and an average price target of $118.20.

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.