Amalgamated Bank Decreases Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Amalgamated Bank trimmed its holdings in IDACORP, Inc. (NYSE:IDA) by 1.3% in the second quarter, HoldingsChannel.com reports. The firm owned 30,149 shares of the energy company’s stock after selling 394 shares during the quarter. Amalgamated Bank’s holdings in IDACORP were worth $2,808,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Rise Advisors LLC grew its position in shares of IDACORP by 65.8% during 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 position in shares of IDACORP during the 2nd quarter worth $35,000. Mather Group LLC. purchased a new position in shares of IDACORP in the 1st quarter valued at about $41,000. Kapitalo Investimentos Ltda acquired a new stake in shares of IDACORP in the fourth quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in IDACORP by 19.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock worth $68,000 after buying an additional 112 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Stock Performance

Shares of NYSE IDA opened at $103.18 on Tuesday. The company has a 50-day simple moving average of $101.00 and a 200-day simple moving average of $95.97. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The company has a market cap of $5.49 billion, a PE ratio of 20.72 and a beta of 0.60. IDACORP, Inc. has a 12 month low of $86.43 and a 12 month high of $105.24.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million during the quarter, compared to the consensus estimate 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. On average, equities analysts anticipate that IDACORP, Inc. will post 5.41 earnings per share for the current year.

IDACORP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 5th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Monday, August 5th. IDACORP’s dividend payout ratio is currently 66.67%.

Wall Street Analyst Weigh In

IDA has been the subject of a number of research analyst reports. Morgan Stanley increased their target price on shares of IDACORP from $94.00 to $102.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. Wells Fargo & Company lifted their price objective on IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday. They issued a “hold” rating and a $110.00 price target for the company. Finally, Bank of America began coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $102.71.

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.