Commerce Bank Sells 150 Shares of IDACORP, Inc. (NYSE:IDA)

Commerce Bank lowered its holdings in IDACORP, Inc. (NYSE:IDA) by 2.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,493 shares of the energy company’s stock after selling 150 shares during the period. Commerce Bank’s holdings in IDACORP were worth $566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the business. V Square Quantitative Management LLC bought a new stake in IDACORP during the third quarter worth $26,000. Rise Advisors LLC grew its holdings in IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after buying an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in IDACORP during the second quarter worth about $35,000. Avior Wealth Management LLC increased its holdings in shares of IDACORP by 35.9% during the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock worth $46,000 after purchasing an additional 117 shares during the period. Finally, Eastern Bank acquired a new position in IDACORP in the 3rd quarter valued at $52,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IDA has been the subject of a number of recent analyst reports. Bank of America raised shares of 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 report on Tuesday, November 5th. Wells Fargo & Company boosted their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Jefferies Financial Group began coverage on shares of IDACORP in a research 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 shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $108.83.

IDACORP Stock Performance

Shares of IDA stock opened at $118.95 on Tuesday. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $120.42. The firm’s 50-day simple moving average is $107.00 and its two-hundred day simple moving average is $100.68. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 22.07, a P/E/G ratio of 2.64 and a beta of 0.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05). The firm had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period last year, the business posted $2.07 EPS. As a group, equities analysts forecast that IDACORP, Inc. will post 5.42 earnings per share for the current year.

IDACORP Increases Dividend

The business 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 dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.89%. IDACORP’s dividend payout ratio is 63.82%.

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.