IDACORP, Inc. (NYSE:IDA) Stock Holdings Lowered by Congress Asset Management Co.

Congress Asset Management Co. reduced its holdings in IDACORP, Inc. (NYSE:IDA) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,767 shares of the energy company’s stock after selling 91 shares during the quarter. Congress Asset Management Co.’s holdings in IDACORP were worth $2,297,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Apollon Wealth Management LLC acquired a new stake in shares of IDACORP during the fourth quarter valued at approximately $213,000. Van ECK Associates Corp raised its holdings in shares of IDACORP by 14.2% during the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company’s stock valued at $1,809,000 after acquiring an additional 2,056 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of IDACORP during the fourth quarter valued at approximately $362,000. Barclays PLC raised its holdings in shares of IDACORP by 90.9% during the third quarter. Barclays PLC now owns 27,184 shares of the energy company’s stock valued at $2,803,000 after acquiring an additional 12,944 shares during the period. Finally, Empowered Funds LLC acquired a new position in IDACORP in the 4th quarter valued at approximately $210,000. 89.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on IDA shares. Wall Street Zen lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, April 30th. Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 2nd. Wells Fargo & Company upped their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Morgan Stanley set a $128.00 price objective on shares of IDACORP and gave the company an “equal weight” rating in a research note on Thursday, May 22nd. Finally, UBS Group dropped their price objective on shares of IDACORP from $121.00 to $120.00 and set a “neutral” rating on the stock in a research note on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $122.86.

IDACORP Price Performance

NYSE IDA opened at $115.02 on Monday. IDACORP, Inc. has a fifty-two week low of $90.64 and a fifty-two week high of $120.84. The stock’s 50-day moving average is $116.22 and its two-hundred day moving average is $113.82. The firm has a market cap of $6.21 billion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 2.32 and a beta of 0.58. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.07. The company had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. During the same quarter in the prior year, the company posted $0.95 EPS. On average, analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 5th were paid a dividend of $0.86 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.99%. IDACORP’s dividend payout ratio (DPR) is presently 61.10%.

About IDACORP

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.