Fifth Third Bancorp Reduces Holdings in IDACORP, Inc. (NYSE:IDA)

Fifth Third Bancorp decreased its position in shares of IDACORP, Inc. (NYSE:IDA) by 84.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 354 shares of the energy company’s stock after selling 1,885 shares during the period. Fifth Third Bancorp’s holdings in IDACORP were worth $35,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky increased its stake in IDACORP by 297.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 35,572 shares of the energy company’s stock worth $3,332,000 after buying an additional 26,626 shares during the period. Trexquant Investment LP increased its stake in IDACORP by 545.1% during the 3rd quarter. Trexquant Investment LP now owns 48,869 shares of the energy company’s stock worth $4,577,000 after buying an additional 41,293 shares during the period. Invesco Ltd. increased its stake in IDACORP by 10.3% during the 3rd quarter. Invesco Ltd. now owns 278,698 shares of the energy company’s stock worth $26,100,000 after buying an additional 26,068 shares during the period. William Blair Investment Management LLC increased its position in shares of IDACORP by 10.8% in the 3rd quarter. William Blair Investment Management LLC now owns 466,661 shares of the energy company’s stock worth $43,703,000 after purchasing an additional 45,585 shares during the last quarter. Finally, Gotham Asset Management LLC increased its position in shares of IDACORP by 216.8% in the 3rd quarter. Gotham Asset Management LLC now owns 12,251 shares of the energy company’s stock worth $1,147,000 after purchasing an additional 8,384 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Trading Up 0.7 %

Shares of NYSE:IDA opened at $91.66 on Friday. The company has a 50 day moving average of $90.11 and a 200-day moving average of $94.17. The firm has a market cap of $4.65 billion, a P/E ratio of 17.83 and a beta of 0.56. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $112.96. The company has a current ratio of 1.58, a quick ratio of 1.33 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 15th. The energy company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. The business had revenue of $411.95 million for the quarter, compared to the consensus estimate of $429.84 million. During the same period in the previous year, the firm earned $0.83 EPS. As a group, analysts anticipate that IDACORP, Inc. will post 5.32 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Monday, February 5th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.62%. IDACORP’s payout ratio is currently 64.59%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IDA. TheStreet downgraded shares of IDACORP from a “b-” rating to a “c+” rating in a research report on Thursday, February 15th. Guggenheim downgraded shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 target price for the company. in a research report on Monday, January 22nd. Wells Fargo & Company dropped their target price on shares of IDACORP from $100.00 to $94.00 and set an “equal weight” rating for the company in a research report on Friday, February 16th. Morgan Stanley boosted their target price on shares of IDACORP from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Finally, Mizuho decreased their price target on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, March 5th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $93.80.

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.