Sumitomo Mitsui Trust Holdings Inc. Invests $277,000 in IDACORP, Inc. (NYSE:IDA)

Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of IDACORP, Inc. (NYSE:IDA) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,820 shares of the energy company’s stock, valued at approximately $277,000.

Several other hedge funds have also made changes to their positions in the business. Headlands Technologies LLC purchased a new position in shares of IDACORP in the 3rd quarter worth $40,000. Spirit of America Management Corp NY purchased a new position in shares of IDACORP in the 3rd quarter worth $56,000. Signaturefd LLC raised its position in shares of IDACORP by 24.2% in the 3rd quarter. Signaturefd LLC now owns 1,175 shares of the energy company’s stock worth $110,000 after buying an additional 229 shares during the period. Selway Asset Management purchased a new position in shares of IDACORP in the 3rd quarter worth $118,000. Finally, CENTRAL TRUST Co raised its position in shares of IDACORP by 371.7% in the 3rd quarter. CENTRAL TRUST Co now owns 1,269 shares of the energy company’s stock worth $119,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 89.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wells Fargo & Company cut their price objective on IDACORP from $100.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Friday, February 16th. Morgan Stanley boosted their price objective on IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. StockNews.com raised IDACORP to a “sell” rating in a report on Friday. Mizuho lowered their price objective on IDACORP from $99.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, March 5th. Finally, Guggenheim lowered IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price objective for the company. in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $93.80.

IDACORP Stock Down 0.1 %

NYSE:IDA opened at $94.58 on Friday. The firm has a market capitalization of $4.79 billion, a PE ratio of 18.40 and a beta of 0.56. The stock has a 50 day moving average of $90.75 and a 200-day moving average of $94.05. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $112.91. 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 posted its earnings results on Thursday, February 15th. The energy company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $411.95 million during the quarter, compared to analyst estimates of $429.84 million. IDACORP had a return on equity of 9.06% and a net margin of 14.79%. During the same period in the prior year, the company earned $0.83 earnings per share. Analysts predict that IDACORP, Inc. will post 5.32 EPS for the current year.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Friday, May 3rd. IDACORP’s dividend payout ratio (DPR) is presently 64.59%.

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.