Bank of Montreal Can Increases Stock Position in IDACORP, Inc. (NYSE:IDA)

Bank of Montreal Can increased its position in IDACORP, Inc. (NYSE:IDA) by 18.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,970 shares of the energy company’s stock after buying an additional 3,453 shares during the quarter. Bank of Montreal Can’s holdings in IDACORP were worth $2,268,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IDA. Trust Point Inc. raised its stake in shares of IDACORP by 1.4% in the 3rd quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock valued at $760,000 after acquiring an additional 101 shares during the period. Blue Trust Inc. lifted its stake in shares of IDACORP by 7.5% during the third quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock worth $157,000 after purchasing an additional 106 shares in the last quarter. Raymond James Trust N.A. boosted its position in shares of IDACORP by 1.7% in the second quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock worth $597,000 after buying an additional 107 shares during the period. Pitcairn Co. grew its stake in shares of IDACORP by 2.3% in the third quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock valued at $495,000 after buying an additional 107 shares in the last quarter. Finally, Fortem Financial Group LLC grew its stake in shares of IDACORP by 1.2% in the second quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock valued at $866,000 after buying an additional 112 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

Wall Street Analyst Weigh In

IDA has been the subject of a number of analyst reports. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Wells Fargo & Company upped their target price on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group initiated coverage on shares of IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and raised their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $108.83.

IDACORP Trading Down 0.2 %

NYSE IDA opened at $115.99 on Friday. The company’s fifty day moving average price is $109.07 and its two-hundred day moving average price is $101.61. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 2.59 and a beta of 0.64. IDACORP, Inc. has a 12 month low of $86.43 and a 12 month high of $120.42. 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 issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). The company had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period in the previous year, the business posted $2.07 EPS. As a group, research analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.97%. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. IDACORP’s payout ratio is 63.82%.

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.