Cerity Partners LLC Reduces Stock Position in IDACORP, Inc. (NYSE:IDA)

Cerity Partners LLC lowered its stake in shares of IDACORP, Inc. (NYSE:IDA) by 5.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,512 shares of the energy company’s stock after selling 1,216 shares during the period. Cerity Partners LLC’s holdings in IDACORP were worth $2,616,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new position in shares of IDACORP in the fourth quarter worth $45,000. HighTower Advisors LLC increased its stake in IDACORP by 28.5% in the fourth quarter. HighTower Advisors LLC now owns 5,372 shares of the energy company’s stock valued at $587,000 after acquiring an additional 1,192 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in IDACORP by 2.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,641 shares of the energy company’s stock valued at $616,000 after acquiring an additional 132 shares during the last quarter. Signaturefd LLC increased its stake in IDACORP by 31.8% in the fourth quarter. Signaturefd LLC now owns 1,531 shares of the energy company’s stock valued at $167,000 after acquiring an additional 369 shares during the last quarter. Finally, Xponance Inc. increased its stake in IDACORP by 7.0% in the fourth quarter. Xponance Inc. now owns 6,061 shares of the energy company’s stock valued at $662,000 after acquiring an additional 399 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Guggenheim raised their price objective on IDACORP from $121.00 to $126.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. UBS Group reaffirmed a “neutral” rating and set a $120.00 price objective (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Wells Fargo & Company raised their price objective on IDACORP from $121.00 to $125.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Wall Street Zen raised IDACORP from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Morgan Stanley set a $128.00 price objective on IDACORP and gave the company an “equal weight” rating in a research note on Thursday, May 22nd. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $122.86.

IDACORP Price Performance

Shares of IDA opened at $120.18 on Friday. The company has a market capitalization of $6.49 billion, a P/E ratio of 21.35, a price-to-earnings-growth ratio of 2.54 and a beta of 0.56. The company has a quick ratio of 1.44, a current ratio of 1.81 and a debt-to-equity ratio of 1.03. The firm has a 50 day moving average of $115.64 and a 200 day moving average of $114.30. IDACORP, Inc. has a twelve month low of $94.36 and a twelve month high of $120.84.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.07. IDACORP had a net margin of 16.61% and a return on equity of 9.13%. The company had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. During the same quarter last year, the firm earned $0.95 earnings per share. As a group, equities research analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th will be paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP’s dividend payout ratio is presently 61.10%.

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.