IDACORP, Inc. (NYSE:IDA) Stock Position Decreased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its position in IDACORP, Inc. (NYSE:IDA) by 3.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,780 shares of the energy company’s stock after selling 191 shares during the period. PNC Financial Services Group Inc.’s holdings in IDACORP were worth $672,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in IDA. Jennison Associates LLC acquired a new stake in shares of IDACORP in the 1st quarter worth approximately $71,437,000. Raymond James Financial Inc. acquired a new position in IDACORP in the 4th quarter valued at approximately $37,104,000. Ameriprise Financial Inc. increased its stake in IDACORP by 596.7% in the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company’s stock valued at $41,451,000 after buying an additional 324,866 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in shares of IDACORP by 9.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after purchasing an additional 166,864 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of IDACORP by 13,941.6% during the 1st quarter. GAMMA Investing LLC now owns 85,654 shares of the energy company’s stock worth $99,550,000 after purchasing an additional 85,044 shares during the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Performance

Shares of IDA stock opened at $125.70 on Wednesday. The company’s fifty day simple moving average is $118.46 and its 200-day simple moving average is $116.08. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. The firm has a market cap of $6.79 billion, a PE ratio of 22.13, a P/E/G ratio of 2.63 and a beta of 0.56. IDACORP, Inc. has a 12 month low of $99.81 and a 12 month high of $126.70.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The firm had revenue of $531.10 million for the quarter, compared to analyst estimates of $478.14 million. During the same period in the prior year, the firm posted $1.71 earnings per share. Equities research analysts expect that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be paid a $0.86 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. IDACORP’s dividend payout ratio is 60.56%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on IDA shares. Guggenheim raised their target price on shares of IDACORP from $121.00 to $126.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Wall Street Zen raised shares of IDACORP from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the company an “equal weight” rating in a report on Thursday, May 22nd. UBS Group reaffirmed a “neutral” rating and issued a $120.00 target price (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Finally, Wells Fargo & Company boosted their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.86.

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.