IDACORP, Inc. $IDA Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its holdings in IDACORP, Inc. (NYSE:IDA) by 14.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,483 shares of the energy company’s stock after selling 405 shares during the period. Maryland State Retirement & Pension System’s holdings in IDACORP were worth $289,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Principal Securities Inc. lifted its stake in shares of IDACORP by 2.1% in the first quarter. Principal Securities Inc. now owns 4,410 shares of the energy company’s stock worth $482,000 after buying an additional 92 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of IDACORP by 4.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company’s stock worth $289,000 after buying an additional 100 shares in the last quarter. State of Michigan Retirement System lifted its stake in shares of IDACORP by 0.8% in the first quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company’s stock worth $1,478,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of IDACORP by 0.7% in the first quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the energy company’s stock worth $1,732,000 after buying an additional 100 shares in the last quarter. Finally, Wood Tarver Financial Group LLC lifted its stake in shares of IDACORP by 3.2% in the first quarter. Wood Tarver Financial Group LLC now owns 3,814 shares of the energy company’s stock worth $443,000 after buying an additional 117 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on IDA shares. Wells Fargo & Company raised their price target on shares of IDACORP from $121.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the stock an “equal weight” rating in a research note on Thursday, May 22nd. Wall Street Zen raised shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Guggenheim lifted their target price on shares of IDACORP from $121.00 to $126.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Finally, UBS Group reaffirmed a “neutral” rating and set a $120.00 target price (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Four 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, IDACORP presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.86.

IDACORP Price Performance

Shares of IDA stock opened at $124.60 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. The firm’s 50-day moving average is $119.29 and its two-hundred day moving average is $116.58. IDACORP, Inc. has a 12 month low of $99.81 and a 12 month high of $127.09. The company has a market capitalization of $6.73 billion, a PE ratio of 21.94, a price-to-earnings-growth ratio of 2.65 and a beta of 0.56.

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

IDACORP Announces Dividend

The business 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 $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP’s payout ratio is 60.56%.

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.