Principal Financial Group Inc. Cuts Holdings in IDACORP, Inc. $IDA

Principal Financial Group Inc. lowered its position in IDACORP, Inc. (NYSE:IDA) by 3.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 486,631 shares of the energy company’s stock after selling 17,877 shares during the period. Principal Financial Group Inc. owned about 0.90% of IDACORP worth $64,310,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of IDA. Everhart Financial Group Inc. increased its stake in shares of IDACORP by 10.1% in the 3rd quarter. Everhart Financial Group Inc. now owns 6,198 shares of the energy company’s stock valued at $819,000 after purchasing an additional 568 shares in the last quarter. Keybank National Association OH grew its holdings in IDACORP by 1.2% in the third quarter. Keybank National Association OH now owns 11,893 shares of the energy company’s stock valued at $1,572,000 after purchasing an additional 142 shares during the period. AlphaQuest LLC grew its holdings in IDACORP by 448.3% in the third quarter. AlphaQuest LLC now owns 17,940 shares of the energy company’s stock valued at $2,371,000 after purchasing an additional 14,668 shares during the period. Arizona State Retirement System increased its position in shares of IDACORP by 1.4% in the third quarter. Arizona State Retirement System now owns 15,985 shares of the energy company’s stock valued at $2,112,000 after buying an additional 219 shares in the last quarter. Finally, Alpha Cubed Investments LLC acquired a new position in shares of IDACORP during the 3rd quarter worth approximately $202,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Price Performance

Shares of NYSE IDA opened at $134.11 on Wednesday. The firm has a 50-day simple moving average of $129.14 and a 200-day simple moving average of $128.56. The company has a quick ratio of 0.82, a current ratio of 1.09 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 23.04, a price-to-earnings-growth ratio of 2.55 and a beta of 0.59. IDACORP, Inc. has a 52 week low of $108.15 and a 52 week high of $138.03.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Thursday, February 5th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Thursday, February 5th. IDACORP’s dividend payout ratio (DPR) is currently 60.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Mizuho lifted their price target on shares of IDACORP from $129.00 to $144.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a report on Thursday, January 22nd. UBS Group dropped their target price on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Morgan Stanley reduced their price target on shares of IDACORP from $146.00 to $145.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Barclays initiated coverage on shares of IDACORP in a research note on Wednesday, January 14th. They issued an “overweight” rating and a $144.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, IDACORP currently has a consensus rating of “Moderate Buy” and an average target price of $137.67.

IDACORP Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.