Principal Financial Group Inc. Lowers Position in IDACORP, Inc. (NYSE:IDA)

Principal Financial Group Inc. lessened its stake in IDACORP, Inc. (NYSE:IDA) by 4.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 560,397 shares of the energy company’s stock after selling 24,508 shares during the quarter. Principal Financial Group Inc. owned approximately 1.11% of IDACORP worth $55,098,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake in IDACORP by 0.8% during the third quarter. Commonwealth Equity Services LLC now owns 15,335 shares of the energy company’s stock valued at $1,436,000 after purchasing an additional 129 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in IDACORP by 20.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,978 shares of the energy company’s stock valued at $747,000 after purchasing an additional 1,355 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in IDACORP during the third quarter valued at $319,000. TD Asset Management Inc raised its stake in IDACORP by 0.6% during the third quarter. TD Asset Management Inc now owns 34,422 shares of the energy company’s stock valued at $3,224,000 after purchasing an additional 200 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in IDACORP by 405.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 140,800 shares of the energy company’s stock valued at $13,186,000 after purchasing an additional 112,959 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Morgan Stanley increased their target price on shares of IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. Guggenheim downgraded shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 target price on the stock. in a research note on Monday, January 22nd. Wells Fargo & Company increased their target price on shares of IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. StockNews.com raised shares of IDACORP to a “sell” rating in a research note on Friday, April 26th. Finally, Mizuho increased their target price on shares of IDACORP from $88.00 to $99.00 and gave the company a “neutral” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat, IDACORP presently has an average rating of “Hold” and a consensus price target of $96.80.

IDACORP Trading Up 0.4 %

NYSE IDA opened at $98.10 on Thursday. The company’s 50-day moving average price is $92.93 and its 200-day moving average price is $94.10. The company has a current ratio of 1.54, a quick ratio of 1.19 and a debt-to-equity ratio of 0.95. The stock has a market cap of $4.97 billion, a PE ratio of 19.70 and a beta of 0.55. IDACORP, Inc. has a 12 month low of $86.43 and a 12 month high of $108.19.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.06). IDACORP had a return on equity of 8.71% and a net margin of 14.18%. The business had revenue of $448.94 million for the quarter, compared to the consensus estimate of $441.21 million. During the same quarter in the previous year, the company earned $1.11 earnings per share. Equities research analysts forecast that IDACORP, Inc. will post 5.32 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 6th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.38%. The ex-dividend date is Friday, May 3rd. IDACORP’s payout ratio is 66.67%.

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.