Congress Asset Management Co. Decreases Stake in IDACORP, Inc. (NYSE:IDA)

Congress Asset Management Co. lessened its holdings in IDACORP, Inc. (NYSE:IDA) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,975 shares of the energy company’s stock after selling 187 shares during the period. Congress Asset Management Co.’s holdings in IDACORP were worth $1,956,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of IDA. V Square Quantitative Management LLC purchased a new position in IDACORP in the third quarter worth $26,000. Rise Advisors LLC boosted its holdings in shares of IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after buying an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in IDACORP during the second quarter valued at about $35,000. Eastern Bank purchased a new stake in IDACORP during the third quarter worth about $52,000. Finally, 1620 Investment Advisors Inc. bought a new stake in IDACORP in the second quarter worth about $71,000. 89.10% of the stock is owned by institutional investors.

IDACORP Price Performance

IDACORP stock opened at $105.86 on Friday. The firm has a market capitalization of $5.64 billion, a P/E ratio of 19.82, a PEG ratio of 3.43 and a beta of 0.60. IDACORP, Inc. has a one year low of $86.43 and a one year high of $109.47. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The business has a fifty day moving average price of $102.92 and a 200-day moving average price of $98.25.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The company had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the prior year, the business earned $2.07 EPS. As a group, equities research analysts forecast that IDACORP, Inc. will post 5.39 EPS for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio is 62.17%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IDA shares. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and increased their target price for the company from $102.00 to $116.00 in a research report on Friday. Morgan Stanley raised their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. Wells Fargo & Company increased their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Bank of America started coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $107.67.

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.