CIBC Private Wealth Group LLC Cuts Stock Position in IDACORP, Inc. (NYSE:IDA)

CIBC Private Wealth Group LLC decreased its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 13.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,013 shares of the energy company’s stock after selling 452 shares during the period. CIBC Private Wealth Group LLC’s holdings in IDACORP were worth $333,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of IDA. M&T Bank Corp lifted its holdings in shares of IDACORP by 0.8% in the 3rd quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock valued at $1,133,000 after acquiring an additional 92 shares during the last quarter. AMG National Trust Bank lifted its stake in shares of IDACORP by 0.6% in the 4th quarter. AMG National Trust Bank now owns 15,248 shares of the energy company’s stock valued at $1,670,000 after purchasing an additional 98 shares during the last quarter. CENTRAL TRUST Co boosted its holdings in shares of IDACORP by 13.7% in the 4th quarter. CENTRAL TRUST Co now owns 832 shares of the energy company’s stock worth $91,000 after purchasing an additional 100 shares during the period. Perigon Wealth Management LLC increased its position in shares of IDACORP by 4.1% during the 4th quarter. Perigon Wealth Management LLC now owns 2,827 shares of the energy company’s stock valued at $311,000 after purchasing an additional 112 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after buying an additional 120 shares during the period. Institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

IDA opened at $114.47 on Friday. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 2.32 and a beta of 0.59. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a 12-month low of $88.70 and a 12-month high of $120.84. The business’s fifty day simple moving average is $113.59 and its 200-day simple moving average is $110.68.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The company had revenue of $398.13 million for the quarter, compared to analysts’ expectations of $403.21 million. On average, equities research analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $3.44 annualized dividend and a yield of 3.01%. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Wall Street Analyst Weigh In

Several research firms have commented on IDA. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. UBS Group upped their price target on shares of IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Bank of America boosted their target price on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Morgan Stanley raised their price target on IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Finally, Jefferies Financial Group upgraded IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $120.50.

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.