Algert Global LLC Increases Holdings in IDACORP, Inc. (NYSE:IDA)

Algert Global LLC increased its stake in IDACORP, Inc. (NYSE:IDA) by 42.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,383 shares of the energy company’s stock after buying an additional 10,550 shares during the quarter. Algert Global LLC’s holdings in IDACORP were worth $3,648,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of IDACORP during the third quarter valued at $26,000. Rise Advisors LLC raised its stake in shares of IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after acquiring an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of IDACORP during the second quarter worth $35,000. Avior Wealth Management LLC raised its holdings in shares of IDACORP by 35.9% in the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock worth $46,000 after buying an additional 117 shares during the last quarter. Finally, Eastern Bank acquired a new stake in IDACORP during the 3rd quarter worth about $52,000. Institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

Shares of NYSE:IDA opened at $118.95 on Tuesday. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $120.42. The business has a fifty day simple moving average of $107.00 and a 200-day simple moving average of $100.68. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $6.34 billion, a P/E ratio of 22.07, a P/E/G ratio of 2.64 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The business had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. During the same period in the prior year, the business posted $2.07 EPS. Equities research analysts forecast that IDACORP, Inc. will post 5.42 EPS for the current year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.89%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

Wall Street Analysts Forecast Growth

IDA has been the subject of several recent research reports. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and boosted their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. Morgan Stanley boosted their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, Jefferies Financial Group began coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 target price for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $108.83.

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.