Resona Asset Management Co. Ltd. Makes New Investment in IDACORP, Inc. (NYSE:IDA)

Resona Asset Management Co. Ltd. purchased a new position in shares of IDACORP, Inc. (NYSE:IDA) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 9,756 shares of the energy company’s stock, valued at approximately $1,066,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP increased its position in IDACORP by 43.3% during the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after buying an additional 1,035,133 shares during the last quarter. Reaves W H & Co. Inc. raised its stake in shares of IDACORP by 75.4% in the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock valued at $109,103,000 after acquiring an additional 429,276 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of IDACORP in the 4th quarter valued at approximately $37,104,000. State Street Corp boosted its position in IDACORP by 5.5% during the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after purchasing an additional 86,642 shares during the period. Finally, Vanguard Group Inc. grew its holdings in IDACORP by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock valued at $660,786,000 after purchasing an additional 77,230 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Trading Up 0.5 %

IDACORP stock opened at $115.32 on Friday. The business has a 50 day moving average price of $114.15 and a two-hundred day moving average price of $111.10. The company has a quick ratio of 1.34, a current ratio of 1.70 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 stock has a market cap of $6.23 billion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. As a group, equities analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.98%. IDACORP’s dividend payout ratio (DPR) is currently 62.77%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on IDA shares. Morgan Stanley upped their price objective on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Bank of America upped their price target on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a report on Monday, March 3rd. UBS Group lifted their price objective on IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Jefferies Financial Group upgraded IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 2nd. Finally, Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $120.50.

IDACORP Company 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.