Sumitomo Mitsui Trust Holdings Inc. Acquires 390 Shares of IDACORP, Inc. (NYSE:IDA)

Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 13.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,210 shares of the energy company’s stock after purchasing an additional 390 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in IDACORP were worth $298,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its holdings in shares of IDACORP by 3.2% in the third quarter. American Century Companies Inc. now owns 207,725 shares of the energy company’s stock worth $19,453,000 after buying an additional 6,430 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of IDACORP in the third quarter worth about $101,858,000. Citigroup Inc. lifted its holdings in shares of IDACORP by 1.3% in the third quarter. Citigroup Inc. now owns 53,737 shares of the energy company’s stock worth $5,032,000 after buying an additional 710 shares in the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of IDACORP in the third quarter worth about $936,000. Finally, Teachers Retirement System of The State of Kentucky raised its stake in IDACORP by 297.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 35,572 shares of the energy company’s stock valued at $3,332,000 after purchasing an additional 26,626 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company raised 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. Morgan Stanley lowered their target price on shares of IDACORP from $98.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Mizuho increased their price target on shares of IDACORP from $88.00 to $99.00 and gave the company a “neutral” rating in a research report on Thursday, May 16th. Finally, StockNews.com upgraded shares of IDACORP to a “sell” rating in a research report on Friday, April 26th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $96.40.

Insider Activity at IDACORP

In related news, VP James Bo D. Hanchey sold 1,500 shares of IDACORP stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total value of $142,635.00. Following the sale, the vice president now owns 1,650 shares in the company, valued at $156,898.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.47% of the stock is currently owned by company insiders.

IDACORP Stock Down 0.1 %

Shares of IDACORP stock opened at $94.83 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.19 and a current ratio of 1.54. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $106.33. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 19.04 and a beta of 0.58. The company’s 50 day moving average price is $94.11 and its 200-day moving average price is $92.90.

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). The firm had revenue of $448.94 million during the quarter, compared to the consensus estimate of $441.21 million. IDACORP had a return on equity of 8.71% and a net margin of 14.18%. During the same quarter in the prior year, the business posted $1.11 EPS. Equities research analysts forecast that IDACORP, Inc. will post 5.36 EPS for the current year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Monday, May 6th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Friday, May 3rd. IDACORP’s dividend payout ratio (DPR) is currently 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.