PNC Financial Services Group Inc. Cuts Holdings in IDACORP, Inc. (NYSE:IDA)

PNC Financial Services Group Inc. lessened its stake in IDACORP, Inc. (NYSE:IDA) by 7.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,971 shares of the energy company’s stock after selling 499 shares during the period. PNC Financial Services Group Inc.’s holdings in IDACORP were worth $652,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. AMG National Trust Bank boosted 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 in the last quarter. Inceptionr LLC purchased a new stake in shares of IDACORP in the 4th quarter valued at $1,449,000. Raymond James Financial Inc. purchased a new stake in shares of IDACORP in the 4th quarter valued at $37,104,000. Arizona State Retirement System boosted its stake in shares of IDACORP by 5.9% in the 4th quarter. Arizona State Retirement System now owns 15,454 shares of the energy company’s stock valued at $1,689,000 after purchasing an additional 857 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in IDACORP during the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on IDA. 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. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Morgan Stanley upped their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. Finally, Jefferies Financial Group lowered their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $118.20.

IDACORP Stock Down 0.1 %

Shares of NYSE IDA opened at $115.82 on Wednesday. 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 $120.42. The firm has a market capitalization of $6.25 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. The firm has a fifty day simple moving average of $111.82 and a two-hundred day simple moving average of $109.61.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. Equities analysts expect that IDACORP, Inc. will post 5.81 earnings per share 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 $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio is presently 62.77%.

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.