CIBC Private Wealth Group LLC Sells 452 Shares of IDACORP, Inc. (NYSE:IDA)

CIBC Private Wealth Group LLC cut its holdings in IDACORP, Inc. (NYSE:IDA) by 13.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,013 shares of the energy company’s stock after selling 452 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in IDACORP were worth $333,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its holdings in shares of IDACORP by 1.4% during the third quarter. The Manufacturers Life Insurance Company now owns 44,313 shares of the energy company’s stock valued at $4,568,000 after purchasing an additional 627 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of IDACORP by 545.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,974 shares of the energy company’s stock valued at $1,544,000 after acquiring an additional 12,653 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of IDACORP in the third quarter worth approximately $557,000. Verition Fund Management LLC grew its stake in shares of IDACORP by 63.2% in the third quarter. Verition Fund Management LLC now owns 5,030 shares of the energy company’s stock worth $519,000 after acquiring an additional 1,947 shares during the period. Finally, Centiva Capital LP bought a new position in IDACORP during the third quarter valued at approximately $359,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Stock Performance

Shares of NYSE IDA opened at $114.47 on Friday. The stock has a market cap of $6.18 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. IDACORP, Inc. has a 1 year low of $88.70 and a 1 year high of $120.84. The firm has a fifty day moving average price of $113.59 and a 200-day moving average price of $110.68. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last released 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. The firm had revenue of $398.13 million during the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Equities analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.01%. The ex-dividend date was Wednesday, February 5th. IDACORP’s payout ratio is currently 62.77%.

Analysts Set New Price Targets

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

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.