US Bancorp DE trimmed its position in IDACORP Inc (NYSE:IDA) by 3.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,379 shares of the coal producer’s stock after selling 961 shares during the period. US Bancorp DE’s holdings in IDACORP were worth $2,420,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. First Hawaiian Bank bought a new stake in IDACORP in the 3rd quarter valued at about $116,000. HL Financial Services LLC acquired a new position in IDACORP during the 2nd quarter valued at about $203,000. Ferguson Wellman Capital Management Inc. acquired a new position in IDACORP during the 2nd quarter valued at about $203,000. Radnor Capital Management LLC acquired a new position in IDACORP during the 3rd quarter valued at about $204,000. Finally, UMB Bank N A MO acquired a new position in IDACORP during the 3rd quarter valued at about $249,000. 78.71% of the stock is owned by institutional investors and hedge funds.
IDA has been the subject of a number of analyst reports. Zacks Investment Research downgraded IDACORP from a “hold” rating to a “sell” rating in a research note on Monday, July 23rd. ValuEngine upgraded IDACORP from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Finally, Wells Fargo & Co lifted their price target on IDACORP from $95.00 to $96.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $92.00.
IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, November 1st. The coal producer reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.26. The business had revenue of $408.80 million during the quarter, compared to the consensus estimate of $405.79 million. IDACORP had a return on equity of 10.43% and a net margin of 17.55%. During the same quarter in the previous year, the business earned $1.80 EPS. On average, analysts forecast that IDACORP Inc will post 4.45 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Monday, November 5th will be paid a dividend of $0.63 per share. The ex-dividend date is Friday, November 2nd. This represents a $2.52 dividend on an annualized basis and a yield of 2.53%. This is an increase from IDACORP’s previous quarterly dividend of $0.59. IDACORP’s payout ratio is 59.86%.
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IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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