Commerce Bank Acquires 5,472 Shares of IDACORP, Inc. (NYSE:IDA)

Key Points

• Commerce Bank has increased its stake in IDACORP, Inc. by 100.8%, acquiring an additional 5,472 shares, bringing its total holdings to 10,899 shares valued at approximately $1.27 million.
• IDACORP recently announced a quarterly dividend of $0.86 per share, with the ex-dividend date set for August 5th, suggesting a solid annualized dividend yield of 2.7%.
• According to analysts, IDACORP has an average rating of "Moderate Buy" with a projected price target of $122.86, following several analysts adjusting their ratings and price objectives.

Commerce Bank grew its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 100.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,899 shares of the energy company's stock after purchasing an additional 5,472 shares during the period. Commerce Bank's holdings in IDACORP were worth $1,267,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in IDA. American Century Companies Inc. raised its holdings in shares of IDACORP by 311.5% during the fourth quarter. American Century Companies Inc. now owns 15,661 shares of the energy company's stock valued at $1,712,000 after purchasing an additional 11,855 shares during the period. LPL Financial LLC grew its holdings in shares of IDACORP by 38.3% during the fourth quarter. LPL Financial LLC now owns 28,821 shares of the energy company's stock valued at $3,150,000 after buying an additional 7,985 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of IDACORP by 11.3% during the fourth quarter. Prudential Financial Inc. now owns 6,255 shares of the energy company's stock valued at $733,000 after buying an additional 634 shares during the last quarter. National Bank of Canada FI acquired a new position in shares of IDACORP during the fourth quarter valued at about $1,781,000. Finally, Geode Capital Management LLC grew its holdings in shares of IDACORP by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 954,035 shares of the energy company's stock valued at $104,288,000 after buying an additional 3,829 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

IDACORP Stock Performance

IDA traded down $0.34 during midday trading on Friday, reaching $124.64. The company had a trading volume of 272,840 shares, compared to its average volume of 487,645. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. The stock has a market cap of $6.73 billion, a PE ratio of 21.94, a P/E/G ratio of 2.64 and a beta of 0.56. IDACORP, Inc. has a 12-month low of $99.81 and a 12-month high of $126.70. The business has a 50-day moving average price of $118.14 and a two-hundred day moving average price of $115.79.

IDACORP (NYSE:IDA - Get Free Report) last released its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, meeting analysts' consensus estimates of $1.76. The firm had revenue of $531.10 million for the quarter, compared to analysts' expectations of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same period in the previous year, the company earned $1.71 earnings per share. On average, sell-side analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th will be given a $0.86 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.8%. IDACORP's payout ratio is 60.56%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Guggenheim lifted their price objective on shares of IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a report on Friday, May 2nd. UBS Group restated a "neutral" rating and set a $120.00 price target (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. Finally, Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $122.86.

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.