Bank of New York Mellon Corp Reduces Holdings in IDACORP, Inc. (NYSE:IDA)

Bank of New York Mellon Corp trimmed its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 516,142 shares of the energy company's stock after selling 5,047 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.96% of IDACORP worth $59,986,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. KBC Group NV boosted its holdings in IDACORP by 21.2% in the 1st quarter. KBC Group NV now owns 2,350 shares of the energy company's stock worth $273,000 after acquiring an additional 411 shares during the period. GAMMA Investing LLC raised its stake in IDACORP by 20.8% in the first quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock valued at $86,000 after buying an additional 127 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of IDACORP by 103.0% during the 1st quarter. Teacher Retirement System of Texas now owns 8,484 shares of the energy company's stock valued at $986,000 after acquiring an additional 4,305 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of IDACORP by 7.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company's stock worth $765,000 after acquiring an additional 456 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in IDACORP by 318.9% during the 1st quarter. Bessemer Group Inc. now owns 1,399 shares of the energy company's stock valued at $163,000 after purchasing an additional 1,065 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IDA. UBS Group reiterated a "neutral" rating and set a $120.00 price target (up from $118.00) on shares of IDACORP in a report on Friday. Morgan Stanley set a $128.00 price objective on shares of IDACORP and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. Guggenheim upped their price target on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Jefferies Financial Group raised shares of IDACORP from a "hold" rating to a "buy" rating in a research report on Wednesday, April 2nd. Finally, Wells Fargo & Company boosted their target price on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, IDACORP presently has a consensus rating of "Hold" and a consensus price target of $122.86.

IDACORP Price Performance

Shares of IDA traded down $0.31 during trading hours on Tuesday, hitting $117.87. 348,573 shares of the company were exchanged, compared to its average volume of 370,639. The company has a quick ratio of 1.44, a current ratio of 1.81 and a debt-to-equity ratio of 1.03. IDACORP, Inc. has a fifty-two week low of $93.16 and a fifty-two week high of $120.84. The company has a market cap of $6.37 billion, a price-to-earnings ratio of 20.94, a P/E/G ratio of 2.49 and a beta of 0.56. The firm's fifty day moving average is $115.32 and its 200 day moving average is $114.00.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.07. The business had revenue of $432.46 million for the quarter, compared to analyst estimates of $442.24 million. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. During the same period last year, the company posted $0.95 earnings per share. On average, equities analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 5th were paid a $0.86 dividend. The ex-dividend date was Monday, May 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.92%. IDACORP's payout ratio is presently 61.10%.

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.