Pacer Advisors Inc. Decreases Position in IDACORP, Inc. (NYSE:IDA)

Key Points

• Pacer Advisors Inc. has significantly reduced its holdings in IDACORP, Inc. by 44.5%, now owning only 4,410 shares, which were worth about $513,000 at the end of the most recent quarter.
• IDACORP's shares experienced a 0.8% decline recently, with the stock trading at $124.32, amid mixed institutional activity from various hedge funds.
• The company announced a quarterly dividend of $0.86 per share, translating to an annualized dividend yield of 2.8%, with a payout ratio of 60.56%.

Pacer Advisors Inc. cut its holdings in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 44.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,410 shares of the energy company's stock after selling 3,529 shares during the period. Pacer Advisors Inc.'s holdings in IDACORP were worth $513,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. lifted its stake in shares of IDACORP by 9.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company's stock valued at $208,692,000 after acquiring an additional 166,864 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of IDACORP by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 954,035 shares of the energy company's stock valued at $104,288,000 after acquiring an additional 3,829 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of IDACORP by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 713,023 shares of the energy company's stock valued at $77,920,000 after acquiring an additional 8,819 shares during the last quarter. Jennison Associates LLC bought a new position in shares of IDACORP in the 1st quarter valued at $71,437,000. Finally, Northern Trust Corp lifted its stake in shares of IDACORP by 16.5% in the 4th quarter. Northern Trust Corp now owns 454,357 shares of the energy company's stock valued at $49,652,000 after acquiring an additional 64,447 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

IDACORP Stock Down 0.8%

Shares of IDA stock traded down $1.01 on Friday, reaching $124.32. 461,496 shares of the company were exchanged, compared to its average volume of 484,575. IDACORP, Inc. has a one year low of $99.75 and a one year high of $126.33. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 2.65 and a beta of 0.56. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.81 and a quick ratio of 1.44. The company has a 50-day moving average of $117.33 and a 200-day moving average of $115.27.

IDACORP (NYSE:IDA - Get Free Report) last posted its earnings results on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting the consensus estimate of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.24%. The firm had revenue of $531.10 million for the quarter, compared to analysts' expectations of $478.14 million. During the same quarter last year, the firm earned $1.71 EPS. Analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be given a dividend of $0.86 per share. 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 dividend payout ratio (DPR) is currently 60.56%.

Analyst Ratings Changes

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

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.