Principal Financial Group Inc. Sells 7,087 Shares of IDACORP, Inc. (NYSE:IDA)

Principal Financial Group Inc. cut its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 537,465 shares of the energy company's stock after selling 7,087 shares during the quarter. Principal Financial Group Inc. owned about 0.99% of IDACORP worth $62,464,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in IDACORP in the first quarter worth $34,000. Proficio Capital Partners LLC bought a new stake in IDACORP in the fourth quarter worth $45,000. Farther Finance Advisors LLC raised its stake in shares of IDACORP by 879.1% in the first quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock worth $49,000 after purchasing an additional 378 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of IDACORP by 39.7% in the first quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock worth $51,000 after purchasing an additional 125 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its stake in shares of IDACORP by 1,333.3% in the fourth quarter. Jones Financial Companies Lllp now owns 516 shares of the energy company's stock worth $56,000 after purchasing an additional 480 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Jefferies Financial Group upgraded IDACORP from a "hold" rating to a "buy" rating in a research note on Wednesday, April 2nd. Guggenheim boosted their price target on IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Morgan Stanley set a $128.00 price target on IDACORP and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Wells Fargo & Company raised their target price on shares of IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Finally, UBS Group dropped their target price on shares of IDACORP from $121.00 to $120.00 and set a "neutral" rating on the stock in a report on Monday, June 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $122.86.

IDACORP Stock Performance

IDACORP stock traded up $0.31 during mid-day trading on Monday, reaching $116.30. 304,745 shares of the stock traded hands, compared to its average volume of 364,540. The stock has a market capitalization of $6.28 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 2.46 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. IDACORP, Inc. has a 12-month low of $91.77 and a 12-month high of $120.84. The business's 50-day moving average is $115.36 and its 200-day moving average is $113.76.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.03 by $0.07. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. The firm had revenue of $432.46 million for the quarter, compared to the consensus estimate of $442.24 million. During the same quarter last year, the company earned $0.95 earnings per share. As a group, sell-side analysts predict that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 5th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Monday, May 5th. IDACORP's dividend payout ratio (DPR) is currently 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.