Pinebridge Investments L.P. Reduces Position in IDACORP, Inc. (NYSE:IDA)

Pinebridge Investments L.P. decreased its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 40.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 42,336 shares of the energy company's stock after selling 29,078 shares during the period. Pinebridge Investments L.P. owned 0.08% of IDACORP worth $4,626,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB increased its position in shares of IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company's stock valued at $26,000 after purchasing an additional 120 shares during the last quarter. Versant Capital Management Inc grew its position in IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company's stock worth $34,000 after acquiring an additional 301 shares during the last quarter. Independence Bank of Kentucky grew its position in IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company's stock worth $44,000 after acquiring an additional 225 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of IDACORP in the 4th quarter worth approximately $45,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of IDACORP in the 3rd quarter worth approximately $53,000. Hedge funds and other institutional investors own 89.10% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Jefferies Financial Group upgraded IDACORP from a "hold" rating to a "buy" rating in a research note on Wednesday, April 2nd. UBS Group raised their price objective on shares of IDACORP from $117.00 to $122.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. StockNews.com downgraded shares of IDACORP from a "hold" rating to a "sell" rating in a report on Wednesday. Morgan Stanley raised their price objective on shares of IDACORP from $126.00 to $131.00 and gave the stock an "equal weight" rating in a report on Thursday, March 20th. Finally, Guggenheim upgraded shares of IDACORP from a "neutral" rating to a "buy" rating in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, IDACORP currently has a consensus rating of "Hold" and a consensus price target of $120.50.

IDACORP Trading Down 0.7 %

NYSE IDA traded down $0.84 during trading on Thursday, hitting $117.25. The stock had a trading volume of 116,819 shares, compared to its average volume of 329,480. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 21.39, a P/E/G ratio of 2.32 and a beta of 0.56. IDACORP, Inc. has a one year low of $90.64 and a one year high of $120.84. The stock has a 50 day simple moving average of $116.03 and a 200 day simple moving average of $112.58.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.07. The business had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. During the same quarter last year, the firm earned $0.95 earnings per share. Sell-side analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 5th will be issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 2.93%. The ex-dividend date is Monday, May 5th. IDACORP's payout ratio is 62.77%.

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.