Assenagon Asset Management S.A. Invests $913,000 in IDACORP, Inc. (NYSE:IDA)

Assenagon Asset Management S.A. bought a new position in shares of IDACORP, Inc. (NYSE:IDA) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 8,352 shares of the energy company’s stock, valued at approximately $913,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IDA. Eastern Bank grew its stake in IDACORP by 211.8% during the fourth quarter. Eastern Bank now owns 1,559 shares of the energy company’s stock worth $170,000 after buying an additional 1,059 shares during the period. Fulton Bank N.A. raised its stake in shares of IDACORP by 16.5% in the 4th quarter. Fulton Bank N.A. now owns 4,049 shares of the energy company’s stock valued at $442,000 after acquiring an additional 573 shares during the period. Diversified Trust Co acquired a new position in shares of IDACORP during the 4th quarter valued at $704,000. Fortem Financial Group LLC boosted its position in IDACORP by 6.1% during the 4th quarter. Fortem Financial Group LLC now owns 7,576 shares of the energy company’s stock worth $828,000 after purchasing an additional 433 shares during the period. Finally, GAMMA Investing LLC increased its holdings in IDACORP by 229.7% in the 4th quarter. GAMMA Investing LLC now owns 610 shares of the energy company’s stock valued at $67,000 after purchasing an additional 425 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Stock Performance

Shares of IDA opened at $109.01 on Friday. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 2.21 and a beta of 0.65. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average is $112.23 and its two-hundred day moving average is $105.93. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $120.42.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The company had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. During the same period in the prior year, the company earned $2.07 earnings per share. Analysts forecast that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th will be given a dividend of $0.86 per share. The ex-dividend date is Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.16%. IDACORP’s payout ratio is 63.82%.

Wall Street Analyst Weigh In

IDA has been the topic of a number of recent research reports. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. Wells Fargo & Company boosted their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley raised their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $114.60.

IDACORP 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.