Bank of New York Mellon Corp Acquires 21,435 Shares of IDACORP, Inc. (NYSE:IDA)

Bank of New York Mellon Corp increased its holdings in IDACORP, Inc. (NYSE:IDA) by 4.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 521,189 shares of the energy company’s stock after purchasing an additional 21,435 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.98% of IDACORP worth $56,956,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of IDA. Wealth Enhancement Advisory Services LLC grew its stake in shares of IDACORP by 7.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,156 shares of the energy company’s stock worth $532,000 after purchasing an additional 372 shares during the last quarter. US Bancorp DE grew its stake in shares of IDACORP by 4.8% in the third quarter. US Bancorp DE now owns 24,680 shares of the energy company’s stock worth $2,544,000 after purchasing an additional 1,136 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of IDACORP by 1.8% in the third quarter. Janney Montgomery Scott LLC now owns 18,587 shares of the energy company’s stock worth $1,916,000 after purchasing an additional 332 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of IDACORP by 7.0% in the third quarter. Van ECK Associates Corp now owns 14,494 shares of the energy company’s stock worth $1,522,000 after purchasing an additional 954 shares during the last quarter. Finally, Radnor Capital Management LLC bought a new stake in shares of IDACORP in the third quarter worth $232,000. Institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

IDA stock opened at $115.22 on Wednesday. The stock has a market capitalization of $6.22 billion, a PE ratio of 21.03, a price-to-earnings-growth ratio of 2.32 and a beta of 0.65. The company’s 50-day moving average is $110.62 and its 200-day moving average is $108.62. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. IDACORP, Inc. has a 1 year low of $86.94 and a 1 year high of $120.42.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $398.13 million for the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. Equities research analysts expect that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.99%. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Bank of America upped their price target on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday. Jefferies Financial Group cut their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. Finally, Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $118.20.

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.