The Manufacturers Life Insurance Company Has $4.07 Million Stock Holdings in IDACORP, Inc. (NYSE:IDA)

The Manufacturers Life Insurance Company lessened its stake in shares of IDACORP, Inc. (NYSE:IDA) by 0.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,686 shares of the energy company’s stock after selling 227 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of IDACORP worth $4,069,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IDA. Rise Advisors LLC grew its holdings in IDACORP by 65.8% during the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after purchasing an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in IDACORP in the second quarter worth $35,000. Mather Group LLC. bought a new position in IDACORP in the first quarter worth $41,000. Kapitalo Investimentos Ltda bought a new position in IDACORP in the fourth quarter worth $54,000. Finally, 1620 Investment Advisors Inc. bought a new position in IDACORP in the second quarter worth $71,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Price Performance

Shares of IDA stock opened at $101.02 on Tuesday. The stock has a 50-day moving average price of $102.32 and a 200 day moving average price of $96.81. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 20.29, a PEG ratio of 3.46 and a beta of 0.60. IDACORP, Inc. has a 12 month low of $86.43 and a 12 month high of $105.24.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The company had revenue of $451.04 million during the quarter, compared to analyst estimates of $420.56 million. During the same period in the previous year, the company earned $1.35 EPS. Research analysts expect that IDACORP, Inc. will post 5.39 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were given a $0.83 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.32 annualized dividend and a dividend yield of 3.29%. IDACORP’s dividend payout ratio is presently 66.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on IDA shares. Wells Fargo & Company raised their target price on IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley lifted their price target on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Bank of America assumed coverage on IDACORP in a report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target for the company. Finally, Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $103.57.

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.