Principal Financial Group Inc. Trims Position in IDACORP, Inc. $IDA

Principal Financial Group Inc. lowered its position in IDACORP, Inc. (NYSE:IDA) by 3.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 486,631 shares of the energy company’s stock after selling 17,877 shares during the quarter. Principal Financial Group Inc.’s holdings in IDACORP were worth $64,310,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in IDACORP by 79.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,940 shares of the energy company’s stock worth $690,000 after purchasing an additional 2,625 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of IDACORP by 6.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 342,496 shares of the energy company’s stock worth $39,805,000 after buying an additional 21,890 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of IDACORP by 8.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 143,677 shares of the energy company’s stock valued at $16,698,000 after buying an additional 10,855 shares during the period. HB Wealth Management LLC purchased a new stake in shares of IDACORP during the 2nd quarter valued at approximately $213,000. Finally, Ameritas Advisory Services LLC acquired a new position in IDACORP in the second quarter valued at approximately $31,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on IDA shares. Jefferies Financial Group cut their target price on IDACORP from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Mizuho increased their price target on IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. BTIG Research reissued a “buy” rating and set a $156.00 price objective on shares of IDACORP in a research report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a report on Thursday, January 22nd. Finally, Morgan Stanley decreased their target price on shares of IDACORP from $146.00 to $145.00 and set an “overweight” rating on the stock in a research report on Monday. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $137.67.

IDACORP Stock Performance

Shares of IDACORP stock opened at $134.11 on Wednesday. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 23.04, a price-to-earnings-growth ratio of 2.55 and a beta of 0.59. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.09 and a quick ratio of 0.82. The business has a 50-day moving average of $129.14 and a 200 day moving average of $128.56. IDACORP, Inc. has a 12 month low of $108.15 and a 12 month high of $138.03.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Thursday, February 5th will be issued a $0.88 dividend. The ex-dividend date is Thursday, February 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.6%. IDACORP’s payout ratio is 60.48%.

IDACORP Company Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.