Crossmark Global Holdings Inc. Boosts Stake in IDACORP, Inc. (NYSE:IDA)

Crossmark Global Holdings Inc. lifted its holdings in IDACORP, Inc. (NYSE:IDA) by 57.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,415 shares of the energy company’s stock after buying an additional 1,975 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in IDACORP were worth $558,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Trust Point Inc. boosted its stake in shares of IDACORP by 1.4% in the third quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock valued at $760,000 after buying an additional 101 shares in the last quarter. Pitcairn Co. boosted its position in IDACORP by 2.4% during the first quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock worth $402,000 after purchasing an additional 103 shares in the last quarter. Blue Trust Inc. boosted its position in IDACORP by 7.5% during the third quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock worth $157,000 after purchasing an additional 106 shares in the last quarter. Raymond James Trust N.A. boosted its position in IDACORP by 1.7% during the second quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock worth $597,000 after purchasing an additional 107 shares in the last quarter. Finally, Fortem Financial Group LLC boosted its position in IDACORP by 1.2% during the second quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock worth $866,000 after purchasing an additional 112 shares in the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Wells Fargo & Company boosted their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Finally, Morgan Stanley boosted their price target on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, IDACORP presently has an average rating of “Hold” and a consensus price target of $108.83.

IDACORP Stock Performance

IDACORP stock opened at $117.19 on Friday. The firm has a market capitalization of $6.24 billion, a P/E ratio of 21.74, a PEG ratio of 2.61 and a beta of 0.60. The stock has a fifty day moving average price of $105.22 and a 200 day moving average price of $99.73. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $119.65. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93.

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

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 2.94%. IDACORP’s dividend payout ratio is currently 63.82%.

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.