PNC Financial Services Group Inc. Raises Position in IDACORP Inc (IDA)

PNC Financial Services Group Inc. increased its stake in shares of IDACORP Inc (NYSE:IDA) by 13.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,287 shares of the coal producer’s stock after buying an additional 1,001 shares during the period. PNC Financial Services Group Inc.’s holdings in IDACORP were worth $821,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of IDA. TD Asset Management Inc. grew its stake in shares of IDACORP by 4.1% during the second quarter. TD Asset Management Inc. now owns 16,719 shares of the coal producer’s stock valued at $1,542,000 after buying an additional 660 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of IDACORP by 29.6% during the second quarter. Commonwealth Equity Services LLC now owns 10,943 shares of the coal producer’s stock valued at $1,009,000 after buying an additional 2,497 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in shares of IDACORP by 32.7% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,652 shares of the coal producer’s stock valued at $1,075,000 after buying an additional 2,870 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of IDACORP during the second quarter valued at approximately $341,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of IDACORP during the second quarter valued at approximately $1,255,000. Institutional investors and hedge funds own 77.92% of the company’s stock.

Shares of NYSE IDA opened at $100.70 on Friday. The company has a quick ratio of 1.86, a current ratio of 2.33 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $5.07 billion, a P/E ratio of 21.24, a PEG ratio of 8.14 and a beta of 0.34. IDACORP Inc has a 52-week low of $79.59 and a 52-week high of $102.44.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, November 1st. The coal producer reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.26. The firm had revenue of $408.80 million during the quarter, compared to analyst estimates of $405.79 million. IDACORP had a return on equity of 10.43% and a net margin of 17.55%. During the same quarter in the previous year, the business earned $1.80 earnings per share. Analysts anticipate that IDACORP Inc will post 4.45 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Monday, November 5th were issued a $0.63 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.59. The ex-dividend date was Friday, November 2nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.50%. IDACORP’s payout ratio is presently 59.86%.

A number of research firms have recently commented on IDA. ValuEngine raised IDACORP from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Wells Fargo & Co upped their target price on IDACORP from $95.00 to $96.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Finally, Zacks Investment Research cut IDACORP from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. IDACORP has a consensus rating of “Hold” and a consensus price target of $92.00.

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IDACORP Company Profile

IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.

Further Reading: Why do companies issue stock splits?

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Institutional Ownership by Quarter for IDACORP (NYSE:IDA)

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