Principal Financial Group Inc. Acquires 67,568 Shares of IDACORP, Inc. (NYSE:IDA)

Principal Financial Group Inc. boosted its holdings in IDACORP, Inc. (NYSE:IDA) by 14.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 544,552 shares of the energy company’s stock after acquiring an additional 67,568 shares during the quarter. Principal Financial Group Inc.’s holdings in IDACORP were worth $59,509,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new position in shares of IDACORP in the third quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB grew its stake in IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after buying an additional 120 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after buying an additional 301 shares during the last quarter. Independence Bank of Kentucky increased its holdings in shares of IDACORP by 123.6% in the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after buying an additional 225 shares during the last quarter. Finally, Avior Wealth Management LLC raised its position in shares of IDACORP by 35.9% during the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after buying an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Analysts Set New Price Targets

IDA has been the subject of several research reports. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Jefferies Financial Group decreased their price objective on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Morgan Stanley upped their target price on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Finally, Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $116.20.

IDACORP Stock Performance

Shares of IDA stock opened at $112.08 on Thursday. The company has a market capitalization of $5.97 billion, a P/E ratio of 20.79, a PEG ratio of 2.25 and a beta of 0.65. IDACORP, Inc. has a fifty-two week low of $86.47 and a fifty-two week high of $120.42. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The stock has a 50 day moving average price of $109.88 and a two-hundred day moving average price of $107.78.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Wednesday, February 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.07%. 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.