Tumwater Wealth Management LLC Takes $545,000 Position in IDACORP, Inc. (NYSE:IDA)

Tumwater Wealth Management LLC purchased a new stake in shares of IDACORP, Inc. (NYSE:IDA) in the 4th quarter, Holdings Channel reports. The fund purchased 4,988 shares of the energy company’s stock, valued at approximately $545,000. IDACORP comprises approximately 0.3% of Tumwater Wealth Management LLC’s portfolio, making the stock its 17th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of IDA. Diversified Trust Co purchased a new position in IDACORP during the fourth quarter valued at approximately $704,000. Algert Global LLC increased its holdings in IDACORP by 42.5% during the third quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock valued at $3,648,000 after buying an additional 10,550 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in IDACORP by 67.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after buying an additional 19,274 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in IDACORP by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 692,293 shares of the energy company’s stock valued at $71,368,000 after buying an additional 35,651 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in IDACORP during the fourth quarter valued at approximately $913,000. Institutional investors own 89.10% of the company’s stock.

Wall Street Analysts Forecast Growth

IDA has been the topic of several research reports. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Morgan Stanley lifted their price objective on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. Jefferies Financial Group cut their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Finally, Bank of America lifted their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, IDACORP currently has an average rating of “Hold” and an average price target of $118.20.

IDACORP Price Performance

Shares of IDA opened at $116.05 on Friday. The firm has a market capitalization of $6.26 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. IDACORP, Inc. has a 1-year low of $88.70 and a 1-year high of $120.42. The company’s fifty day moving average price is $111.52 and its 200-day moving average price is $109.36.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. On average, equities research analysts predict that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.96%. IDACORP’s dividend payout ratio is presently 62.77%.

IDACORP Company 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.