41,110 Shares in IDACORP Inc (IDA) Purchased by Verition Fund Management LLC
Verition Fund Management LLC purchased a new position in shares of IDACORP Inc (NYSE:IDA) in the first quarter, HoldingsChannel.com reports. The firm purchased 41,110 shares of the coal producer’s stock, valued at approximately $3,629,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Swiss National Bank raised its stake in shares of IDACORP by 2.0% during the 4th quarter. Swiss National Bank now owns 85,900 shares of the coal producer’s stock worth $7,848,000 after purchasing an additional 1,700 shares in the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of IDACORP during the 4th quarter worth about $4,996,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of IDACORP by 46.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,665 shares of the coal producer’s stock worth $243,000 after purchasing an additional 842 shares in the last quarter. First Trust Advisors LP raised its stake in shares of IDACORP by 10.4% during the 4th quarter. First Trust Advisors LP now owns 274,768 shares of the coal producer’s stock worth $25,103,000 after purchasing an additional 25,846 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of IDACORP during the 4th quarter worth about $289,000. 76.56% of the stock is owned by institutional investors.
A number of equities research analysts have recently weighed in on IDA shares. Zacks Investment Research raised IDACORP from a “hold” rating to a “buy” rating and set a $97.00 price target for the company in a research note on Thursday, April 5th. ValuEngine raised IDACORP from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, Williams Capital reaffirmed a “hold” rating and set a $80.00 price target (down from $86.00) on shares of IDACORP in a research note on Monday, February 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $89.00.
IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, May 3rd. The coal producer reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.02. The business had revenue of $310.11 million for the quarter, compared to analyst estimates of $302.93 million. IDACORP had a return on equity of 9.62% and a net margin of 15.88%. During the same quarter in the prior year, the firm posted $0.66 EPS. research analysts expect that IDACORP Inc will post 4.19 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 30th. Stockholders of record on Monday, May 7th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Friday, May 4th. IDACORP’s dividend payout ratio is 56.06%.
In other news, VP Tessia Park sold 300 shares of the stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $85.40, for a total transaction of $25,620.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Steven R. Keen sold 3,557 shares of the stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $87.72, for a total value of $312,020.04. Following the transaction, the chief financial officer now directly owns 17,240 shares in the company, valued at approximately $1,512,292.80. The disclosure for this sale can be found here. Corporate insiders own 0.71% of the company’s stock.
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.
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