Allspring Global Investments Holdings LLC Boosts Position in IDACORP, Inc. (NYSE:IDA)

Allspring Global Investments Holdings LLC boosted its holdings in IDACORP, Inc. (NYSE:IDA) by 59.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 391,388 shares of the energy company’s stock after purchasing an additional 145,316 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.77% of IDACORP worth $36,356,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in IDA. NBC Securities Inc. grew its position in shares of IDACORP by 14,206.7% in the 4th quarter. NBC Securities Inc. now owns 25,609 shares of the energy company’s stock valued at $2,517,000 after buying an additional 25,430 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in shares of IDACORP by 297.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 35,572 shares of the energy company’s stock worth $3,332,000 after purchasing an additional 26,626 shares in the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of IDACORP by 6.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 204,925 shares of the energy company’s stock valued at $20,148,000 after purchasing an additional 12,432 shares during the last quarter. Buckley Wealth Management LLC boosted its position in shares of IDACORP by 273.1% in the 1st quarter. Buckley Wealth Management LLC now owns 38,425 shares of the energy company’s stock valued at $3,569,000 after purchasing an additional 28,125 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in IDACORP by 99.7% during the 4th quarter. Allianz Asset Management GmbH now owns 19,842 shares of the energy company’s stock worth $1,951,000 after buying an additional 9,904 shares during the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP James Bo D. Hanchey sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total transaction of $142,635.00. Following the sale, the vice president now owns 1,650 shares of the company’s stock, valued at $156,898.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on IDA shares. Mizuho raised their price objective on shares of IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. Morgan Stanley lowered their price target on IDACORP from $98.00 to $93.00 and set an “equal weight” rating on the stock in a report on Monday, June 24th. Wells Fargo & Company boosted their price target on IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Finally, StockNews.com raised IDACORP to a “sell” rating in a research report on Friday, April 26th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $96.40.

IDACORP Trading Up 0.1 %

Shares of IDACORP stock opened at $92.31 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. The firm has a market cap of $4.91 billion, a price-to-earnings ratio of 18.54 and a beta of 0.58. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $106.33. The company’s 50-day simple moving average is $94.36 and its 200-day simple moving average is $93.12.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.06). The business had revenue of $448.94 million for the quarter, compared to analyst estimates of $441.21 million. IDACORP had a return on equity of 8.71% and a net margin of 14.18%. During the same quarter in the previous year, the firm posted $1.11 EPS. As a group, equities research analysts anticipate that IDACORP, Inc. will post 5.36 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 6th were paid a dividend of $0.83 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.60%. IDACORP’s dividend payout ratio (DPR) is presently 66.67%.

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.