Rhumbline Advisers Has $22.73 Million Stock Position in IDACORP, Inc. $IDA

Rhumbline Advisers grew its stake in IDACORP, Inc. (NYSE:IDA) by 8.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 171,993 shares of the energy company’s stock after purchasing an additional 14,061 shares during the period. Rhumbline Advisers owned approximately 0.32% of IDACORP worth $22,729,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of IDA. Legacy Investment Solutions LLC bought a new position in shares of IDACORP in the second quarter valued at about $28,000. Quent Capital LLC acquired a new stake in IDACORP in the 3rd quarter valued at about $30,000. Smartleaf Asset Management LLC raised its stake in shares of IDACORP by 62.0% in the second quarter. Smartleaf Asset Management LLC now owns 311 shares of the energy company’s stock worth $36,000 after acquiring an additional 119 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of IDACORP by 33.6% in the second quarter. Parkside Financial Bank & Trust now owns 382 shares of the energy company’s stock valued at $44,000 after purchasing an additional 96 shares in the last quarter. Finally, SouthState Corp raised its position in IDACORP by 2,475.0% in the 2nd quarter. SouthState Corp now owns 515 shares of the energy company’s stock worth $59,000 after purchasing an additional 495 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

Shares of IDA stock opened at $144.33 on Tuesday. IDACORP, Inc. has a 12-month low of $108.15 and a 12-month high of $145.30. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 2.80 and a beta of 0.59. The company has a quick ratio of 0.82, a current ratio of 1.09 and a debt-to-equity ratio of 0.95. The firm has a fifty day moving average of $130.87 and a 200-day moving average of $129.55.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Thursday, February 5th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, February 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.4%. IDACORP’s dividend payout ratio (DPR) is currently 60.48%.

Wall Street Analyst Weigh In

IDA has been the subject of several recent research reports. Jefferies Financial Group dropped their price objective on IDACORP from $152.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, January 28th. Mizuho raised their price objective on shares of IDACORP from $129.00 to $144.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Barclays started coverage on shares of IDACORP in a research report on Wednesday, January 14th. They set an “overweight” rating and a $144.00 target price for the company. UBS Group reduced their price target on IDACORP from $135.00 to $129.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a research note on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, IDACORP currently has an average rating of “Moderate Buy” and a consensus price target of $137.67.

IDACORP Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.