Legal & General Group Plc Purchases 16,970 Shares of IDACORP, Inc. $IDA

Legal & General Group Plc boosted its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 6.1% during the 2nd quarter, Holdings Channel reports. The fund owned 297,313 shares of the energy company’s stock after buying an additional 16,970 shares during the period. Legal & General Group Plc’s holdings in IDACORP were worth $34,325,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Teacher Retirement System of Texas raised its stake in IDACORP by 21.6% in the second quarter. Teacher Retirement System of Texas now owns 10,318 shares of the energy company’s stock worth $1,191,000 after buying an additional 1,834 shares in the last quarter. LPL Financial LLC increased its holdings in shares of IDACORP by 11.2% in the 1st quarter. LPL Financial LLC now owns 32,058 shares of the energy company’s stock valued at $3,726,000 after acquiring an additional 3,237 shares during the period. Envestnet Asset Management Inc. raised its position in shares of IDACORP by 8.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 185,762 shares of the energy company’s stock worth $21,446,000 after acquiring an additional 14,145 shares in the last quarter. American Century Companies Inc. raised its position in shares of IDACORP by 2.3% in the 1st quarter. American Century Companies Inc. now owns 16,019 shares of the energy company’s stock worth $1,862,000 after acquiring an additional 358 shares in the last quarter. Finally, Voya Investment Management LLC lifted its stake in shares of IDACORP by 4.6% during the 1st quarter. Voya Investment Management LLC now owns 8,098 shares of the energy company’s stock worth $941,000 after purchasing an additional 353 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Stock Performance

Shares of IDACORP stock opened at $130.98 on Thursday. The company has a 50 day moving average price of $131.17 and a 200 day moving average price of $123.86. The firm has a market capitalization of $7.08 billion, a P/E ratio of 23.06, a PEG ratio of 2.86 and a beta of 0.59. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. IDACORP, Inc. has a 52 week low of $104.74 and a 52 week high of $138.03.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.03. The company had revenue of $524.42 million for the quarter, compared to the consensus estimate of $663.09 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same quarter in the previous year, the firm earned $2.12 EPS. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. Sell-side analysts expect that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 5th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.86. IDACORP’s payout ratio is currently 60.48%.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Mizuho lifted their target price on IDACORP from $129.00 to $144.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. BTIG Research upgraded shares of IDACORP to a “strong-buy” rating in a report on Wednesday, October 22nd. Jefferies Financial Group boosted their price objective on shares of IDACORP from $144.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Wells Fargo & Company raised shares of IDACORP to a “hold” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $136.88.

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.