Allspring Global Investments Holdings LLC Buys 105,272 Shares of IDACORP, Inc. (NYSE:IDA)

Allspring Global Investments Holdings LLC increased its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 74.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,072 shares of the energy company’s stock after acquiring an additional 105,272 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.49% of IDACORP worth $24,194,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Fortem Financial Group LLC boosted its stake in IDACORP by 3.4% during the fourth quarter. Fortem Financial Group LLC now owns 8,705 shares of the energy company’s stock worth $856,000 after acquiring an additional 288 shares in the last quarter. International Assets Investment Management LLC bought a new stake in IDACORP during the fourth quarter worth about $164,000. Ceredex Value Advisors LLC bought a new stake in IDACORP during the fourth quarter worth about $16,759,000. New York State Teachers Retirement System boosted its stake in IDACORP by 1.2% during the fourth quarter. New York State Teachers Retirement System now owns 77,093 shares of the energy company’s stock worth $7,580,000 after acquiring an additional 900 shares in the last quarter. Finally, Boston Trust Walden Corp boosted its stake in IDACORP by 0.3% during the fourth quarter. Boston Trust Walden Corp now owns 571,784 shares of the energy company’s stock worth $56,218,000 after acquiring an additional 1,822 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on IDA shares. TheStreet cut shares of IDACORP from a “b-” rating to a “c+” rating in a report on Thursday, February 15th. Guggenheim cut shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 target price for the company. in a report on Monday, January 22nd. Wells Fargo & Company decreased their target price on shares of IDACORP from $100.00 to $94.00 and set an “equal weight” rating for the company in a report on Friday, February 16th. Morgan Stanley lifted their target price on shares of IDACORP from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Finally, Mizuho decreased their target price on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, IDACORP has an average rating of “Hold” and an average target price of $93.80.

IDACORP Stock Down 1.6 %

IDA opened at $90.22 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.58 and a debt-to-equity ratio of 0.95. The firm has a 50 day moving average price of $90.07 and a 200-day moving average price of $94.10. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $112.96. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of 17.55 and a beta of 0.56.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, February 15th. The energy company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. The firm had revenue of $411.95 million during the quarter, compared to analysts’ expectations of $429.84 million. During the same period in the previous year, the company earned $0.83 earnings per share. Equities research analysts forecast that IDACORP, Inc. will post 5.32 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Monday, February 5th were issued a dividend of $0.83 per share. The ex-dividend date was Friday, February 2nd. This represents a $3.32 dividend on an annualized basis and a yield of 3.68%. IDACORP’s dividend payout ratio is currently 64.59%.

IDACORP 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.