IDACORP, Inc. (NYSE:IDA) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its stake in IDACORP, Inc. (NYSE:IDA) by 4.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,275 shares of the energy company’s stock after selling 2,680 shares during the period. Corebridge Financial Inc. owned 0.11% of IDACORP worth $6,587,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Reaves W H & Co. Inc. lifted its position in IDACORP by 75.4% in the fourth quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock valued at $109,103,000 after acquiring an additional 429,276 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of IDACORP by 17.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock valued at $246,367,000 after purchasing an additional 359,553 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of IDACORP in the 4th quarter valued at about $37,104,000. State Street Corp boosted its position in shares of IDACORP by 5.5% in the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after purchasing an additional 86,642 shares during the period. Finally, Vanguard Group Inc. grew its stake in IDACORP by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock worth $660,786,000 after buying an additional 77,230 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Trading Up 0.5 %

Shares of IDACORP stock opened at $115.08 on Friday. The firm has a market cap of $6.21 billion, a price-to-earnings ratio of 21.00, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. IDACORP, Inc. has a 52-week low of $88.70 and a 52-week high of $120.42. The company’s 50-day simple moving average is $112.80 and its 200-day simple moving average is $110.15. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. The company had revenue of $398.13 million for the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. As a group, equities research analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is currently 62.77%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on IDA shares. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Bank of America increased their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Jefferies Financial Group reduced their target price on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Morgan Stanley raised their price target on IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Finally, UBS Group boosted their price target on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $120.50.

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.