Federated Hermes Inc. Has $4.68 Million Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Federated Hermes Inc. lifted its position in IDACORP, Inc. (NYSE:IDA) by 43.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,228 shares of the energy company’s stock after buying an additional 15,175 shares during the quarter. Federated Hermes Inc. owned about 0.09% of IDACORP worth $4,679,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of IDA. Nuance Investments LLC lifted its position in IDACORP by 19.0% during the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after acquiring an additional 178,294 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of IDACORP in the second quarter worth about $35,000. Quest Partners LLC acquired a new position in shares of IDACORP during the 2nd quarter worth about $496,000. Anchor Capital Advisors LLC boosted its stake in IDACORP by 17.7% during the 2nd quarter. Anchor Capital Advisors LLC now owns 180,068 shares of the energy company’s stock valued at $16,773,000 after purchasing an additional 27,031 shares during the period. Finally, Arizona State Retirement System grew its holdings in IDACORP by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 14,174 shares of the energy company’s stock valued at $1,320,000 after buying an additional 264 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Stock Performance

IDA opened at $103.43 on Thursday. The stock has a market cap of $5.51 billion, a PE ratio of 20.82 and a beta of 0.60. IDACORP, Inc. has a 1 year low of $86.43 and a 1 year high of $105.24. The stock’s 50 day simple moving average is $100.30 and its 200-day simple moving average is $95.56. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.34. The firm had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter in the previous year, the firm posted $1.35 EPS. Sell-side analysts forecast that IDACORP, Inc. will post 5.41 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 5th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Monday, August 5th. IDACORP’s dividend payout ratio is 66.67%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IDA. Morgan Stanley upped their price target on IDACORP from $94.00 to $102.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. Bank of America started coverage on shares of IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price for the company. Finally, Wells Fargo & Company raised their price target on shares of IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $101.50.

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.