Allspring Global Investments Holdings LLC Cuts Position in IDACORP, Inc. (NYSE:IDA)

Allspring Global Investments Holdings LLC cut its holdings in IDACORP, Inc. (NYSE:IDA) by 99.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,705 shares of the energy company’s stock after selling 250,846 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in IDACORP were worth $176,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in IDA. V Square Quantitative Management LLC purchased a new position in IDACORP during the third quarter valued at $26,000. Rise Advisors LLC grew its holdings in shares of IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after purchasing an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of IDACORP during the second quarter worth approximately $35,000. 1620 Investment Advisors Inc. acquired a new position in shares of IDACORP during the 2nd quarter worth about $71,000. Finally, EverSource Wealth Advisors LLC boosted its stake in IDACORP by 18.3% in the first quarter. EverSource Wealth Advisors LLC now owns 816 shares of the energy company’s stock valued at $77,000 after acquiring an additional 126 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IDA has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Jefferies Financial Group started coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. Bank of America began coverage on shares of IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price for the company. Finally, Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $102.00 to $116.00 in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $107.67.

IDACORP Stock Performance

NYSE:IDA opened at $105.85 on Monday. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 3.47 and a beta of 0.60. The business has a 50 day moving average of $102.92 and a 200 day moving average of $98.32. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. IDACORP, Inc. has a 1-year low of $86.43 and a 1-year high of $109.47.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05). The firm had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.38%. During the same period last year, the business earned $2.07 EPS. On average, sell-side analysts predict that IDACORP, Inc. will post 5.39 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a $0.86 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.25%. IDACORP’s dividend payout ratio (DPR) is 61.60%.

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.