363,415 Shares in IDACORP, Inc. $IDA Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 363,415 IDACORP shares in the second quarter, worth approximately $55.0 million and representing a 0.63% stake. Institutional investors collectively own 89.10% of the utility’s stock.
• Analyst sentiment is generally favorable, with six Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $152.71.
• IDACORP reported quarterly EPS of $1.79, slightly above estimates, while revenue missed expectations. The company pays a quarterly dividend of $0.88, equivalent to a $3.52 annualized payout and a 2.7% yield.

Bank of America Corp DE bought a new position in IDACORP, Inc. (NYSE:IDA - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 363,415 shares of the energy company's stock, valued at approximately $54,985,000. Bank of America Corp DE owned 0.63% of IDACORP as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of IDACORP in the second quarter valued at $1,033,914,000. Reaves W H & Co. Inc. lifted its holdings in shares of IDACORP by 6.3% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,807,811 shares of the energy company's stock worth $228,797,000 after acquiring an additional 107,131 shares during the period. Jennison Associates LLC boosted its holdings in shares of IDACORP by 0.9% in the 1st quarter. Jennison Associates LLC now owns 1,497,342 shares of the energy company's stock valued at $214,075,000 after purchasing an additional 13,694 shares during the last quarter. Geode Capital Management LLC boosted its holdings in IDACORP by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 1,102,727 shares of the energy company's stock valued at $139,601,000 after acquiring an additional 54,934 shares during the last quarter. Finally, GW&K Investment Management LLC grew its holdings in shares of IDACORP by 7.1% during the 4th quarter. GW&K Investment Management LLC now owns 716,975 shares of the energy company's stock worth $90,741,000 after purchasing an additional 47,248 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Morgan Stanley reduced their price target on IDACORP from $151.00 to $143.00 and set an "overweight" rating on the stock in a research report on Friday. Weiss Ratings reissued a "buy (b)" rating on shares of IDACORP in a report on Monday, August 3rd. Wells Fargo & Company lifted their price objective on IDACORP from $154.00 to $155.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research note on Sunday, September 6th. Finally, BTIG Research reissued a "buy" rating and set a $160.00 price target on shares of IDACORP in a research report on Thursday, July 23rd. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $152.71.

IDACORP Stock Performance

Shares of NYSE IDA opened at $131.51 on Monday. The company has a quick ratio of 0.75, a current ratio of 0.99 and a debt-to-equity ratio of 0.97. The firm's 50-day moving average price is $141.06 and its two-hundred day moving average price is $142.84. IDACORP, Inc. has a 52-week low of $124.12 and a 52-week high of $154.91. The stock has a market capitalization of $7.61 billion, a P/E ratio of 21.77, a P/E/G ratio of 2.27 and a beta of 0.47.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The energy company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.01. The business had revenue of $469.80 million for the quarter, compared to the consensus estimate of $511.87 million. IDACORP had a return on equity of 9.34% and a net margin of 18.78%.During the same quarter last year, the business posted $1.76 EPS. IDACORP has set its FY 2026 guidance at 6.300-6.450 EPS. As a group, sell-side analysts forecast that IDACORP, Inc. will post 6.38 earnings per share for the current year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Wednesday, August 5th were paid a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $3.52 annualized dividend and a dividend yield of 2.7%. IDACORP's dividend payout ratio is presently 58.28%.

About IDACORP

IDACORP, Inc is a holding company headquartered in Boise, Idaho. Through its principal subsidiary, Idaho Power Company, it operates as a regulated electric utility serving customers across southern Idaho and eastern Oregon.

Idaho Power's activities include the generation, transmission, distribution and sale of electricity to residential, commercial, industrial and agricultural customers. The company operates a diverse generation portfolio that includes hydroelectric, natural gas, coal and renewable energy resources, supported by transmission and distribution infrastructure.

Idaho Power was established in 1916 and has played a longstanding role in developing and supplying electricity throughout its service territory.

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