Allianz Asset Management GmbH Purchases 32,070 Shares of IDACORP, Inc. (NYSE:IDA)

Key Points

• Allianz Asset Management GmbH increased its stake in IDACORP, Inc. by 81.9%, acquiring an additional 32,070 shares for a total of 71,211 shares worth $8.27 million.
• IDACORP reported $1.10 earnings per share (EPS) for the last quarter, exceeding analyst expectations of $1.03 EPS, despite revenue falling short at $432.46 million.
• The company declared a quarterly dividend of $0.86, reflecting an annualized payout of $3.44 per share with a dividend yield of 2.79%.

Allianz Asset Management GmbH raised its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 81.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,211 shares of the energy company's stock after buying an additional 32,070 shares during the quarter. Allianz Asset Management GmbH owned about 0.13% of IDACORP worth $8,276,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in IDA. Elite Financial Inc. purchased a new stake in IDACORP in the 1st quarter worth about $29,000. Opal Wealth Advisors LLC purchased a new stake in IDACORP in the 1st quarter worth about $34,000. Proficio Capital Partners LLC purchased a new stake in IDACORP in the 4th quarter worth about $45,000. Farther Finance Advisors LLC increased its holdings in IDACORP by 879.1% in the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock worth $49,000 after acquiring an additional 378 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in IDACORP by 39.7% in the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock worth $51,000 after acquiring an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company's stock.

IDACORP Price Performance

IDA opened at $123.28 on Friday. The stock has a 50-day moving average price of $116.64 and a 200-day moving average price of $114.78. IDACORP, Inc. has a 12-month low of $96.87 and a 12-month high of $125.42. The company has a current ratio of 1.81, a quick ratio of 1.44 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $6.66 billion, a P/E ratio of 21.90, a PEG ratio of 2.60 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.03 by $0.07. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. The firm had revenue of $432.46 million during the quarter, compared to analysts' expectations of $442.24 million. During the same period in the prior year, the business earned $0.95 EPS. Equities analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th will be issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP's payout ratio is currently 61.10%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IDA shares. Wells Fargo & Company lifted their price target on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley set a $128.00 price target on IDACORP and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Jefferies Financial Group upgraded IDACORP from a "hold" rating to a "buy" rating in a research report on Wednesday, April 2nd. Finally, Guggenheim lifted their price target on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.86.

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.

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