Commerce Bank Purchases 5,472 Shares of IDACORP, Inc. (NYSE:IDA)

Key Points

• Commerce Bank has increased its stake in IDACORP, Inc. by 100.8%, acquiring an additional 5,472 shares, bringing its total holdings to 10,899 shares valued at approximately $1.27 million.
• IDACORP recently announced a quarterly dividend of $0.86 per share, with the ex-dividend date set for August 5th, suggesting a solid annualized dividend yield of 2.7%.
• According to analysts, IDACORP has an average rating of "Moderate Buy" with a projected price target of $122.86, following several analysts adjusting their ratings and price objectives.

Commerce Bank increased its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 100.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,899 shares of the energy company's stock after buying an additional 5,472 shares during the quarter. Commerce Bank's holdings in IDACORP were worth $1,267,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE boosted its position in IDACORP by 7.3% during the 1st quarter. US Bancorp DE now owns 25,954 shares of the energy company's stock worth $3,016,000 after acquiring an additional 1,768 shares during the last quarter. Natixis Advisors LLC boosted its holdings in IDACORP by 70.1% during the first quarter. Natixis Advisors LLC now owns 101,261 shares of the energy company's stock worth $11,769,000 after purchasing an additional 41,720 shares during the last quarter. XTX Topco Ltd bought a new position in IDACORP in the first quarter valued at $231,000. Federated Hermes Inc. increased its stake in IDACORP by 1.3% in the 1st quarter. Federated Hermes Inc. now owns 49,756 shares of the energy company's stock valued at $5,783,000 after buying an additional 615 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in IDACORP by 14.5% during the 1st quarter. Foundations Investment Advisors LLC now owns 5,321 shares of the energy company's stock worth $618,000 after buying an additional 672 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

Wall Street Analyst Weigh In

IDA has been the subject of a number of recent research reports. UBS Group restated a "neutral" rating and set a $120.00 price objective (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Wall Street Zen raised 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 stock an "equal weight" rating in a research report on Thursday, May 22nd. Guggenheim increased their price objective on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company raised their target price on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $122.86.

IDACORP Price Performance

NYSE:IDA opened at $125.19 on Wednesday. IDACORP, Inc. has a 12-month low of $99.81 and a 12-month high of $126.70. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of 22.04, a P/E/G ratio of 2.67 and a beta of 0.56. The stock's 50 day moving average price is $117.70 and its two-hundred day moving average price is $115.54. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, meeting analysts' consensus estimates of $1.76. IDACORP had a return on equity of 9.18% and a net margin of 16.96%. The business had revenue of $531.10 million for the quarter, compared to analysts' expectations of $478.14 million. During the same quarter in the prior year, the business earned $1.71 EPS. On average, analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. IDACORP's payout ratio is presently 60.56%.

About IDACORP

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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