Legal & General Group Plc Invests $40.72 Million in IDACORP, Inc. $IDA

Key Points

• Legal & General Group Plc acquired 269,162 IDACORP shares worth approximately $40.72 million, representing a 0.47% stake. Institutional investors and hedge funds collectively own 89.1% of the company.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $153.86, compared with the stock’s recent $135.65 price.
• IDACORP slightly exceeded quarterly EPS expectations at $1.79, while revenue came in below forecasts. The company also declared a quarterly dividend of $0.88 per share, equivalent to a 2.6% annualized yield.

Legal & General Group Plc acquired a new position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 269,162 shares of the energy company's stock, valued at approximately $40,724,000. Legal & General Group Plc owned 0.47% of IDACORP as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Torren Management LLC acquired a new position in IDACORP during the 4th quarter worth about $25,000. Western Wealth Management LLC acquired a new position in IDACORP in the 1st quarter valued at about $29,000. Trust Co. of Vermont acquired a new position in IDACORP in the 2nd quarter valued at about $30,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in IDACORP during the second quarter worth about $33,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in IDACORP by 630.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 219 shares of the energy company's stock worth $29,000 after purchasing an additional 189 shares during the period. Institutional investors and hedge funds own 89.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Mizuho set a $157.00 price objective on shares of IDACORP in a research note on Friday, May 1st. Wells Fargo & Company upped their target price on shares of IDACORP from $154.00 to $155.00 and gave the stock an "equal weight" rating in a research note on Friday, July 31st. Weiss Ratings reiterated a "buy (b)" rating on shares of IDACORP in a report on Monday, August 3rd. Barclays decreased their price target on shares of IDACORP from $167.00 to $162.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. Finally, Morgan Stanley dropped their price target on shares of IDACORP from $156.00 to $151.00 and set an "overweight" rating for the company in a research note on Friday, August 21st. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $153.86.

IDACORP Stock Down 1.5%

Shares of NYSE:IDA opened at $135.65 on Friday. IDACORP, Inc. has a fifty-two week low of $122.30 and a fifty-two week high of $154.91. The firm's 50 day moving average price is $145.55 and its 200 day moving average price is $143.50. 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 stock has a market cap of $7.85 billion, a price-to-earnings ratio of 22.46, a price-to-earnings-growth ratio of 2.38 and a beta of 0.48.

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

IDACORP Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Wednesday, August 5th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, August 5th. IDACORP's payout ratio is 58.28%.

IDACORP Company Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company's service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power's generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.

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