Raymond James Financial Inc. Sells 12,345 Shares of IDACORP, Inc. $IDA

Key Points

• Raymond James Financial Inc. reduced its stake in IDACORP, Inc. by 3.6%, owning 327,191 shares worth $38.03 million after selling 12,345 shares during the first quarter.
• Several hedge funds, such as KBC Group NV and Teacher Retirement System of Texas, significantly increased their positions in IDACORP during the same period, highlighting growing institutional interest in the company.
• IDACORP recently announced a quarterly dividend of $0.86 per share, with a yield of 2.7%, to be paid on September 2nd, reflecting its commitment to returning value to shareholders.

Raymond James Financial Inc. lowered its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 3.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 327,191 shares of the energy company's stock after selling 12,345 shares during the period. Raymond James Financial Inc. owned 0.61% of IDACORP worth $38,026,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of IDA. Principal Securities Inc. boosted its position in IDACORP by 2.1% during the first quarter. Principal Securities Inc. now owns 4,410 shares of the energy company's stock valued at $482,000 after acquiring an additional 92 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of IDACORP by 4.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company's stock worth $289,000 after acquiring an additional 100 shares in the last quarter. State of Michigan Retirement System lifted its stake in shares of IDACORP by 0.8% in the 1st quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company's stock valued at $1,478,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of IDACORP by 0.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the energy company's stock valued at $1,732,000 after purchasing an additional 100 shares in the last quarter. Finally, Wood Tarver Financial Group LLC boosted its position in shares of IDACORP by 3.2% during the 1st quarter. Wood Tarver Financial Group LLC now owns 3,814 shares of the energy company's stock valued at $443,000 after purchasing an additional 117 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Stock Down 0.9%

IDA stock traded down $1.11 during mid-day trading on Thursday, reaching $125.55. 35,637 shares of the company traded hands, compared to its average volume of 412,736. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. The firm's 50 day moving average price is $121.09 and its 200 day moving average price is $117.28. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 2.65 and a beta of 0.56. IDACORP, Inc. has a fifty-two week low of $99.81 and a fifty-two week high of $128.50.

IDACORP (NYSE:IDA - Get Free Report) last posted its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.76. The firm had revenue of $531.10 million during the quarter, compared to analyst estimates of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same quarter in the prior year, the business posted $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. As a group, equities research analysts predict that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors 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 2.7%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP's payout ratio is 60.56%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on IDA shares. Morgan Stanley set a $133.00 price target on IDACORP and gave the stock an "outperform" rating in a report on Thursday, August 21st. Wells Fargo & Company boosted their target price on shares of 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 raised shares of IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Guggenheim raised their price target on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, UBS Group reiterated a "neutral" rating and set a $120.00 price objective (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, IDACORP has an average rating of "Moderate Buy" and a consensus target price of $123.57.

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.