Russell Investments Group Ltd. Sells 23,982 Shares of IDACORP, Inc. $IDA

Key Points

• Russell Investments Group Ltd. reduced its stake in IDACORP, Inc. by 24.4%, selling 23,982 shares, and now holds 74,278 shares valued at approximately $8.63 million.
• Several hedge funds increased their position in IDACORP, with Farther Finance Advisors LLC growing its holdings by 879.1%, acquiring additional shares during the first quarter.
• IDACORP plans to pay a quarterly dividend of $0.86 per share on September 2nd, which represents a 2.7% annual dividend yield.

Russell Investments Group Ltd. trimmed its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 24.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,278 shares of the energy company's stock after selling 23,982 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of IDACORP worth $8,633,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in IDA. Barclays PLC boosted its stake in IDACORP by 53.0% during the 4th quarter. Barclays PLC now owns 41,584 shares of the energy company's stock valued at $4,545,000 after acquiring an additional 14,400 shares during the last quarter. NewEdge Advisors LLC boosted its stake in IDACORP by 2,580.8% during the 4th quarter. NewEdge Advisors LLC now owns 1,957 shares of the energy company's stock valued at $214,000 after acquiring an additional 1,884 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in IDACORP by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 713,023 shares of the energy company's stock valued at $77,920,000 after acquiring an additional 8,819 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in IDACORP during the 4th quarter valued at $158,000. Finally, MetLife Investment Management LLC boosted its stake in IDACORP by 9.3% during the 4th quarter. MetLife Investment Management LLC now owns 30,026 shares of the energy company's stock valued at $3,281,000 after acquiring an additional 2,550 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IDA has been the topic of a number of research analyst reports. UBS Group reiterated 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. Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Wells Fargo & Company raised their price target on shares of IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Finally, Guggenheim raised their price target on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $122.86.

IDACORP Stock Performance

Shares of IDACORP stock traded up $1.6170 during trading hours on Friday, reaching $128.0170. The company's stock had a trading volume of 291,601 shares, compared to its average volume of 398,434. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. IDACORP, Inc. has a one year low of $99.81 and a one year high of $128.40. The company's 50 day simple moving average is $120.26 and its 200 day simple moving average is $116.99. The stock has a market cap of $6.92 billion, a P/E ratio of 22.54, a price-to-earnings-growth ratio of 2.68 and a beta of 0.56.

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

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th will be given a dividend of $0.86 per share. The ex-dividend date is Tuesday, August 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. IDACORP's dividend payout ratio (DPR) is 60.56%.

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.