The Manufacturers Life Insurance Company Makes New $6.53 Million Investment in IDACORP, Inc. $IDA

Key Points

• The Manufacturers Life Insurance Company purchased 43,131 IDACORP shares worth approximately $6.53 million, while institutional investors collectively own 89.1% of the utility company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $153.86, although several firms recently lowered their targets.
• IDACORP reported quarterly EPS of $1.79, narrowly beating estimates, and announced a quarterly dividend of $0.88 per share, representing a 2.6% annualized yield.

The Manufacturers Life Insurance Company bought a new position in IDACORP, Inc. (NYSE:IDA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 43,131 shares of the energy company's stock, valued at approximately $6,526,000. The Manufacturers Life Insurance Company owned approximately 0.07% of IDACORP at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in IDACORP during the 2nd quarter valued at $1,033,914,000. Morgan Stanley boosted its position in shares of IDACORP by 9.9% in the fourth quarter. Morgan Stanley now owns 2,103,940 shares of the energy company's stock worth $266,275,000 after buying an additional 188,845 shares during the period. State Street Corp grew its holdings in shares of IDACORP by 0.6% during the fourth quarter. State Street Corp now owns 1,887,948 shares of the energy company's stock valued at $238,939,000 after buying an additional 11,403 shares in the last quarter. Reaves W H & Co. Inc. grew its holdings in shares of IDACORP by 6.3% during the fourth quarter. Reaves W H & Co. Inc. now owns 1,807,811 shares of the energy company's stock valued at $228,797,000 after buying an additional 107,131 shares in the last quarter. Finally, Jennison Associates LLC raised its position in IDACORP by 0.9% during the first quarter. Jennison Associates LLC now owns 1,497,342 shares of the energy company's stock valued at $214,075,000 after buying an additional 13,694 shares during the period. Hedge funds and other institutional investors own 89.10% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of IDACORP in a research note on Monday, August 3rd. Barclays reduced 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. Morgan Stanley lowered their price objective on shares of IDACORP from $156.00 to $151.00 and set an "overweight" rating on the stock in a research report on Friday, August 21st. Wells Fargo & Company upped their price objective on shares of IDACORP from $154.00 to $155.00 and gave the company an "equal weight" rating in a research note on Friday, July 31st. Finally, Wall Street Zen lowered shares of IDACORP from a "hold" rating to a "sell" rating in a research note on Saturday. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, IDACORP presently has a consensus rating of "Moderate Buy" and an average target price of $153.86.

IDACORP Trading Down 0.1%

Shares of NYSE:IDA opened at $135.65 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.75 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $7.85 billion, a PE ratio of 22.46, a P/E/G ratio of 2.34 and a beta of 0.48. IDACORP, Inc. has a 1 year low of $122.30 and a 1 year high of $154.91. The firm has a fifty day moving average price of $145.55 and a 200 day moving average price of $143.56.

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

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Wednesday, August 5th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 2.6%. The ex-dividend date 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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