Federated Hermes Inc. Sells 9,187 Shares of IDACORP, Inc. (NYSE:IDA)

Federated Hermes Inc. cut its stake in shares of IDACORP, Inc. (NYSE:IDA) by 15.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,141 shares of the energy company’s stock after selling 9,187 shares during the period. Federated Hermes Inc. owned 0.09% of IDACORP worth $5,370,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP grew its stake in IDACORP by 43.3% during the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock valued at $374,279,000 after acquiring an additional 1,035,133 shares in the last quarter. Reaves W H & Co. Inc. boosted its holdings in IDACORP by 75.4% in the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock valued at $109,103,000 after purchasing an additional 429,276 shares during the period. Raymond James Financial Inc. bought a new position in IDACORP in the 4th quarter valued at $37,104,000. State Street Corp grew its position in shares of IDACORP by 5.5% during the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after purchasing an additional 86,642 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of IDACORP by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock worth $660,786,000 after purchasing an additional 77,230 shares during the period. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IDA has been the subject of several research analyst reports. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. UBS Group lifted their price target on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Morgan Stanley upped their price objective on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Bank of America raised their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. Finally, Jefferies Financial Group raised shares of IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $120.50.

IDACORP Stock Performance

NYSE:IDA opened at $117.41 on Friday. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 2.32 and a beta of 0.56. The business has a 50 day moving average of $114.28 and a 200 day moving average of $111.20. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. IDACORP, Inc. has a 1-year low of $88.70 and a 1-year high of $120.84.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The firm had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. On average, sell-side analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 annualized dividend and a yield of 2.93%. IDACORP’s payout ratio is 62.77%.

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.