Truist Financial Corp Trims Stake in IDACORP, Inc. (NYSE:IDA)

Truist Financial Corp decreased its position in shares of IDACORP, Inc. (NYSE:IDA) by 16.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 31,405 shares of the energy company’s stock after selling 6,237 shares during the period. Truist Financial Corp owned about 0.06% of IDACORP worth $2,925,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pitcairn Co. grew its holdings in shares of IDACORP by 2.4% during the 1st quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock worth $402,000 after acquiring an additional 103 shares during the period. Raymond James Trust N.A. grew its stake in shares of IDACORP by 1.7% in the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock worth $597,000 after buying an additional 107 shares during the last quarter. Fortem Financial Group LLC grew its stake in shares of IDACORP by 1.2% in the 2nd quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock worth $866,000 after buying an additional 112 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in IDACORP by 18.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 816 shares of the energy company’s stock valued at $77,000 after buying an additional 126 shares in the last quarter. Finally, Rise Advisors LLC increased its position in IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after buying an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Analysts Set New Price Targets

IDA has been the subject of a number of analyst reports. Bank of America initiated coverage on IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective for the company. Jefferies Financial Group initiated coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective for the company. Wells Fargo & Company raised their price objective on IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley raised their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $103.57.

IDACORP Stock Performance

Shares of IDA opened at $100.80 on Thursday. The business’s fifty day simple moving average is $102.43 and its two-hundred day simple moving average is $96.91. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. IDACORP, Inc. has a 12 month low of $86.43 and a 12 month high of $105.24. The company has a market cap of $5.37 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 3.46 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.37 by $0.34. The business had revenue of $451.04 million for the quarter, compared to the consensus estimate of $420.56 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same period last year, the business posted $1.35 EPS. Research analysts anticipate that IDACORP, Inc. will post 5.39 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 5th were paid a $0.83 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. IDACORP’s dividend payout ratio (DPR) is currently 66.67%.

IDACORP Company 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.