First Citizens Bank & Trust Co. Sells 1,052 Shares of IDACORP, Inc. (NYSE:IDA)

First Citizens Bank & Trust Co. cut its holdings in IDACORP, Inc. (NYSE:IDA) by 30.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,400 shares of the energy company’s stock after selling 1,052 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in IDACORP were worth $224,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IDA. Nuance Investments LLC bought a new position in IDACORP in the 1st quarter valued at approximately $86,962,000. Wellington Management Group LLP lifted its position in IDACORP by 50.3% in the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after acquiring an additional 546,818 shares in the last quarter. Victory Capital Management Inc. lifted its position in IDACORP by 29.7% in the 4th quarter. Victory Capital Management Inc. now owns 1,194,847 shares of the energy company’s stock valued at $117,477,000 after acquiring an additional 273,560 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in IDACORP by 128.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock valued at $38,822,000 after buying an additional 221,777 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in IDACORP by 59.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after buying an additional 145,316 shares during the last quarter. 89.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

IDA has been the subject of a number of research reports. Morgan Stanley decreased their target price on shares of IDACORP from $98.00 to $93.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. Wells Fargo & Company boosted their target price on shares of IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Mizuho boosted their target price on shares of IDACORP from $88.00 to $99.00 and gave the company a “neutral” rating in a research note on Thursday, May 16th. Finally, StockNews.com upgraded shares of IDACORP to a “sell” rating in a research note on Friday, April 26th. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat.com, IDACORP presently has a consensus rating of “Hold” and an average price target of $98.00.

IDACORP Trading Down 0.5 %

Shares of NYSE:IDA traded down $0.48 during trading hours on Tuesday, hitting $102.38. 21,539 shares of the company’s stock traded hands, compared to its average volume of 360,235. IDACORP, Inc. has a 1 year low of $86.43 and a 1 year high of $104.43. The business has a fifty day moving average price of $95.77 and a 200-day moving average price of $93.52. The firm has a market capitalization of $5.45 billion, a P/E ratio of 20.66 and a beta of 0.58. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.54 and a quick ratio of 1.19.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.38%. The firm had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. During the same quarter in the previous year, the firm posted $1.35 earnings per share. Equities analysts expect that IDACORP, Inc. will post 5.37 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Monday, August 5th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.24%. The ex-dividend date is Monday, August 5th. IDACORP’s dividend payout ratio is presently 66.67%.

Insider Activity

In related news, VP James Bo D. Hanchey sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total value of $142,635.00. Following the completion of the transaction, the vice president now owns 1,650 shares of the company’s stock, valued at $156,898.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.47% of the company’s stock.

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.