Allianz Asset Management GmbH has significantly reduced its holdings in IDACORP, Inc. (NYSE: IDA), selling 28,983 shares during the second quarter of 2023. This decision resulted in a 40.7% decrease in their stake, leaving Allianz with 42,228 shares valued at approximately $4,875,000 as per its latest filing with the U.S. Securities and Exchange Commission (SEC).
Several other institutional investors also adjusted their positions in IDACORP. For instance, GAMMA Investing LLC increased its holdings by 20.8% in the first quarter, acquiring an additional 127 shares to reach a total of 737 shares, now worth $86,000. Similarly, Wealth Enhancement Advisory Services LLC grew its stake by 7.4%, now owning 6,583 shares valued at $765,000 after purchasing 456 shares. Other notable changes include Cambridge Investment Research Advisors Inc., which increased its holdings by 4.2%, and Oppenheimer Asset Management Inc., which saw a 1.3% increase.
As it stands, institutional investors hold an impressive 89.10% of IDACORP’s stock, reflecting strong confidence in the company’s outlook.
Market Performance and Dividend Announcement
On Friday, shares of IDACORP opened at $134.18, marking a 1.3% decline. The company maintains a market capitalization of $7.25 billion and reported a price-to-earnings (P/E) ratio of 23.62. IDACORP’s stock has fluctuated between a 12-month low of $100.10 and a high of $138.03.
IDACORP also recently declared a quarterly dividend of $0.88, to be paid on December 1, 2023. Investors on record by November 5, 2023, will receive this dividend, which marks an increase from the previous quarterly dividend of $0.86. This translates to an annualized dividend of $3.52 and a dividend yield of 2.6%. The company’s dividend payout ratio currently stands at 60.56%.
Analyst Ratings and Predictions
Research firms have recently shared their analyses of IDACORP’s performance. BTIG Research upgraded the company to a “strong-buy” rating, while Wall Street Zen shifted its rating from “sell” to “hold.” UBS Group maintained a “neutral” rating, adjusting its price objective for IDACORP shares from $118.00 to $120.00. Weiss Ratings has reaffirmed a “buy (b)” rating, and Jefferies Financial Group increased its price target from $144.00 to $155.00.
Currently, one analyst rates the stock as a Strong Buy, six analysts recommend it as a Buy, and two have issued a Hold rating. According to MarketBeat data, IDACORP has an average rating of “Moderate Buy” with a consensus price target of $133.38.
IDACORP, Inc. is involved in the generation, transmission, distribution, purchase, and sale of electric energy across the United States. The company operates 17 hydropower plants in southern Idaho and eastern Oregon, in addition to natural gas-fired and coal-fired electricity generation facilities.
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