California Public Employees Retirement System increased its holdings in shares of IDACORP, Inc. (NYSE:IDA – Get Rating) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 112,208 shares of the energy company’s stock after buying an additional 1,061 shares during the quarter. California Public Employees Retirement System’s holdings in IDACORP were worth $11,885,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in IDACORP by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 5,874,121 shares of the energy company’s stock worth $677,639,000 after buying an additional 313,956 shares during the period. Parnassus Investments LLC raised its stake in IDACORP by 49.2% during the 2nd quarter. Parnassus Investments LLC now owns 1,800,345 shares of the energy company’s stock worth $190,693,000 after buying an additional 593,920 shares during the period. State Street Corp raised its stake in IDACORP by 15.2% during the 1st quarter. State Street Corp now owns 1,674,867 shares of the energy company’s stock worth $193,213,000 after buying an additional 221,072 shares during the period. Goldman Sachs Group Inc. raised its stake in IDACORP by 3.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 946,307 shares of the energy company’s stock worth $109,166,000 after buying an additional 32,913 shares during the period. Finally, GW&K Investment Management LLC raised its stake in IDACORP by 1.5% during the 1st quarter. GW&K Investment Management LLC now owns 857,023 shares of the energy company’s stock worth $98,866,000 after buying an additional 12,783 shares during the period. Institutional investors and hedge funds own 80.09% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have issued reports on IDA. StockNews.com began coverage on IDACORP in a report on Wednesday, October 12th. They set a “hold” rating for the company. Wells Fargo & Company increased their target price on IDACORP from $99.00 to $102.00 and gave the stock an “equal weight” rating in a report on Friday, November 4th. Finally, Bank of America cut IDACORP from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $115.00 to $103.00 in a report on Monday, November 7th. They noted that the move was a valuation call.
IDACORP Price Performance
IDACORP Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Wednesday, November 2nd will be issued a $0.79 dividend. This is a boost from IDACORP’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Tuesday, November 1st. This represents a $3.16 annualized dividend and a dividend yield of 2.99%. IDACORP’s dividend payout ratio (DPR) is presently 64.10%.
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.
- Get a free copy of the StockNews.com research report on IDACORP (IDA)
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