Truist Financial Corp Sells 1,950 Shares of IDACORP, Inc. (NYSE:IDA)

Truist Financial Corp lessened its holdings in IDACORP, Inc. (NYSE:IDA) by 5.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,437 shares of the energy company’s stock after selling 1,950 shares during the period. Truist Financial Corp owned approximately 0.07% of IDACORP worth $3,484,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of IDA. Alaska Permanent Fund Corp boosted its position in IDACORP by 1.0% in the fourth quarter. Alaska Permanent Fund Corp now owns 124,405 shares of the energy company’s stock worth $12,232,000 after purchasing an additional 1,189 shares during the last quarter. CWM LLC grew its position in IDACORP by 22.2% during the fourth quarter. CWM LLC now owns 992 shares of the energy company’s stock valued at $98,000 after buying an additional 180 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in IDACORP by 12.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,951 shares of the energy company’s stock worth $880,000 after buying an additional 973 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in IDACORP during the fourth quarter worth about $277,000. Finally, Louisiana State Employees Retirement System bought a new stake in IDACORP in the fourth quarter worth about $1,396,000. 89.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

IDA has been the subject of several research analyst reports. Guggenheim lowered shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price target for the company. in a research note on Monday, January 22nd. StockNews.com raised IDACORP to a “sell” rating in a research report on Friday, April 26th. Mizuho dropped their price target on IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 5th. Wells Fargo & Company lifted their price objective on IDACORP from $94.00 to $98.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Morgan Stanley upped their price objective on shares of IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and a consensus target price of $94.60.

IDACORP Stock Down 0.1 %

IDA stock opened at $96.15 on Tuesday. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $111.26. The firm has a market capitalization of $4.87 billion, a PE ratio of 19.31 and a beta of 0.55. The company has a quick ratio of 1.19, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. The stock has a 50-day simple moving average of $91.61 and a two-hundred day simple moving average of $93.96.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). IDACORP had a return on equity of 8.71% and a net margin of 14.18%. The firm had revenue of $448.94 million for the quarter, compared to the consensus estimate of $441.21 million. During the same period last year, the company posted $1.11 EPS. On average, equities analysts predict that IDACORP, Inc. will post 5.32 EPS for the current fiscal year.

IDACORP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 6th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Friday, May 3rd. IDACORP’s dividend payout ratio is 66.67%.

About IDACORP

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.