PNC Financial Services Group Inc. has reduced its position in IDACORP, Inc. (NYSE: IDA) by 3.2% during the first quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the financial services firm now holds 5,780 shares of the energy company, after selling 191 shares during this period. As of the latest filing, PNC’s stake in IDACORP is valued at approximately $672,000.

Several other institutional investors have also adjusted their holdings in IDACORP recently. Notably, Jennison Associates LLC acquired a new stake in IDACORP worth around $71.4 million in the first quarter. Additionally, Raymond James Financial Inc. took a new position valued at approximately $37.1 million in the fourth quarter of 2022. Ameriprise Financial Inc. significantly increased its stake in IDACORP by 596.7% during the same quarter, now owning 379,312 shares worth about $41.5 million. T. Rowe Price Investment Management Inc. also raised its stake in IDACORP by 9.6%, now holding 1,909,695 shares valued at $208.7 million after an additional purchase of 166,864 shares.

A remarkable increase came from GAMMA Investing LLC, which boosted its stake by 13,941.6% in the first quarter, acquiring 85,654 shares valued at $99.6 million. Currently, institutional investors and hedge funds own approximately 89.1% of IDACORP’s stock.

Recent Stock Performance and Financial Results

IDACORP’s stock opened at $125.70 on Wednesday. The company’s fifty-day simple moving average stands at $118.46, while its 200-day moving average is at $116.08. The firm currently has a quick ratio of 1.12, a current ratio of 1.45, and a debt-to-equity ratio of 1.01. IDACORP has a market capitalization of $6.79 billion and a price-to-earnings (P/E) ratio of 22.13.

In its most recent quarterly earnings report, released on July 31, 2023, IDACORP reported earnings per share (EPS) of $1.76, meeting analysts’ consensus estimate. The company achieved a net margin of 16.96% and a return on equity of 9.18%. Revenue for the quarter reached $531.1 million, exceeding the analyst expectations of $478.14 million. For the current fiscal year, analysts anticipate IDACORP will post an EPS of $5.81.

Dividend Announcement and Analyst Ratings

IDACORP has also declared a quarterly dividend of $0.86, scheduled for payment on September 2, 2023. Investors of record on August 5, 2023 will receive this dividend, which represents an annualized total of $3.44 and a dividend yield of 2.7%. The company’s dividend payout ratio is currently 60.56%.

Recent analyst reports reflect a generally positive outlook for IDACORP. Guggenheim raised its target price from $121.00 to $126.00, assigning a “buy” rating in a report dated May 2, 2023. Morgan Stanley has set a price target of $128.00 with an “equal weight” rating. UBS Group reaffirmed a “neutral” rating and increased its target price to $120.00. Overall, there are four analysts who rate the stock as a hold and four who have assigned buy ratings, leading to a consensus rating of “Moderate Buy” with an average target price of $122.86.

IDACORP, Inc. engages in various activities related to electric energy in the United States, including generation, transmission, and distribution. The company operates a diverse portfolio of energy facilities including hydropower and natural gas-fired plants, serving its market effectively while navigating changes in institutional investment.