Exploring IDACORP, Inc. (IDA) Investor Profile: Who’s Buying and Why?

You're looking at IDACORP, Inc. (IDA) because you want stability, but the real question is, are the smart money giants still buying this utility stock, and why? The answer is yes, and in a big way: institutional investors-the pension funds and asset managers like Blackrock, which holds a massive 12.02% stake, or 6.50 million shares, and Vanguard Group Inc. with 11.17%-now own roughly 89.1% of the company. That level of concentration tells you something important about its defensive appeal. The company just reported a strong third quarter for 2025, with net income hitting $124.4 million, and they raised their full-year earnings per share (EPS) guidance to a tight range of $5.80 to $5.90 per share. Plus, they hiked the quarterly dividend to $0.88 per share, pushing the annualized payout to $3.52 with a sustainable payout ratio near 59%. Is this just a safe haven, or is there a genuine growth story in their regulated utility business? Let's break down the investor profile to see if their conviction should be yours.

Who Invests in IDACORP, Inc. (IDA) and Why?

If you're looking at IDACORP, Inc. (IDA), you need to understand that this isn't a stock dominated by day traders or speculative hedge funds. The direct takeaway is that IDACORP is overwhelmingly a professional money manager's play, valued for its utility stability and predictable, regulated growth.

The investor base is a classic utility profile: slow-and-steady institutional giants who hold for the long haul. This stability is a key reason why IDACORP can raise its dividend year after year. To be fair, you defintely won't see 10x returns here, but you will see reliable income.

Key Investor Types: The Institutional Anchor

The ownership structure of IDACORP is highly concentrated among institutional investors, which is typical for a regulated utility. As of late 2025, institutional investors-think mutual funds, pension funds, and endowments-control a massive stake, sitting in the range of 87% to 89.10% of the outstanding shares.

This leaves the retail and individual investor pool at roughly 12.01% of ownership. What this estimate hides is that much of that retail ownership is likely held indirectly through the same institutional funds. The largest shareholders are the titans of passive and active management:

• Blackrock Inc: Holds approximately 12.02% of shares, valued around $830.72 million.
• Vanguard Group Inc: Owns about 11.17% of the company.
• Wellington Management Group LLP: A significant active manager with a 6.15% stake.

The presence of these index-fund behemoths-Blackrock and Vanguard-means a huge portion of IDACORP's stock is held passively, tied to the performance of the S&P 500 or utility sector indices. This passive buying creates a consistent, non-emotional demand floor for the stock. You've got to follow the big money.

Investment Motivations: Stability and Dividend Growth

Investors are attracted to IDACORP primarily for its stable, regulated income stream and its commitment to returning capital. The business, through its main subsidiary Idaho Power, operates in a region experiencing strong customer growth, which is a major tailwind for a utility.

Here's the quick math on why IDACORP is an income investor favorite:

• Predictable Earnings: The company's FY 2025 EPS guidance is tight, projected between $5.80 and $5.90 per diluted share, with the analyst consensus at $5.81 EPS.
• Dividend Reliability: The Board recently approved a quarterly dividend increase to $0.88 per share, making the annualized dividend $3.52 per share for a yield of around 2.7%. IDACORP has increased its dividend every year since 2011.
• Growth Engine: Idaho Power's customer base grew by approximately 15,000, or 2.3%, in the twelve months ending September 30, 2025, driven by strong economic conditions in its service area.

The stability of a regulated utility, plus the growth from a rapidly expanding customer base in Idaho, makes a compelling case for risk-averse capital. Plus, the company is investing heavily, with a planned capital expenditure of $1 billion to $1.1 billion in 2025 to fortify infrastructure and add clean energy assets. That's a clear signal of future rate base growth, which translates to higher earnings potential down the road. You can see the long-term plan in their Mission Statement, Vision, & Core Values of IDACORP, Inc. (IDA).

Investment Strategies: Long-Term Holding is King

Given the motivations, the typical strategies for IDACORP are straightforward and focused on the long term. This is not a stock for short-term trading; it's a portfolio anchor.

The dominant strategies include:

• Long-Term Holding/Buy-and-Hold: This is the primary strategy for the huge institutional base and passive funds. They buy and hold IDACORP for its low volatility (Beta of 0.59) and its role as a defensive asset in a diversified portfolio.
• Dividend Growth Investing: Individual and institutional investors focused on income rely on the company's track record of increasing its payout. The dividend payout ratio is currently around 60.48%, which is healthy and leaves room for future increases.
• Value Investing (Regulated Utility Model): Some active managers view IDACORP as a classic value play-a regulated business with a predictable return on equity (9.18%) that consistently delivers earnings. They are looking for a utility that is trading at a reasonable multiple relative to its guaranteed rate base growth.

While some hedge funds, like Greenland Capital Management LP, have opened new positions in 2025, these moves are often a small part of a broader, diversified strategy, not a high-conviction, short-term bet. The bottom line is that you buy IDACORP to anchor your portfolio, not to shoot the lights out. Finance: Check your portfolio allocation to utilities and ensure IDACORP's weight aligns with your risk tolerance by next Tuesday.

Institutional Ownership and Major Shareholders of IDACORP, Inc. (IDA)

If you're looking at IDACORP, Inc. (IDA), the first thing to understand is that it's an institutional-grade stock. These aren't companies where retail investors drive the action. Nearly 90% of the company's shares are held by large financial institutions, which means their investment decisions-not yours-set the tone for the stock price and the company's strategic focus.

To be precise, institutional investors currently own roughly 89.1% of IDACORP's stock. That's a huge concentration, typical for a stable utility company like this. This high level of institutional ownership suggests professional investors see the company's regulated electric utility business as a reliable, long-term holding, especially given its consistent dividend growth.

Top Institutional Investors: Who Holds the Keys?

The investor profile is dominated by the world's largest asset managers, the passive and active giants who essentially own the market. BlackRock, Inc. and The Vanguard Group, Inc. are the two undisputed leaders here. They hold shares not just for their index funds, but also for a vast array of managed portfolios, making them critical stakeholders.

Here's the quick math on the top holders, based on the most recent filings from the third quarter of 2025:

BlackRock, Inc. and Vanguard alone account for nearly a quarter of the entire company. That's power.

Recent Ownership Dynamics: Are They Buying or Selling?

The recent trading activity among these large holders shows a healthy, if mixed, picture, which is normal for a utility stock that serves as a core portfolio holding. In the first half of 2025, the total number of institutional positions that increased (270 positions) significantly outweighed those that decreased (175 positions), signaling a net accumulation trend.

For example, Westwood Holdings Group Inc. boosted its stake by a substantial 10.7% in the second quarter of 2025. Similarly, LPL Financial LLC increased its position by 11.2% in the first quarter of 2025. This buying pressure is a vote of confidence in IDACORP's long-term stability and its ability to execute on its capital plans.

Still, not everyone is a buyer. The Vanguard Group, Inc. slightly reduced its position by -0.393% in the third quarter of 2025. These small reductions often reflect minor portfolio rebalancing rather than a fundamental negative view on the company's prospects. The overall trend is one of sustained, high institutional interest.

Impact of Institutional Investors on Strategy and Stock Price

For a utility like IDACORP, institutional investors play a different role than they would in a high-growth tech company. They aren't pushing for a quick exit or a massive strategic pivot. They are focused on stability, regulated growth, and, most importantly, the dividend.

• Dividend Policy: Their influence is directly tied to the dividend. The company recently raised its quarterly dividend to $0.88 per share, or $3.52 annualized, for a yield around 2.7%. This consistent increase is a direct response to the expectations of its institutional base, who rely on predictable income streams.
• Capital Expenditure Oversight: IDACORP's core strategy involves heavy infrastructure investment to serve its rapidly growing customer base in Idaho Power's service area. Institutional investors, through their engagement with management, ensure these capital expenditures are 'thoughtfully and deliberately' managed to minimize earnings per share (EPS) dilution.
• Earnings Stability: Their confidence is reflected in the company's strong guidance. IDACORP is guiding for a full-year 2025 diluted EPS in the range of $5.80 to $5.90. This stability is the bedrock of institutional investment in the utility sector.

The large institutional stake acts as a stabilizing force on the stock price. It reduces volatility (the stock's beta is low at 0.59) because these large blocks of shares aren't traded frequently. Also, a high institutional ownership signals that the company's Mission Statement, Vision, & Core Values of IDACORP, Inc. (IDA). align with a long-term, low-risk investment thesis. That's why you see a utility stock with a market capitalization of around $6.93 billion trading with a relatively high price-to-earnings (P/E) ratio of 22.57-investors pay a premium for that predictability.

Key Investors and Their Impact on IDACORP, Inc. (IDA)

The investor profile for IDACORP, Inc. (IDA) is dominated by large institutional money, which is typical for a regulated utility. This isn't a stock for quick-flip traders; it's a bedrock holding for massive funds seeking stability and reliable dividends. Institutional investors-the mutual funds, pension funds, and asset managers-own a commanding share, holding approximately 89.1% of the company's stock as of late 2025. That's a huge concentration.

The sheer size of this institutional ownership means their collective focus on long-term capital recovery and predictable earnings heavily influences IDACORP, Inc.'s (IDA) strategy. When nearly nine out of every ten shares are held by professional money managers, management has to prioritize regulatory success and dividend stability above all else. This is why you see the company's narrative so closely tied to infrastructure investment and rate case outcomes.

Notable Investors and Their Massive Stakes

The top shareholders in IDACORP, Inc. (IDA) are the giants of the asset management world. These funds aren't just buying shares; they are essentially anchoring the stock, providing a stable base that minimizes volatility. The two largest holders are BlackRock, Inc. and The Vanguard Group, Inc..

Here's the quick math on their Q2 2025 positions, showing the scale of their commitment:

• BlackRock, Inc. held 6,508,847 shares, valued at about $883.7 million.
• The Vanguard Group, Inc. held 6,058,367 shares, valued at about $822.5 million.

These two firms alone control a significant chunk of the entire company. You defintely need to pay attention to their moves, even if they are infrequent.

Recent Moves and the Focus on Capital Recovery

In the most recent reporting periods, institutional activity has shown a mix of steady accumulation and tactical adjustments, reflecting confidence in the utility's growth story but also some profit-taking. For instance, Franklin Resources Inc. increased its stake by a notable 32.3% in the second quarter of 2025, bringing their total to 455,338 shares, valued at over $52.569 million. Similarly, Westwood Holdings Group Inc. boosted its position by 10.7% to 321,537 shares, valued at $37.12 million.

But it's not all buying. First Eagle Investment Management Llc, another notable fund, showed a small reduction in its holding in Q3 2025, reducing its position by 0.70% to 91,312 shares, valued at $12.067 million. This kind of minor reduction is common for large funds rebalancing their portfolios, not a sign of panic. What this tells us is that the market for IDACORP, Inc. (IDA) is still seeing net institutional accumulation, driven by the company's strong customer growth in its service area.

Investor Influence and Strategic Alignment

The influence of these investors is less about activist demands and more about strategic alignment, especially concerning the dividend and capital expenditure (CapEx) program. IDACORP, Inc. (IDA) is in a period of heavy CapEx to support its rapidly growing customer base, which includes major industrial customers. This requires a lot of cash.

The Board's decision to increase the regular quarterly cash dividend to $0.88 per share (an annualized rate of $3.52) was directly tied to a strategic goal: adjusting the target payout ratio to 50% to 60% of earnings. This move helps reduce the need for external equity financing over time, which is a clear signal to institutional investors that management is prioritizing capital efficiency while still providing a growing return. This is the core of the utility investor's mandate: stable, growing dividends funded by a solid regulatory framework.

The company's raised full-year 2025 earnings guidance to a range of $5.80 to $5.90 per diluted share, up from a previous range, further validates the investment thesis for these long-term holders. Even when the stock dipped 2% following the Q3 2025 earnings beat, the underlying story of customer growth and successful rate case settlements (like the one pending approval in Idaho) keeps the institutional money anchored.

For a deeper dive into the regulatory environment that makes this utility so attractive to institutional capital, you can read more here: IDACORP, Inc. (IDA): History, Ownership, Mission, How It Works & Makes Money.

The key takeaway is simple: institutional investors are buying into IDACORP, Inc.'s (IDA) regulatory stability and the growth fueled by its expanding service area, not a short-term trade.

Market Impact and Investor Sentiment

You're looking at IDACORP, Inc. (IDA) and wondering what the big money thinks, which is defintely the right question. The sentiment from major institutional shareholders right now is a solid Moderate Buy, a consensus driven by the company's stability and its strong regional growth story. This isn't a speculative play; it's a utility, so the positive sentiment is about predictable, compounding returns.

Institutional investors, the big players like Blackrock and Vanguard, own a massive chunk of the company, holding between 89.1% and over 99% of the stock. That high institutional ownership tells you they see IDACORP as a core, long-term holding. Blackrock Inc. is the largest individual shareholder, holding 6,498,635 shares, which are valued at approximately $830.72 million. Vanguard Group Inc. is right behind them with 6,034,548 shares, valued at about $771.40 million. When these giants are in, it signals confidence in the regulated utility model and the company's service area growth.

Here's the quick math on why they're buying: IDACORP's subsidiary, Idaho Power, saw customer growth of about 2.6% year-over-year, which is robust for a utility. That growth translates directly into higher retail revenues and a clear need for infrastructure investment, which regulators typically allow utilities to earn a return on.

• Blackrock Inc. holds 12.02% of shares.
• Vanguard Group Inc. holds 11.17% of shares.
• Institutional ownership is near 90%.

Recent Market Reactions to Ownership and Earnings

The market reaction to IDACORP's news has been a bit of a mixed bag this year, but the long-term trend is still up. For example, the stock has posted a year-to-date gain of about 18% as of November 2025, showing renewed investor optimism. Still, you have to watch the near-term volatility.

In February 2025, the stock fell over 3% in pre-market trading when the initial 2025 earnings guidance of $5.65 to $5.85 per share came in below the high end of analysts' expectations. That's a classic utility reaction: investors hate any whiff of disappointment in a stable-growth stock. Later, after the Q3 2025 earnings release in October, the stock dipped another 2% in aftermarket trading, even though the company reported earnings per share (EPS) of $2.26, which beat the consensus estimate of $2.23. This dip was likely due to investor focus shifting to the increased financing and depreciation costs tied to their infrastructure spending, plus the uncertainty around a canceled wind project.

The good news is that management has been proactive. They raised the quarterly dividend to $0.88 per share (an annualized $3.52 payout) and increased the full-year 2025 EPS guidance to a tighter range of $5.80 to $5.90 per diluted share. These actions, plus positive analyst model updates, have helped the stock trade higher recently. A rising dividend is a strong signal of financial health. You can read more about their strategic direction here: Mission Statement, Vision, & Core Values of IDACORP, Inc. (IDA).

Analyst Perspectives and Future Impact

Wall Street is generally bullish on IDACORP, with a consensus rating of 'Moderate Buy' from nine brokerages. The average 12-month price target is set around $137.38 to $140.50. This suggests an expected upside of about 6.89% from the current price, which is solid for a utility stock.

The analysts' positive outlook is grounded in a few concrete factors. First, the company is benefiting from the ID ADITC regulatory mechanism, which is expected to allow Idaho Power to use between $50 million and $60 million of additional tax credits in 2025. Second, the region's strong economic development, including large-scale industrial investments like new data centers, is driving an anticipated annual load growth of approximately 8.3% over the next five years. To be fair, this growth requires significant capital expenditure (capex), which brings higher depreciation and financing costs-a key risk analysts are watching. The utility's financial health is also supported by a constructive settlement of its Idaho general rate case, which is pending approval by the Idaho Public Utilities Commission.

Here's a snapshot of the 2025 financial outlook and analyst targets:

The key takeaway is that the big investors and analysts are betting on the strong demand in IDACORP's service area. The risk is less about demand and more about execution and regulatory approval of the massive capital spending needed to meet that demand.