Comerica Bank Boosts Holdings in Portland General Electric (NYSE:POR)

Comerica Bank grew its holdings in Portland General Electric (NYSE:POR - Free Report) by 7.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 119,266 shares of the utilities provider's stock after acquiring an additional 8,389 shares during the period. Comerica Bank owned 0.11% of Portland General Electric worth $5,202,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of POR. Nordea Investment Management AB raised its stake in Portland General Electric by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 989,379 shares of the utilities provider's stock worth $43,058,000 after acquiring an additional 19,057 shares during the period. Franklin Resources Inc. raised its position in shares of Portland General Electric by 114.1% during the 3rd quarter. Franklin Resources Inc. now owns 153,290 shares of the utilities provider's stock valued at $7,289,000 after purchasing an additional 81,701 shares during the period. Synergy Asset Management LLC raised its position in shares of Portland General Electric by 260.6% during the 4th quarter. Synergy Asset Management LLC now owns 114,496 shares of the utilities provider's stock valued at $5,096,000 after purchasing an additional 82,743 shares during the period. Blair William & Co. IL lifted its stake in shares of Portland General Electric by 13.2% during the 4th quarter. Blair William & Co. IL now owns 5,925 shares of the utilities provider's stock valued at $258,000 after buying an additional 692 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Portland General Electric by 3.7% in the 4th quarter. American Century Companies Inc. now owns 141,367 shares of the utilities provider's stock worth $6,166,000 after buying an additional 5,084 shares in the last quarter.

Insider Buying and Selling

In other news, EVP Benjamin Felton sold 1,845 shares of the firm's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $43.02, for a total value of $79,371.90. Following the completion of the sale, the executive vice president now owns 32,646 shares in the company, valued at approximately $1,404,430.92. This trade represents a 5.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Joseph R. Trpik, Jr. sold 1,375 shares of Portland General Electric stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $41.32, for a total transaction of $56,815.00. Following the transaction, the chief financial officer now directly owns 31,960 shares of the company's stock, valued at approximately $1,320,587.20. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,795 shares of company stock worth $159,946 over the last three months. 0.40% of the stock is owned by insiders.

Portland General Electric Price Performance

POR stock opened at $42.34 on Tuesday. Portland General Electric has a 52 week low of $40.05 and a 52 week high of $49.85. The firm has a market capitalization of $4.64 billion, a P/E ratio of 14.07, a price-to-earnings-growth ratio of 1.11 and a beta of 0.57. The company has a fifty day simple moving average of $43.32 and a two-hundred day simple moving average of $44.06. The company has a quick ratio of 0.81, a current ratio of 0.92 and a debt-to-equity ratio of 1.22.

Portland General Electric (NYSE:POR - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The utilities provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The company had revenue of $928.00 million during the quarter, compared to analysts' expectations of $977.02 million. During the same quarter in the prior year, the business posted $1.21 EPS. The company's revenue was down .1% on a year-over-year basis. Analysts anticipate that Portland General Electric will post 3.21 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 24th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 4.96%. The ex-dividend date is Tuesday, June 24th. This is a positive change from Portland General Electric's previous quarterly dividend of $0.50. Portland General Electric's dividend payout ratio is presently 73.94%.

Analysts Set New Price Targets

Several brokerages have recently commented on POR. UBS Group upgraded Portland General Electric from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $47.00 to $50.00 in a research report on Monday. Evercore ISI dropped their price target on Portland General Electric from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Wells Fargo & Company cut their price objective on shares of Portland General Electric from $46.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday, April 28th. StockNews.com raised shares of Portland General Electric from a "sell" rating to a "hold" rating in a report on Friday, April 25th. Finally, LADENBURG THALM/SH SH cut shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 target price for the company. in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $45.40.

About Portland General Electric

Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2023, the company owned an electric transmission system consisting of 1,254 circuit miles, including 287 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 554 miles of 115 kilovolt line; and served 934 thousand retail customers in 51 cities.

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