31,300 Portland General Electric Company $POR Shares Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems increased its Portland General Electric stake by 68.5% in the third quarter, purchasing 31,300 shares and bringing its total holdings to 77,000 shares valued at approximately $3.44 million.
• Portland General Electric reported third-quarter earnings of $1.06 per share, missing analyst expectations of $1.11, while revenue of $971 million also fell short of estimates but rose 2% year over year.
• Analysts maintain a consensus “Hold” rating, with an average price target of $51.56. The company also declared a quarterly dividend of $0.5513 per share, representing an annualized yield of about 4.8%.

VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Portland General Electric Company (NYSE:POR - Free Report) by 68.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,000 shares of the utilities provider's stock after buying an additional 31,300 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.07% of Portland General Electric worth $3,437,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of Portland General Electric by 7.4% during the 2nd quarter. BlackRock Inc. now owns 18,719,655 shares of the utilities provider's stock valued at $970,240,000 after acquiring an additional 1,292,219 shares during the period. State Street Corp increased its holdings in Portland General Electric by 8.0% in the 2nd quarter. State Street Corp now owns 5,019,860 shares of the utilities provider's stock worth $262,810,000 after acquiring an additional 372,165 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Portland General Electric by 31.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,329,723 shares of the utilities provider's stock worth $120,750,000 after acquiring an additional 553,570 shares during the period. Dimensional Fund Advisors LP raised its stake in Portland General Electric by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,831,142 shares of the utilities provider's stock worth $96,629,000 after acquiring an additional 18,146 shares during the period. Finally, Bank of America Corp DE raised its stake in Portland General Electric by 60.6% during the 1st quarter. Bank of America Corp DE now owns 1,660,446 shares of the utilities provider's stock worth $87,622,000 after acquiring an additional 626,223 shares during the period.

Wall Street Analyst Weigh In

POR has been the topic of several analyst reports. UBS Group lowered their price target on shares of Portland General Electric from $53.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, September 28th. Zacks Research raised shares of Portland General Electric from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. BTIG Research set a $57.00 price objective on shares of Portland General Electric in a research report on Tuesday, October 20th. LADENBURG THALM/SH SH upgraded shares of Portland General Electric from a "neutral" rating to a "buy" rating and set a $48.50 price objective on the stock in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Portland General Electric from $56.00 to $53.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 9th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Portland General Electric currently has a consensus rating of "Hold" and a consensus price target of $51.56.

Portland General Electric Stock Up 2.5%

NYSE POR opened at $45.55 on Tuesday. The stock's 50 day moving average is $46.40 and its 200 day moving average is $49.98. The company has a current ratio of 0.98, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. Portland General Electric Company has a 12 month low of $43.26 and a 12 month high of $54.62. The stock has a market cap of $5.36 billion, a PE ratio of 19.55, a P/E/G ratio of 2.68 and a beta of 0.49.

Portland General Electric (NYSE:POR - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.05). Portland General Electric had a return on equity of 7.47% and a net margin of 7.27%. The business had revenue of $971.00 million during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the company earned $1.00 earnings per share. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. Research analysts predict that Portland General Electric Company will post 3.22 EPS for the current fiscal year.

Portland General Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Tuesday, December 22nd will be issued a $0.5513 dividend. This represents a $2.21 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Tuesday, December 22nd. Portland General Electric's payout ratio is 94.42%.

About Portland General Electric

Portland General Electric Company NYSE: POR is an investor-owned electric utility that generates, purchases, transmits, distributes and sells electricity to residential, commercial and industrial customers. The company also offers energy-management programs, renewable energy options and other services designed to support energy efficiency and electrification.

PGE serves communities throughout the state of Oregon, including the Portland metropolitan area and the Willamette Valley. Its operations include a diverse portfolio of power generation resources, transmission and distribution infrastructure, and programs supporting the integration of renewable energy and electric vehicles.

The company traces its history to the development of electric service in Oregon in the late 19th century.

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