Bank of New York Mellon Corp Decreases Stock Holdings in Portland General Electric Company $POR

Key Points

• Bank of New York Mellon reduced its Portland General Electric stake by 3.9% in the second quarter, selling 54,662 shares and retaining 1.36 million shares worth approximately $70.5 million.
• Portland General Electric slightly missed quarterly expectations, reporting $0.64 EPS versus $0.65 expected and revenue of $814 million versus $839.75 million anticipated. Analysts maintain a consensus “Hold” rating with an average price target of $51.25.
• The company declared a quarterly dividend of $0.5513, equivalent to an annualized $2.21 payout and a 4.4% yield; however, its payout ratio is elevated at 96.92%.

Bank of New York Mellon Corp lowered its stake in Portland General Electric Company (NYSE:POR - Free Report) by 3.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,360,525 shares of the utilities provider's stock after selling 54,662 shares during the quarter. Bank of New York Mellon Corp owned 1.16% of Portland General Electric worth $70,516,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in POR. Johnson Financial Group Inc. purchased a new stake in shares of Portland General Electric during the third quarter worth about $27,000. Rothschild Investment LLC raised its position in shares of Portland General Electric by 112.9% during the 4th quarter. Rothschild Investment LLC now owns 611 shares of the utilities provider's stock worth $29,000 after purchasing an additional 324 shares during the last quarter. SHP Wealth Management purchased a new position in Portland General Electric in the 4th quarter valued at about $34,000. Northwestern Mutual Wealth Management Co. lifted its stake in Portland General Electric by 272.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 719 shares of the utilities provider's stock valued at $35,000 after buying an additional 526 shares in the last quarter. Finally, Root Financial Partners LLC lifted its stake in Portland General Electric by 55.8% in the 1st quarter. Root Financial Partners LLC now owns 1,014 shares of the utilities provider's stock valued at $54,000 after buying an additional 363 shares in the last quarter.

Insider Activity at Portland General Electric

In other Portland General Electric news, Director Michael A. Lewis sold 1,537 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $51.83, for a total transaction of $79,662.71. Following the transaction, the director directly owned 15,045 shares in the company, valued at $779,782.35. This represents a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.52% of the company's stock.

Portland General Electric Stock Performance

NYSE POR opened at $49.84 on Wednesday. The stock has a market cap of $5.86 billion, a PE ratio of 21.95, a P/E/G ratio of 2.14 and a beta of 0.52. 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 twelve month low of $41.80 and a twelve month high of $54.62. The stock has a fifty day simple moving average of $51.05 and a 200-day simple moving average of $51.32.

Portland General Electric (NYSE:POR - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.01). The company had revenue of $814.00 million during the quarter, compared to analysts' expectations of $839.75 million. Portland General Electric had a net margin of 7.27% and a return on equity of 7.47%. The firm's quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 earnings per share. Equities analysts anticipate that Portland General Electric Company will post 3.4 earnings per share for the current year.

Portland General Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Friday, September 25th will be paid a $0.5513 dividend. This represents a $2.21 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, September 25th. Portland General Electric's payout ratio is 96.92%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. LADENBURG THALM/SH SH upgraded Portland General Electric from a "neutral" rating to a "buy" rating and set a $48.50 target price on the stock in a research report on Thursday, August 13th. BMO Capital Markets set a $52.00 price target on Portland General Electric in a research report on Tuesday, August 4th. Zacks Research raised Portland General Electric from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded Portland General Electric from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Portland General Electric has a consensus rating of "Hold" and an average target price of $51.25.

About Portland General Electric

Portland General Electric NYSE: POR is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon's largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.

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