Fifth Third Bancorp Grows Holdings in Portland General Electric Company $POR

Key Points

• Fifth Third Bancorp dramatically increased its stake in Portland General Electric, boosting holdings by 15,509.2% in the first quarter to 125,810 shares valued at about $6.64 million.
• Portland General Electric missed earnings and revenue expectations in its latest quarterly report, posting $0.58 EPS versus the $0.77 estimate and revenue of $879 million versus $953.24 million expected.
• The utility raised its quarterly dividend to $0.5513 per share, implying a 4.2% yield, even as analysts currently hold an overall “Reduce” rating and average price target of $51.00.

Fifth Third Bancorp increased its holdings in Portland General Electric Company (NYSE:POR - Free Report) by 15,509.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,810 shares of the utilities provider's stock after acquiring an additional 125,004 shares during the period. Fifth Third Bancorp owned about 0.11% of Portland General Electric worth $6,639,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Natixis Advisors LLC increased its position in Portland General Electric by 0.6% in the fourth quarter. Natixis Advisors LLC now owns 35,548 shares of the utilities provider's stock worth $1,706,000 after buying an additional 207 shares during the last quarter. Sigma Planning Corp increased its holdings in Portland General Electric by 3.9% in the 4th quarter. Sigma Planning Corp now owns 5,663 shares of the utilities provider's stock worth $272,000 after acquiring an additional 210 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in Portland General Electric by 18.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,469 shares of the utilities provider's stock valued at $71,000 after acquiring an additional 226 shares during the period. Fox Hill Wealth Management raised its stake in Portland General Electric by 0.6% in the 4th quarter. Fox Hill Wealth Management now owns 39,373 shares of the utilities provider's stock valued at $1,890,000 after acquiring an additional 237 shares during the period. Finally, Private Trust Co. NA lifted its holdings in Portland General Electric by 76.4% during the fourth quarter. Private Trust Co. NA now owns 552 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 239 shares during the last quarter.

Portland General Electric Price Performance

Shares of NYSE:POR opened at $52.77 on Friday. The company has a 50 day moving average of $50.56 and a 200 day moving average of $51.10. The stock has a market cap of $6.11 billion, a P/E ratio of 23.56, a P/E/G ratio of 2.19 and a beta of 0.52. Portland General Electric Company has a 12 month low of $39.73 and a 12 month high of $54.62. The company has a current ratio of 1.09, a quick ratio of 0.95 and a debt-to-equity ratio of 1.19.

Portland General Electric (NYSE:POR - Get Free Report) last posted its earnings results on Thursday, April 30th. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.19). Portland General Electric had a return on equity of 7.57% and a net margin of 7.12%.The firm had revenue of $879.00 million during the quarter, compared to analysts' expectations of $953.24 million. During the same quarter in the prior year, the company earned $0.91 earnings per share. The business's revenue for the quarter was down 5.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Portland General Electric Company will post 3.39 EPS for the current fiscal year.

Portland General Electric Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Thursday, June 25th were given a $0.5513 dividend. This represents a $2.21 dividend on an annualized basis and a dividend yield of 4.2%. This is a boost from Portland General Electric's previous quarterly dividend of $0.53. The ex-dividend date was Thursday, June 25th. Portland General Electric's dividend payout ratio (DPR) is 98.21%.

Analysts Set New Price Targets

POR has been the subject of several recent research reports. Zacks Research downgraded shares of Portland General Electric from a "hold" rating to a "strong sell" rating in a research note on Monday, July 6th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Portland General Electric in a research note on Friday, May 15th. JPMorgan Chase & Co. lifted their price objective on shares of Portland General Electric from $51.00 to $54.00 and gave the company a "neutral" rating in a research note on Monday, April 20th. Finally, Wells Fargo & Company set a $51.00 target price on shares of Portland General Electric in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $51.00.

Insider Buying and Selling

In related news, VP Juan Diego Gallegos sold 2,750 shares of Portland General Electric stock in a transaction on Friday, May 8th. The stock was sold at an average price of $48.67, for a total transaction of $133,842.50. Following the completion of the sale, the vice president owned 12,127 shares of the company's stock, valued at approximately $590,221.09. This trade represents a 18.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert N. Hoglund bought 2,000 shares of Portland General Electric stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $48.80 per share, with a total value of $97,600.00. Following the completion of the transaction, the director owned 2,519 shares of the company's stock, valued at $122,927.20. This represents a 385.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.52% of the stock is currently owned by company insiders.

Portland General Electric Company Profile

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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