Portland General Electric Company (NYSE:POR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in shares of Portland General Electric Company (NYSE:POR - Free Report) by 23.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,312,048 shares of the utilities provider's stock after selling 404,208 shares during the quarter. Bank of New York Mellon Corp owned about 1.20% of Portland General Electric worth $58,517,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in POR. True Wealth Design LLC acquired a new position in Portland General Electric during the fourth quarter worth about $27,000. Wayfinding Financial LLC acquired a new stake in shares of Portland General Electric in the 1st quarter worth approximately $27,000. Private Trust Co. NA increased its stake in Portland General Electric by 62.6% in the 1st quarter. Private Trust Co. NA now owns 634 shares of the utilities provider's stock valued at $28,000 after purchasing an additional 244 shares in the last quarter. Global X Japan Co. Ltd. increased its stake in Portland General Electric by 113.1% in the 1st quarter. Global X Japan Co. Ltd. now owns 650 shares of the utilities provider's stock valued at $29,000 after purchasing an additional 345 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Portland General Electric during the fourth quarter worth $52,000.

Insider Activity at Portland General Electric

In other news, EVP Benjamin Felton sold 1,845 shares of the business's stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $43.02, for a total transaction of $79,371.90. Following the completion of the sale, the executive vice president owned 32,646 shares in the company, valued at approximately $1,404,430.92. The trade was a 5.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.40% of the stock is currently owned by company insiders.

Portland General Electric Trading Up 0.8%

Shares of POR stock traded up $0.32 during trading hours on Wednesday, hitting $40.72. 1,007,423 shares of the company were exchanged, compared to its average volume of 1,059,913. The firm has a fifty day moving average of $41.38 and a 200 day moving average of $42.30. The company has a quick ratio of 0.94, a current ratio of 1.06 and a debt-to-equity ratio of 1.28. Portland General Electric Company has a 1 year low of $39.55 and a 1 year high of $49.85. The firm has a market cap of $4.46 billion, a PE ratio of 14.34, a PEG ratio of 3.84 and a beta of 0.56.

Portland General Electric (NYSE:POR - Get Free Report) last issued 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). The company had revenue of $928.00 million for the quarter, compared to analyst estimates of $977.02 million. Portland General Electric had a return on equity of 8.24% and a net margin of 8.84%. The business's revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the company posted $1.21 EPS. Analysts expect that Portland General Electric Company will post 3.21 earnings per share for the current year.

Portland General Electric Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 24th were paid a dividend of $0.525 per share. The ex-dividend date of this dividend was Tuesday, June 24th. This is a positive change from Portland General Electric's previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a yield of 5.16%. Portland General Electric's dividend payout ratio is currently 73.94%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on POR. JPMorgan Chase & Co. dropped their price target on Portland General Electric from $46.00 to $45.00 and set a "neutral" rating for the company in a research report on Monday, May 19th. BMO Capital Markets started coverage on shares of Portland General Electric in a report on Tuesday, May 13th. They issued a "market perform" rating and a $46.00 price target on the stock. Wall Street Zen raised shares of Portland General Electric from a "sell" rating to a "hold" rating in a research note on Friday, April 25th. Wells Fargo & Company reduced their target price on Portland General Electric from $46.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Monday, April 28th. Finally, UBS Group upgraded Portland General Electric from a "neutral" rating to a "buy" rating and increased their target price for the company from $47.00 to $50.00 in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $45.60.

Portland General Electric Company Profile

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.