Bank of New York Mellon Corp trimmed its stake in Portland General Electric Company (NYSE:POR - Free Report) by 23.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 approximately 1.20% of Portland General Electric worth $58,517,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. KBC Group NV raised its holdings in shares of Portland General Electric by 29.3% in the first quarter. KBC Group NV now owns 4,717 shares of the utilities provider's stock worth $210,000 after acquiring an additional 1,068 shares during the last quarter. New York State Teachers Retirement System increased its stake in Portland General Electric by 17.5% in the first quarter. New York State Teachers Retirement System now owns 39,793 shares of the utilities provider's stock valued at $1,775,000 after purchasing an additional 5,927 shares during the last quarter. Blair William & Co. IL increased its stake in Portland General Electric by 13.2% in the fourth quarter. Blair William & Co. IL now owns 5,925 shares of the utilities provider's stock valued at $258,000 after purchasing an additional 692 shares during the last quarter. American Century Companies Inc. increased its stake in Portland General Electric by 3.7% in the fourth quarter. American Century Companies Inc. now owns 141,367 shares of the utilities provider's stock valued at $6,166,000 after purchasing an additional 5,084 shares during the last quarter. Finally, Natixis Advisors LLC increased its stake in Portland General Electric by 1.3% in the fourth quarter. Natixis Advisors LLC now owns 322,686 shares of the utilities provider's stock valued at $14,076,000 after purchasing an additional 4,195 shares during the last quarter.
Portland General Electric Price Performance
Shares of POR stock traded down $0.35 during mid-day trading on Friday, hitting $41.12. 943,755 shares of the stock traded hands, compared to its average volume of 1,062,224. Portland General Electric Company has a twelve month low of $39.55 and a twelve month high of $49.85. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 3.83 and a beta of 0.56. The company's 50-day simple moving average is $41.44 and its 200-day simple moving average is $42.34. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.94 and a current ratio of 1.06.
Portland General Electric (NYSE:POR - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The utilities provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The business had revenue of $928.00 million for the quarter, compared to analysts' expectations of $977.02 million. Portland General Electric had a net margin of 8.84% and a return on equity of 8.24%. The business's quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.21 EPS. As a group, equities research analysts expect that Portland General Electric Company will post 3.21 earnings per share for the current year.
Portland General Electric Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 24th will be paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 5.11%. The ex-dividend date of this dividend is Tuesday, June 24th. This is an increase from Portland General Electric's previous quarterly dividend of $0.50. Portland General Electric's dividend payout ratio is 73.94%.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the company. 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. Barclays dropped their price target on Portland General Electric from $48.00 to $45.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Wall Street Zen upgraded Portland General Electric from a "sell" rating to a "hold" rating in a research note on Friday, April 25th. 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 note on Monday, May 19th. Finally, KeyCorp lowered Portland General Electric from an "overweight" rating to a "sector weight" rating and set a $51.00 target price for the company. in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $45.60.
Check Out Our Latest Stock Analysis on POR
Insider Activity
In related news, EVP Benjamin Felton sold 1,845 shares of the stock in a transaction that occurred on 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 $1,404,430.92. This represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.40% of the company's stock.
Portland General Electric Profile
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Free Report)
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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