Portland General Electric (NYSE:POR) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE lifted its position in shares of Portland General Electric (NYSE:POR - Free Report) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,038,224 shares of the utilities provider's stock after buying an additional 51,247 shares during the quarter. Bank of America Corp DE owned approximately 0.98% of Portland General Electric worth $45,287,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Synergy Asset Management LLC grew its holdings in shares of Portland General Electric by 260.6% during the fourth quarter. Synergy Asset Management LLC now owns 114,496 shares of the utilities provider's stock worth $5,096,000 after buying an additional 82,743 shares in the last quarter. Blair William & Co. IL boosted its position in shares of 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 worth $258,000 after acquiring an additional 692 shares during the last quarter. American Century Companies Inc. boosted its position in shares of 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 worth $6,166,000 after acquiring an additional 5,084 shares during the last quarter. Natixis Advisors LLC boosted its position in shares of Portland General Electric by 1.3% in the fourth quarter. Natixis Advisors LLC now owns 322,686 shares of the utilities provider's stock worth $14,076,000 after acquiring an additional 4,195 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Portland General Electric by 11.6% in the fourth quarter. Van ECK Associates Corp now owns 93,330 shares of the utilities provider's stock worth $4,071,000 after acquiring an additional 9,715 shares during the last quarter.

Wall Street Analyst Weigh In

POR has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Portland General Electric from $46.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday. Wells Fargo & Company decreased their target price on shares of Portland General Electric from $46.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Monday, April 28th. BMO Capital Markets assumed coverage on shares of Portland General Electric in a research report on Tuesday, May 13th. They set a "market perform" rating and a $46.00 price target on the stock. Barclays reduced their price target on shares of Portland General Electric from $48.00 to $45.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. Finally, LADENBURG THALM/SH SH cut shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 price target on the stock. in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $45.60.

Insider Activity

In related news, EVP Benjamin Felton sold 1,845 shares of the company's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $43.02, for a total value of $79,371.90. Following the completion of the sale, the executive vice president now owns 32,646 shares of the company's stock, valued at $1,404,430.92. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.40% of the company's stock.

Portland General Electric Stock Performance

POR stock traded up $0.16 during trading on Tuesday, hitting $42.88. 63,570 shares of the company's stock traded hands, compared to its average volume of 1,021,126. The company has a quick ratio of 0.81, a current ratio of 0.92 and a debt-to-equity ratio of 1.22. Portland General Electric has a 52 week low of $40.05 and a 52 week high of $49.85. The stock has a fifty day moving average price of $42.90 and a two-hundred day moving average price of $43.66. The stock has a market capitalization of $4.70 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.11 and a beta of 0.57.

Portland General Electric (NYSE:POR - Get Free Report) last released its earnings results on Friday, April 25th. The utilities provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). Portland General Electric had a net margin of 9.13% and a return on equity of 9.10%. The business had revenue of $928.00 million for the quarter, compared to the consensus estimate of $977.02 million. During the same quarter in the previous year, the firm earned $1.21 EPS. The firm's revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts anticipate that Portland General Electric will post 3.21 EPS for the current fiscal year.

Portland General Electric Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 24th will be issued a dividend of $0.525 per share. This is an increase from Portland General Electric's previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, June 24th. This represents a $2.10 annualized dividend and a dividend yield of 4.90%. Portland General Electric's payout ratio is 73.94%.

About Portland General Electric

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.