Cbre Investment Management Listed Real Assets LLC lessened its position in shares of Portland General Electric (NYSE:POR - Free Report) by 16.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,154,914 shares of the utilities provider's stock after selling 234,169 shares during the quarter. Cbre Investment Management Listed Real Assets LLC owned about 1.10% of Portland General Electric worth $50,377,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Portland General Electric by 1.6% in the 3rd quarter. State Street Corp now owns 4,123,279 shares of the utilities provider's stock valued at $199,509,000 after purchasing an additional 66,438 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Portland General Electric by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,444,486 shares of the utilities provider's stock valued at $117,114,000 after purchasing an additional 25,332 shares during the last quarter. Zimmer Partners LP grew its stake in shares of Portland General Electric by 107.0% in the 3rd quarter. Zimmer Partners LP now owns 1,842,542 shares of the utilities provider's stock valued at $88,258,000 after purchasing an additional 952,214 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Portland General Electric by 8.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,716,256 shares of the utilities provider's stock valued at $74,863,000 after purchasing an additional 138,831 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Portland General Electric by 2.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,313,282 shares of the utilities provider's stock valued at $57,285,000 after purchasing an additional 35,216 shares during the last quarter.
Wall Street Analyst Weigh In
Several brokerages have weighed in on POR. Jefferies Financial Group lowered their target price on Portland General Electric from $47.00 to $42.00 and set a "hold" rating on the stock in a research note on Tuesday, January 28th. LADENBURG THALM/SH SH downgraded Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 price target on the stock. in a research note on Tuesday, February 18th. Evercore ISI lifted their price target on Portland General Electric from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday, February 18th. Bank of America decreased their price target on Portland General Electric from $46.00 to $43.00 and set an "underperform" rating on the stock in a research note on Tuesday, December 24th. Finally, UBS Group restated a "neutral" rating and issued a $47.00 price target (down from $52.00) on shares of Portland General Electric in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $47.00.
Check Out Our Latest Research Report on Portland General Electric
Insider Activity at Portland General Electric
In related news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $41.32, for a total value of $56,815.00. Following the completion of the transaction, the chief financial officer now directly owns 31,960 shares in the company, valued at approximately $1,320,587.20. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.54% of the company's stock.
Portland General Electric Price Performance
POR stock traded up $0.59 during midday trading on Friday, hitting $44.51. 1,167,963 shares of the stock were exchanged, compared to its average volume of 1,171,995. The stock's 50-day moving average price is $42.48 and its 200-day moving average price is $45.46. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 1.11 and a beta of 0.55. Portland General Electric has a fifty-two week low of $40.05 and a fifty-two week high of $49.85. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.92.
Portland General Electric (NYSE:POR - Get Free Report) last released its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The company had revenue of $824.00 million during the quarter, compared to analysts' expectations of $716.17 million. During the same period in the previous year, the firm posted $0.67 earnings per share. Research analysts predict that Portland General Electric will post 3.21 earnings per share for the current year.
Portland General Electric Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 24th will be issued a $0.50 dividend. The ex-dividend date is Monday, March 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.49%. Portland General Electric's dividend payout ratio (DPR) is 66.45%.
Portland General Electric Company 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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