Bank of New York Mellon Corp Purchases 138,831 Shares of Portland General Electric (NYSE:POR)

Bank of New York Mellon Corp grew its position in shares of Portland General Electric (NYSE:POR - Free Report) by 8.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,716,256 shares of the utilities provider's stock after acquiring an additional 138,831 shares during the quarter. Bank of New York Mellon Corp owned about 1.63% of Portland General Electric worth $74,863,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC increased its position in shares of Portland General Electric by 4,690.5% during the third quarter. International Assets Investment Management LLC now owns 2,012 shares of the utilities provider's stock worth $96,000 after acquiring an additional 1,970 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Portland General Electric by 6.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 12,504 shares of the utilities provider's stock valued at $599,000 after purchasing an additional 810 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in Portland General Electric by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 12,011 shares of the utilities provider's stock worth $575,000 after purchasing an additional 810 shares in the last quarter. New York State Teachers Retirement System raised its stake in shares of Portland General Electric by 39.8% in the third quarter. New York State Teachers Retirement System now owns 33,766 shares of the utilities provider's stock worth $1,617,000 after purchasing an additional 9,605 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Portland General Electric by 18.5% in the third quarter. US Bancorp DE now owns 19,118 shares of the utilities provider's stock valued at $916,000 after purchasing an additional 2,984 shares in the last quarter.

Remove Ads

Analyst Ratings Changes

Several brokerages recently issued reports on POR. Barclays upped their price target on Portland General Electric from $42.00 to $47.00 and gave the stock an "equal weight" rating in a report on Tuesday. KeyCorp reduced their target price on shares of Portland General Electric from $52.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, December 4th. Bank of America dropped their price target on shares of Portland General Electric from $46.00 to $43.00 and set an "underperform" rating on the stock in a research report on Tuesday, December 24th. LADENBURG THALM/SH SH downgraded shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 price objective for the company. in a research report on Tuesday, February 18th. Finally, Jefferies Financial Group cut 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $47.00.

Portland General Electric Stock Performance

Shares of NYSE:POR traded up $0.67 during mid-day trading on Friday, reaching $44.59. The company had a trading volume of 502,889 shares, compared to its average volume of 1,156,290. Portland General Electric has a one year low of $40.05 and a one year high of $49.85. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The company's 50-day moving average price is $42.46 and its 200-day moving average price is $45.47. The firm has a market cap of $4.88 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.11 and a beta of 0.55.

Portland General Electric (NYSE:POR - Get Free Report) last released its earnings results on Friday, February 14th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.01. The business had revenue of $824.00 million during the quarter, compared to the consensus estimate of $716.17 million. Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. During the same period last year, the business posted $0.67 earnings per share. As a group, equities research analysts anticipate that Portland General Electric will post 3.21 EPS for the current fiscal year.

Portland General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 24th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, March 24th. This represents a $2.00 dividend on an annualized basis and a yield of 4.48%. Portland General Electric's dividend payout ratio is presently 66.45%.

Insider Transactions at Portland General Electric

In other news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the firm'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 of the company's stock, valued at $1,320,587.20. This trade represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.54% of the company's stock.

Portland General Electric 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.