Principal Financial Group Inc. Sells 247,146 Shares of Portland General Electric (NYSE:POR)

Principal Financial Group Inc. lowered its position in shares of Portland General Electric (NYSE:POR - Free Report) by 13.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,626,553 shares of the utilities provider's stock after selling 247,146 shares during the quarter. Principal Financial Group Inc. owned about 1.54% of Portland General Electric worth $77,912,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of POR. Y Intercept Hong Kong Ltd bought a new position in shares of Portland General Electric in the 3rd quarter worth about $596,000. Qsemble Capital Management LP bought a new position in shares of Portland General Electric during the second quarter valued at approximately $678,000. Choreo LLC bought a new position in shares of Portland General Electric during the second quarter valued at approximately $965,000. Citigroup Inc. lifted its holdings in shares of Portland General Electric by 43.5% during the third quarter. Citigroup Inc. now owns 183,044 shares of the utilities provider's stock valued at $8,768,000 after purchasing an additional 55,529 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position 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 worth $117,114,000 after purchasing an additional 25,332 shares in the last quarter.

Portland General Electric Stock Performance

Shares of POR traded up $0.12 on Friday, reaching $44.03. The company's stock had a trading volume of 2,564,510 shares, compared to its average volume of 962,910. The stock's 50 day simple moving average is $46.88 and its two-hundred day simple moving average is $46.31. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.98 and a quick ratio of 0.86. The stock has a market capitalization of $4.64 billion, a P/E ratio of 13.14, a PEG ratio of 1.13 and a beta of 0.59. Portland General Electric has a 12-month low of $39.13 and a 12-month high of $49.85.

Portland General Electric (NYSE:POR - Get Free Report) last issued its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.01. The business had revenue of $929.00 million for the quarter, compared to analysts' expectations of $882.66 million. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. The company's revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 EPS. Research analysts forecast that Portland General Electric will post 3.11 earnings per share for the current fiscal year.

Portland General Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric's payout ratio is 59.70%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on POR. StockNews.com raised Portland General Electric from a "sell" rating to a "hold" rating in a research report on Tuesday, September 24th. Barclays reduced their price target on Portland General Electric from $49.00 to $48.00 and set an "equal weight" rating for the company in a report on Tuesday, October 29th. Bank of America started coverage on Portland General Electric in a research report on Thursday, September 12th. They issued an "underperform" rating and a $47.00 price target for the company. Evercore ISI began coverage on shares of Portland General Electric in a research report on Wednesday, September 25th. They set an "outperform" rating and a $54.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their target price on shares of Portland General Electric from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $49.13.

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.