Nuveen Asset Management LLC Has $27.88 Million Position in Portland General Electric (NYSE:POR)

Posted by Defense World Staff on Mar 2nd, 2023

Nuveen Asset Management LLC raised its position in Portland General Electric (NYSE:POR – Get Rating) by 19.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 641,430 shares of the utilities provider’s stock after purchasing an additional 106,415 shares during the quarter. Nuveen Asset Management LLC owned 0.72% of Portland General Electric worth $27,876,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Portland General Electric during the third quarter worth $2,846,000. Hsbc Holdings PLC raised its position in Portland General Electric by 49.8% during the 3rd quarter. Hsbc Holdings PLC now owns 59,546 shares of the utilities provider’s stock worth $2,611,000 after purchasing an additional 19,792 shares during the last quarter. Prudential PLC acquired a new position in Portland General Electric during the 3rd quarter worth about $938,000. Watershed Asset Management L.L.C. acquired a new position in Portland General Electric during the 3rd quarter worth about $236,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Portland General Electric by 9.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 214,584 shares of the utilities provider’s stock valued at $9,326,000 after buying an additional 18,442 shares during the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

POR has been the subject of a number of analyst reports. Credit Suisse Group raised their price objective on Portland General Electric from $48.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 21st. StockNews.com lowered shares of Portland General Electric from a “buy” rating to a “hold” rating in a report on Wednesday, February 1st. Finally, Wells Fargo & Company upped their price objective on shares of Portland General Electric from $52.00 to $53.00 and gave the company an “equal weight” rating in a research note on Friday, February 17th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.00.

Portland General Electric Price Performance

Portland General Electric stock opened at $46.81 on Thursday. The stock’s 50 day moving average price is $48.20 and its two-hundred day moving average price is $48.14. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 3.62 and a beta of 0.56. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.75 and a current ratio of 0.81. Portland General Electric has a 52-week low of $41.58 and a 52-week high of $57.03.

Portland General Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Monday, March 27th will be issued a $0.4525 dividend. This represents a $1.81 dividend on an annualized basis and a yield of 3.87%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, March 24th. Portland General Electric’s dividend payout ratio (DPR) is presently 69.62%.

Portland General Electric Company Profile

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Portland General Electric Co engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. The firm also sells electricity and natural gas in the wholesale market to utilities, brokers, and power marketers. It also serves residential, commercial and non-residential customers.