Pacer Advisors Inc. bought a new stake in Portland General Electric (NYSE:POR – Get Rating) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 22,772 shares of the utilities provider’s stock, valued at approximately $1,116,000.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Portland General Electric by 2.9% in the 3rd quarter. BlackRock Inc. now owns 12,331,100 shares of the utilities provider’s stock valued at $535,908,000 after purchasing an additional 348,610 shares during the last quarter. Vanguard Group Inc. increased its stake in Portland General Electric by 8.1% in the 3rd quarter. Vanguard Group Inc. now owns 11,268,761 shares of the utilities provider’s stock valued at $489,739,000 after buying an additional 848,958 shares during the period. Wellington Management Group LLP increased its stake in Portland General Electric by 21.8% in the 1st quarter. Wellington Management Group LLP now owns 6,067,961 shares of the utilities provider’s stock valued at $334,647,000 after buying an additional 1,087,996 shares during the period. State Street Corp lifted its stake in shares of Portland General Electric by 1.4% in the 3rd quarter. State Street Corp now owns 3,386,966 shares of the utilities provider’s stock worth $148,730,000 after acquiring an additional 47,399 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Portland General Electric by 2.6% in the third quarter. Bank of New York Mellon Corp now owns 1,708,262 shares of the utilities provider’s stock valued at $74,242,000 after acquiring an additional 43,033 shares in the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.
Insider Activity at Portland General Electric
In related news, VP Brett Michael Sims sold 2,050 shares of the company’s stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $47.00, for a total value of $96,350.00. Following the sale, the vice president now owns 10,978 shares of the company’s stock, valued at approximately $515,966. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.51% of the stock is owned by corporate insiders.
Portland General Electric Price Performance
Portland General Electric (NYSE:POR – Get Rating) last announced its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.59 by $0.11. The business had revenue of $687.00 million for the quarter, compared to analyst estimates of $624.60 million. Portland General Electric had a return on equity of 8.88% and a net margin of 8.76%. As a group, equities analysts forecast that Portland General Electric will post 2.7 earnings per share for the current fiscal year.
Portland General Electric Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Monday, June 26th will be given a dividend of $0.475 per share. This is an increase from Portland General Electric’s previous quarterly dividend of $0.45. This represents a $1.90 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Friday, June 23rd. Portland General Electric’s payout ratio is currently 69.62%.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on POR. Credit Suisse Group increased their price target on shares of Portland General Electric from $48.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, February 21st. Bank of America raised Portland General Electric from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $47.00 to $52.00 in a report on Tuesday, March 14th. StockNews.com started coverage on Portland General Electric in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company lifted their price objective on Portland General Electric from $52.00 to $53.00 and gave the company an “equal weight” rating in a report on Friday, February 17th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $50.00.
Portland General Electric Profile
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.
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