Arizona State Retirement System reduced its stake in Portland General Electric (NYSE:POR – Free Report) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,122 shares of the utilities provider’s stock after selling 745 shares during the period. Arizona State Retirement System’s holdings in Portland General Electric were worth $1,176,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Cascade Investment Advisors Inc. purchased a new position in Portland General Electric in the first quarter valued at approximately $36,000. Ridgewood Investments LLC purchased a new position in Portland General Electric in the first quarter valued at approximately $39,000. Benjamin Edwards Inc. increased its stake in Portland General Electric by 150.9% in the first quarter. Benjamin Edwards Inc. now owns 946 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 569 shares during the last quarter. Signaturefd LLC increased its stake in Portland General Electric by 29.4% in the first quarter. Signaturefd LLC now owns 1,476 shares of the utilities provider’s stock valued at $72,000 after purchasing an additional 335 shares during the last quarter. Finally, Ronald Blue Trust Inc. increased its stake in Portland General Electric by 31.5% in the first quarter. Ronald Blue Trust Inc. now owns 2,035 shares of the utilities provider’s stock valued at $99,000 after purchasing an additional 488 shares during the last quarter.
Insider Buying and Selling at Portland General Electric
In other Portland General Electric news, VP Anne Frances Mersereau sold 10,891 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $44.16, for a total value of $480,946.56. Following the completion of the sale, the vice president now owns 7,071 shares of the company’s stock, valued at $312,255.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.51% of the stock is owned by corporate insiders.
Portland General Electric Price Performance
Portland General Electric (NYSE:POR – Get Free Report) last issued its quarterly earnings results on Friday, October 27th. The utilities provider reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.08). Portland General Electric had a return on equity of 8.03% and a net margin of 7.82%. The company had revenue of $802.00 million for the quarter, compared to analyst estimates of $741.72 million. During the same period in the prior year, the business earned $0.65 earnings per share. Portland General Electric’s revenue for the quarter was up 7.9% compared to the same quarter last year. Sell-side analysts forecast that Portland General Electric will post 2.63 EPS for the current year.
Portland General Electric Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Tuesday, December 26th will be issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend is Friday, December 22nd. Portland General Electric’s dividend payout ratio (DPR) is currently 85.97%.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on POR shares. Wells Fargo & Company dropped their price target on shares of Portland General Electric from $52.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Friday, October 20th. Mizuho decreased their price objective on Portland General Electric from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Friday, September 29th. StockNews.com downgraded Portland General Electric from a “hold” rating to a “sell” rating in a report on Sunday, October 1st. Barclays assumed coverage on Portland General Electric in a report on Wednesday, August 23rd. They issued an “equal weight” rating and a $43.00 price objective for the company. Finally, TheStreet downgraded Portland General Electric from a “b-” rating to a “c+” rating in a report on Wednesday, September 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Portland General Electric currently has an average rating of “Hold” and a consensus target price of $47.13.
View Our Latest Stock Analysis on POR
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, 2022, the company owned an electric transmission system consisting of 1,255 circuit miles, including 269 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 573 miles of 115 kilovolt line; and served 926 thousand retail customers in 51 cities.
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