Janney Montgomery Scott LLC Cuts Stock Position in Portland General Electric (NYSE:POR)

Janney Montgomery Scott LLC trimmed its position in shares of Portland General Electric (NYSE:POR) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,065 shares of the utilities provider’s stock after selling 862 shares during the period. Janney Montgomery Scott LLC’s holdings in Portland General Electric were worth $1,440,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of POR. Dimensional Fund Advisors LP lifted its holdings in shares of Portland General Electric by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,508,666 shares of the utilities provider’s stock worth $65,234,000 after acquiring an additional 86,718 shares during the last quarter. HITE Hedge Asset Management LLC boosted its position in Portland General Electric by 7.1% during the second quarter. HITE Hedge Asset Management LLC now owns 1,485,099 shares of the utilities provider’s stock valued at $64,216,000 after buying an additional 97,922 shares during the period. Victory Capital Management Inc. grew its stake in shares of Portland General Electric by 6.9% during the second quarter. Victory Capital Management Inc. now owns 1,076,806 shares of the utilities provider’s stock valued at $46,561,000 after buying an additional 69,392 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Portland General Electric in the second quarter worth about $31,557,000. Finally, Leeward Investments LLC MA lifted its stake in shares of Portland General Electric by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 553,673 shares of the utilities provider’s stock valued at $23,941,000 after acquiring an additional 29,441 shares during the last quarter.

Portland General Electric Price Performance

Shares of NYSE:POR opened at $45.89 on Friday. The company has a market capitalization of $4.84 billion, a PE ratio of 13.76, a PEG ratio of 1.20 and a beta of 0.59. The business has a fifty day moving average price of $47.62 and a 200-day moving average price of $45.91. Portland General Electric has a 1-year low of $39.13 and a 1-year high of $49.85. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.98 and a quick ratio of 0.86.

Portland General Electric (NYSE:POR) last issued its earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.01. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. The business had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $882.66 million. During the same period in the previous year, the company earned $0.46 earnings per share. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, equities analysts expect that Portland General Electric will post 3.11 EPS for the current fiscal year.

Portland General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, December 24th. This represents a $2.00 annualized dividend and a yield of 4.36%. Portland General Electric’s dividend payout ratio is 59.70%.

Insiders Place Their Bets

In other news, SVP Maria Angelica Espinosa sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction of $120,750.00. Following the sale, the senior vice president now owns 14,263 shares of the company’s stock, valued at $688,902.90. This trade represents a 14.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.54% of the company’s stock.

Analyst Ratings Changes

POR has been the topic of several recent research reports. Jefferies Financial Group started coverage on Portland General Electric in a research report on Friday, September 20th. They set a “hold” rating and a $48.00 price target on the stock. Bank of America began coverage on Portland General Electric in a report on Thursday, September 12th. They set an “underperform” rating and a $47.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Barclays reduced their target price on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Finally, KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $48.86.

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.