Assetmark Inc. Trims Stock Position in Portland General Electric (NYSE:POR)

Assetmark Inc. lessened its position in shares of Portland General Electric (NYSE:POR) by 16.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,088 shares of the utilities provider’s stock after selling 789 shares during the period. Assetmark Inc.’s holdings in Portland General Electric were worth $196,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Gabelli Funds LLC grew its position in shares of Portland General Electric by 3.8% during the 1st quarter. Gabelli Funds LLC now owns 297,049 shares of the utilities provider’s stock valued at $12,476,000 after purchasing an additional 11,000 shares in the last quarter. Jane Street Group LLC grew its position in Portland General Electric by 274.5% during the first quarter. Jane Street Group LLC now owns 197,687 shares of the utilities provider’s stock worth $8,303,000 after buying an additional 144,900 shares in the last quarter. Edgestream Partners L.P. increased its stake in Portland General Electric by 299.1% in the 1st quarter. Edgestream Partners L.P. now owns 102,993 shares of the utilities provider’s stock worth $4,326,000 after acquiring an additional 77,185 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of Portland General Electric by 13.1% in the 1st quarter. Clearbridge Investments LLC now owns 480,351 shares of the utilities provider’s stock valued at $20,175,000 after acquiring an additional 55,555 shares in the last quarter. Finally, Cetera Advisors LLC raised its holdings in shares of Portland General Electric by 231.6% in the 1st quarter. Cetera Advisors LLC now owns 19,499 shares of the utilities provider’s stock valued at $819,000 after acquiring an additional 13,618 shares in the last quarter.

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 value of $120,750.00. Following the completion of the sale, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. This trade represents a 14.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on POR shares. StockNews.com raised shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Barclays lowered their price objective on shares of Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Evercore ISI assumed coverage on shares of Portland General Electric in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 target price for the company. JPMorgan Chase & Co. increased their target price on Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Bank of America began coverage on Portland General Electric in a research note on Thursday, September 12th. They set an “underperform” rating and a $47.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to MarketBeat, Portland General Electric currently has an average rating of “Hold” and a consensus target price of $48.86.

Portland General Electric Price Performance

Shares of Portland General Electric stock opened at $46.65 on Friday. The stock has a market capitalization of $4.92 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.18 and a beta of 0.59. Portland General Electric has a one year low of $39.13 and a one 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. The business’s 50 day simple moving average is $47.55 and its two-hundred day simple moving average is $45.93.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, beating 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 quarter in the prior year, the company posted $0.46 EPS. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. Analysts forecast that Portland General Electric will post 3.11 EPS for the current year.

Portland General Electric Announces Dividend

The firm 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 dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date is Tuesday, December 24th. Portland General Electric’s payout ratio is 59.70%.

About Portland General Electric

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.