Corebridge Financial Inc. Boosts Position in Portland General Electric Company $POR

Corebridge Financial Inc. increased its holdings in Portland General Electric Company (NYSE:POR) by 0.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 171,012 shares of the utilities provider’s stock after acquiring an additional 696 shares during the quarter. Corebridge Financial Inc.’s holdings in Portland General Electric were worth $7,627,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Private Trust Co. NA raised its holdings in Portland General Electric by 62.6% in the 1st quarter. Private Trust Co. NA now owns 634 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 244 shares in the last quarter. Menard Financial Group LLC increased its position in shares of Portland General Electric by 4.6% during the first quarter. Menard Financial Group LLC now owns 5,905 shares of the utilities provider’s stock valued at $251,000 after buying an additional 257 shares during the period. Captrust Financial Advisors increased its position in shares of Portland General Electric by 3.2% during the fourth quarter. Captrust Financial Advisors now owns 8,693 shares of the utilities provider’s stock valued at $379,000 after buying an additional 269 shares during the period. Private Advisor Group LLC raised its position in shares of Portland General Electric by 1.6% in the 1st quarter. Private Advisor Group LLC now owns 17,986 shares of the utilities provider’s stock worth $802,000 after acquiring an additional 279 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in Portland General Electric by 25.3% in the first quarter. Hexagon Capital Partners LLC now owns 1,443 shares of the utilities provider’s stock worth $64,000 after purchasing an additional 291 shares during the period.

Portland General Electric Trading Down 1.0%

Shares of NYSE POR opened at $42.61 on Friday. The firm’s 50 day moving average price is $41.42 and its 200-day moving average price is $42.28. Portland General Electric Company has a 52-week low of $39.54 and a 52-week high of $49.85. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.84 and a current ratio of 0.97. The company has a market cap of $4.67 billion, a PE ratio of 15.72, a P/E/G ratio of 3.94 and a beta of 0.55.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, July 25th. The utilities provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.01. The company had revenue of $807.00 million during the quarter, compared to the consensus estimate of $797.97 million. Portland General Electric had a net margin of 8.43% and a return on equity of 8.07%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. Portland General Electric has set its FY 2025 guidance at 3.130-3.330 EPS. On average, equities research analysts expect that Portland General Electric Company will post 3.21 EPS for the current fiscal year.

Portland General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Thursday, September 25th will be paid a $0.525 dividend. The ex-dividend date is Thursday, September 25th. This represents a $2.10 annualized dividend and a dividend yield of 4.9%. Portland General Electric’s payout ratio is currently 77.49%.

Insiders Place Their Bets

In related news, Director Michael A. Lewis sold 1,937 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $40.10, for a total transaction of $77,673.70. Following the sale, the director directly owned 13,509 shares of the company’s stock, valued at $541,710.90. This trade represents a 12.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Joseph R. Trpik, Jr. sold 2,603 shares of Portland General Electric stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $41.35, for a total value of $107,634.05. Following the completion of the sale, the chief financial officer owned 27,089 shares of the company’s stock, valued at $1,120,130.15. The trade was a 8.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on POR. KeyCorp lowered Portland General Electric from an “overweight” rating to a “sector weight” rating and set a $51.00 price objective for the company. in a research report on Wednesday, May 14th. Barclays dropped their price objective on shares of Portland General Electric from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. cut their price objective on shares of Portland General Electric from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, May 19th. UBS Group upgraded shares of Portland General Electric from a “neutral” rating to a “buy” rating and lifted their target price for the company from $47.00 to $50.00 in a report on Monday, May 5th. Finally, Zacks Research upgraded Portland General Electric from a “strong sell” rating to a “hold” rating in a research note on Monday, August 18th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Portland General Electric has an average rating of “Hold” and a consensus price target of $45.40.

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.