Congress Asset Management Co. Trims Stock Holdings in Portland General Electric (NYSE:POR)

Congress Asset Management Co. reduced its position in Portland General Electric (NYSE:POR) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 121,883 shares of the utilities provider’s stock after selling 1,228 shares during the quarter. Congress Asset Management Co.’s holdings in Portland General Electric were worth $5,838,000 as of its most recent filing with the Securities and Exchange Commission.

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

Portland General Electric Stock Performance

POR opened at $46.10 on Friday. The stock’s 50 day simple moving average is $47.85 and its 200 day simple moving average is $45.61. The stock has a market cap of $4.86 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.21 and a beta of 0.59. 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 announced its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The business had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $882.66 million. During the same quarter last year, the business posted $0.46 earnings per share. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, equities analysts anticipate that Portland General Electric will post 3.11 EPS for the current fiscal 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 issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio (DPR) is presently 59.70%.

Wall Street Analyst Weigh In

Several research firms have recently commented on POR. Bank of America initiated coverage on shares of Portland General Electric in a research note on Thursday, September 12th. They issued an “underperform” rating and a $47.00 target price for the company. StockNews.com upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. boosted their target price on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a research note on Monday, July 22nd. Finally, Jefferies Financial Group began coverage on Portland General Electric in a research note on Friday, September 20th. They issued a “hold” rating and a $48.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $48.13.

Insider Activity

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of Portland General Electric stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total transaction of $120,750.00. Following the completion of the transaction, the senior vice president now directly owns 14,263 shares in the company, valued at $688,902.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Portland General Electric news, VP John Teeruk Kochavatr sold 1,100 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the sale, the vice president now directly owns 22,606 shares of the company’s stock, valued at $1,045,527.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Maria Angelica Espinosa sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction of $120,750.00. Following the completion of the transaction, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.54% of the company’s stock.

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.