Phocas Financial Corp. Sells 777 Shares of Portland General Electric (NYSE:POR)

Phocas Financial Corp. cut its stake in shares of Portland General Electric (NYSE:POR) by 0.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 120,748 shares of the utilities provider’s stock after selling 777 shares during the quarter. Phocas Financial Corp. owned 0.12% of Portland General Electric worth $5,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Cascade Investment Advisors Inc. bought a new stake in shares of Portland General Electric in the 1st quarter worth approximately $36,000. Ridgewood Investments LLC bought a new stake in shares of Portland General Electric in the 1st quarter worth approximately $39,000. Benjamin Edwards Inc. lifted its holdings in shares of Portland General Electric by 150.9% in the 1st quarter. Benjamin Edwards Inc. now owns 946 shares of the utilities provider’s stock worth $46,000 after acquiring an additional 569 shares during the last quarter. CI Investments Inc. increased its stake in shares of Portland General Electric by 54.6% in the fourth quarter. CI Investments Inc. now owns 1,435 shares of the utilities provider’s stock worth $70,000 after buying an additional 507 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Portland General Electric by 29.4% in the first quarter. Signaturefd LLC now owns 1,476 shares of the utilities provider’s stock worth $72,000 after buying an additional 335 shares during the period.

Insider Activity

In other news, VP Anne Frances Mersereau sold 10,891 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $44.16, for a total transaction of $480,946.56. Following the sale, the vice president now owns 7,071 shares of the company’s stock, valued at approximately $312,255.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Guggenheim raised shares of Portland General Electric from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Friday, August 18th. UBS Group assumed coverage on shares of Portland General Electric in a research note on Tuesday, August 22nd. They issued a “neutral” rating and a $46.00 target price on the stock. Bank of America decreased their target price on shares of Portland General Electric from $56.00 to $52.00 in a research note on Thursday, June 22nd. 58.com reaffirmed a “downgrade” rating on shares of Portland General Electric in a research note on Tuesday, June 20th. Finally, Barclays assumed coverage on shares of Portland General Electric in a research report on Wednesday, August 23rd. They set an “equal weight” rating and a $43.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $49.25.

Portland General Electric Stock Down 0.3 %

Portland General Electric stock traded down $0.13 during mid-day trading on Tuesday, reaching $44.05. The stock had a trading volume of 142,122 shares, compared to its average volume of 831,323. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 2.77 and a beta of 0.56. The company has a 50-day moving average price of $45.69 and a two-hundred day moving average price of $47.72. Portland General Electric has a one year low of $41.58 and a one year high of $51.58. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.89 and a quick ratio of 0.75.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The company had revenue of $648.00 million for the quarter, compared to analysts’ expectations of $571.82 million. Portland General Electric had a net margin of 7.82% and a return on equity of 8.03%. The business’s revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. On average, analysts expect that Portland General Electric will post 2.67 EPS for the current fiscal year.

Portland General Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, September 25th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend is Friday, September 22nd. Portland General Electric’s payout ratio is presently 79.17%.

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.