Portland General Electric (NYSE:POR) Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Portland General Electric (NYSE:POR) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,308 shares of the utilities provider’s stock after buying an additional 1,172 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Portland General Electric were worth $1,920,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Portland General Electric by 8.1% during the third quarter. Vanguard Group Inc. now owns 11,268,761 shares of the utilities provider’s stock worth $489,739,000 after purchasing an additional 848,958 shares during the last quarter. Wellington Management Group LLP lifted its stake in Portland General Electric by 21.8% during the first quarter. Wellington Management Group LLP now owns 6,067,961 shares of the utilities provider’s stock worth $334,647,000 after purchasing an additional 1,087,996 shares during the last quarter. State Street Corp lifted its stake in Portland General Electric by 5.1% during the second quarter. State Street Corp now owns 3,615,988 shares of the utilities provider’s stock worth $170,996,000 after purchasing an additional 174,695 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Portland General Electric by 7.8% during the first quarter. JPMorgan Chase & Co. now owns 3,163,031 shares of the utilities provider’s stock worth $154,641,000 after purchasing an additional 228,283 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Portland General Electric by 1,022.6% during the second quarter. Alliancebernstein L.P. now owns 3,105,863 shares of the utilities provider’s stock worth $145,448,000 after purchasing an additional 2,829,184 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on POR. Barclays reduced their price objective on Portland General Electric from $45.00 to $42.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 21st. UBS Group upgraded Portland General Electric from a “neutral” rating to a “buy” rating and cut their target price for the company from $47.00 to $45.00 in a research note on Monday, January 29th. Bank of America cut Portland General Electric from a “buy” rating to a “neutral” rating and cut their target price for the company from $55.00 to $43.00 in a research note on Monday, February 5th. StockNews.com cut Portland General Electric from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. Finally, Mizuho reiterated a “neutral” rating and issued a $42.00 target price (down from $43.00) on shares of Portland General Electric in a research note on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.13.

Insider Buying and Selling

In related news, COO Benjamin Felton sold 3,500 shares of Portland General Electric stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $40.60, for a total transaction of $142,100.00. Following the transaction, the chief operating officer now directly owns 31,950 shares of the company’s stock, valued at $1,297,170. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.54% of the stock is owned by corporate insiders.

Portland General Electric Price Performance

Shares of NYSE POR opened at $42.83 on Friday. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $51.58. The firm’s 50-day simple moving average is $41.03 and its 200 day simple moving average is $41.37. The company has a quick ratio of 0.74, a current ratio of 0.84 and a debt-to-equity ratio of 1.26. The stock has a market cap of $4.33 billion, a P/E ratio of 18.37 and a beta of 0.57.

Portland General Electric (NYSE:POR) last released its earnings results on Friday, February 16th. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.20). The firm had revenue of $725.00 million for the quarter, compared to analyst estimates of $740.21 million. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. Portland General Electric’s revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 earnings per share. Equities analysts expect that Portland General Electric will post 3.07 EPS for the current year.

Portland General Electric Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, May 24th will be issued a dividend of $0.50 per share. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.48. This represents a $2.00 dividend on an annualized basis and a yield of 4.67%. Portland General Electric’s payout ratio is presently 81.55%.

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.