Portland General Electric (NYSE:POR) Shares Bought by Truist Financial Corp

Truist Financial Corp raised its stake in shares of Portland General Electric (NYSE:POR) by 103.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 507,731 shares of the utilities provider’s stock after purchasing an additional 258,275 shares during the quarter. Truist Financial Corp owned about 0.50% of Portland General Electric worth $22,005,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in POR. Allworth Financial LP increased its position in shares of Portland General Electric by 44.0% in the 3rd quarter. Allworth Financial LP now owns 854 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 261 shares during the period. Xponance Inc. raised its stake in shares of Portland General Electric by 2.0% in the fourth quarter. Xponance Inc. now owns 14,629 shares of the utilities provider’s stock worth $634,000 after purchasing an additional 282 shares during the last quarter. Strs Ohio lifted its holdings in shares of Portland General Electric by 3.3% during the fourth quarter. Strs Ohio now owns 9,500 shares of the utilities provider’s stock worth $411,000 after purchasing an additional 300 shares during the period. Public Employees Retirement System of Ohio boosted its position in Portland General Electric by 7.7% in the third quarter. Public Employees Retirement System of Ohio now owns 4,566 shares of the utilities provider’s stock valued at $185,000 after buying an additional 325 shares during the last quarter. Finally, State of Michigan Retirement System boosted its position in Portland General Electric by 1.7% in the third quarter. State of Michigan Retirement System now owns 24,200 shares of the utilities provider’s stock valued at $980,000 after buying an additional 400 shares during the last quarter.

Insiders Place Their Bets

In related news, COO Benjamin Felton sold 3,500 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $40.60, for a total value of $142,100.00. Following the completion of the sale, the chief operating officer now owns 31,950 shares of the company’s stock, valued at $1,297,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.54% of the company’s stock.

Wall Street Analysts Forecast Growth

POR has been the subject of several research reports. StockNews.com cut shares of Portland General Electric from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. UBS Group raised shares of Portland General Electric from a “neutral” rating to a “buy” rating and lowered their price target for the company from $47.00 to $45.00 in a report on Monday, January 29th. Mizuho reiterated a “neutral” rating and set a $42.00 price objective (down previously from $43.00) on shares of Portland General Electric in a research note on Tuesday, February 20th. Barclays lowered their target price 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. Finally, Bank of America lowered shares of 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 report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Portland General Electric has an average rating of “Hold” and a consensus target price of $45.13.

Portland General Electric Price Performance

Shares of NYSE POR opened at $43.37 on Tuesday. The firm has a 50-day simple moving average of $41.42 and a 200-day simple moving average of $41.51. The company has a quick ratio of 1.09, a current ratio of 1.22 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 16.62 and a beta of 0.57. Portland General Electric has a 52 week low of $38.01 and a 52 week high of $51.58.

Portland General Electric (NYSE:POR) last released its quarterly earnings data on Friday, April 26th. The utilities provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. The company had revenue of $929.00 million during the quarter, compared to the consensus estimate of $828.94 million. Portland General Electric had a net margin of 8.51% and a return on equity of 8.50%. Portland General Electric’s quarterly revenue was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 EPS. On average, equities analysts predict that Portland General Electric will post 3.07 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, May 24th will be issued a $0.50 dividend. This is a boost from Portland General Electric’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a yield of 4.61%. The ex-dividend date of this dividend is Friday, June 21st. Portland General Electric’s dividend payout ratio is presently 72.80%.

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.