Congress Asset Management Co. MA Trims Stake in Portland General Electric (NYSE:POR)

Congress Asset Management Co. MA decreased its position in shares of Portland General Electric (NYSE:POR) by 4.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 64,393 shares of the utilities provider’s stock after selling 3,006 shares during the period. Congress Asset Management Co. MA owned about 0.06% of Portland General Electric worth $2,705,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Johnson Financial Group Inc. purchased a new position in shares of Portland General Electric during the 4th quarter worth approximately $25,000. Fifth Third Bancorp grew its stake in shares of Portland General Electric by 181.8% in the 4th quarter. Fifth Third Bancorp now owns 634 shares of the utilities provider’s stock worth $27,000 after buying an additional 409 shares during the last quarter. BKM Wealth Management LLC purchased a new stake in shares of Portland General Electric in the 4th quarter worth approximately $33,000. Mather Group LLC. purchased a new stake in shares of Portland General Electric in the 1st quarter worth approximately $34,000. Finally, McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Portland General Electric in the 4th quarter worth approximately $38,000.

Portland General Electric Stock Performance

POR stock opened at $42.69 on Friday. The stock has a market capitalization of $4.40 billion, a PE ratio of 16.36 and a beta of 0.58. Portland General Electric has a 12-month low of $38.01 and a 12-month high of $49.72. The company has a current ratio of 1.22, a quick ratio of 1.09 and a debt-to-equity ratio of 1.34. The stock’s 50 day simple moving average is $43.46 and its 200 day simple moving average is $42.28.

Portland General Electric (NYSE:POR) last released its quarterly earnings data on Friday, April 26th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.12. The business had revenue of $929.00 million for the quarter, compared to analysts’ expectations of $828.94 million. Portland General Electric had a return on equity of 8.50% and a net margin of 8.51%. The firm’s quarterly revenue was up 24.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 EPS. As a group, research analysts forecast that Portland General Electric will post 3.09 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 24th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.68%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Monday, June 24th. Portland General Electric’s dividend payout ratio is presently 72.80%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Mizuho upped their price target on Portland General Electric from $42.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Portland General Electric has an average rating of “Moderate Buy” and an average target price of $44.00.

Insider Activity

In other news, VP Brett Michael Sims sold 963 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $45.03, for a total transaction of $43,363.89. Following the transaction, the vice president now directly owns 13,996 shares of the company’s stock, valued at approximately $630,239.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Maria Angelica Espinosa sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $44.30, for a total value of $88,600.00. Following the completion of the sale, the senior vice president now directly owns 16,763 shares in the company, valued at approximately $742,600.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brett Michael Sims sold 963 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $45.03, for a total value of $43,363.89. Following the completion of the sale, the vice president now owns 13,996 shares of the company’s stock, valued at $630,239.88. The disclosure for this sale can be found here. Insiders have sold 6,463 shares of company stock valued at $274,064 in the last ninety days. 0.54% of the stock is currently owned by company insiders.

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.