Massachusetts Financial Services Co. MA Decreases Holdings in Portland General Electric (NYSE:POR)

Massachusetts Financial Services Co. MA trimmed its holdings in shares of Portland General Electric (NYSE:POR) by 1.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,688,804 shares of the utilities provider’s stock after selling 36,406 shares during the period. Massachusetts Financial Services Co. MA owned 2.61% of Portland General Electric worth $116,264,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Johnson Financial Group Inc. purchased a new stake in shares of Portland General Electric in the 4th quarter valued at about $25,000. LRI Investments LLC purchased a new stake in shares of Portland General Electric in the 1st quarter valued at about $26,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Portland General Electric by 767.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 581 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 514 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Portland General Electric in the 2nd quarter valued at about $33,000. Finally, Mather Group LLC. purchased a new stake in shares of Portland General Electric in the 1st quarter valued at about $34,000.

Insider Buying and Selling

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total value of $120,750.00. Following the sale, the senior vice president now owns 14,263 shares in the company, valued at approximately $688,902.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Benjamin Felton sold 1,886 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total value of $90,528.00. Following the sale, the chief operating officer now owns 30,142 shares in the company, valued at approximately $1,446,816. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total value of $120,750.00. Following the completion of the sale, the senior vice president now owns 14,263 shares in the company, valued at approximately $688,902.90. The disclosure for this sale can be found here. Insiders have sold a total of 5,486 shares of company stock worth $262,153 in the last quarter. Company insiders own 0.54% of the company’s stock.

Portland General Electric Stock Performance

NYSE POR opened at $48.59 on Thursday. The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. The business’s 50 day moving average is $47.25 and its two-hundred day moving average is $44.25. Portland General Electric has a 12-month low of $38.01 and a 12-month high of $49.45. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of 18.61 and a beta of 0.59.

Portland General Electric (NYSE:POR) last released its earnings results on Friday, July 26th. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.07. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The company had revenue of $758.00 million for the quarter, compared to analysts’ expectations of $716.43 million. During the same quarter in the previous year, the firm posted $0.44 EPS. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. Research analysts expect that Portland General Electric will post 3.09 EPS for the current year.

Portland General Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 24th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Tuesday, September 24th. Portland General Electric’s payout ratio is 76.63%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Barclays downgraded Portland General Electric from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $48.00 to $49.00 in a report on Wednesday. StockNews.com cut Portland General Electric from a “hold” rating to a “sell” rating in a research report on Friday, September 6th. Bank of America started coverage on Portland General Electric in a research report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price target on the stock. Finally, KeyCorp upgraded Portland General Electric from a “sector weight” rating to an “overweight” rating in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.57.

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.