New York State Common Retirement Fund Boosts Holdings in Portland General Electric (NYSE:POR)

New York State Common Retirement Fund increased its holdings in shares of Portland General Electric (NYSE:POR) by 384.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 321,763 shares of the utilities provider’s stock after buying an additional 255,292 shares during the period. New York State Common Retirement Fund owned about 0.32% of Portland General Electric worth $13,945,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its position in shares of Portland General Electric by 69.3% during the third quarter. Victory Capital Management Inc. now owns 1,040,841 shares of the utilities provider’s stock worth $42,133,000 after acquiring an additional 425,923 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in Portland General Electric by 12.8% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 1,944,864 shares of the utilities provider’s stock valued at $78,728,000 after purchasing an additional 220,674 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Portland General Electric in the 3rd quarter valued at about $8,339,000. Nordea Investment Management AB purchased a new position in shares of Portland General Electric in the 3rd quarter valued at about $6,809,000. Finally, Comerica Bank grew its position in shares of Portland General Electric by 309.9% during the third quarter. Comerica Bank now owns 174,052 shares of the utilities provider’s stock worth $7,046,000 after buying an additional 131,589 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on POR. Bank of America downgraded shares of Portland General Electric from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $55.00 to $43.00 in a research note on Monday, February 5th. Mizuho reiterated a “neutral” rating and set a $42.00 target price (down previously from $43.00) on shares of Portland General Electric in a research note on Tuesday, February 20th. Barclays cut their price target 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. StockNews.com downgraded Portland General Electric from a “hold” rating to a “sell” rating in a report on Tuesday, February 27th. Finally, UBS Group upgraded Portland General Electric from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $47.00 to $45.00 in a report on Monday, January 29th. One investment 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. Based on data from MarketBeat, Portland General Electric currently has a consensus rating of “Hold” and an average price target of $45.13.

Portland General Electric Stock Up 1.3 %

POR opened at $43.37 on Tuesday. Portland General Electric has a one year low of $38.01 and a one year high of $51.58. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.09 and a current ratio of 1.22. The stock has a market capitalization of $4.39 billion, a P/E ratio of 16.62 and a beta of 0.57. The business’s 50-day simple moving average is $41.42 and its 200-day simple moving average is $41.51.

Portland General Electric (NYSE:POR) last released its quarterly earnings results on Friday, April 26th. The utilities provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. The company had revenue of $929.00 million for the quarter, compared to analyst estimates 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 revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 earnings per share. Analysts anticipate that Portland General Electric will post 3.07 EPS for the current year.

Portland General Electric Increases Dividend

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

Insider Buying and Selling

In other Portland General Electric news, COO Benjamin Felton sold 3,500 shares of Portland General Electric stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $40.60, for a total value of $142,100.00. Following the transaction, the chief operating officer now directly owns 31,950 shares in the company, valued at $1,297,170. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.54% of the stock is 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.