Victory Capital Management Inc. Sells 23,883 Shares of Portland General Electric (NYSE:POR)

Victory Capital Management Inc. cut its stake in shares of Portland General Electric (NYSE:POR) by 2.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,052,923 shares of the utilities provider’s stock after selling 23,883 shares during the period. Victory Capital Management Inc.’s holdings in Portland General Electric were worth $50,435,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its position in shares of Portland General Electric by 767.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 581 shares of the utilities provider’s stock valued at $25,000 after buying an additional 514 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of Portland General Electric during the third quarter worth about $25,000. LRI Investments LLC purchased a new position in shares of Portland General Electric during the first quarter worth about $26,000. Allworth Financial LP grew its holdings in shares of Portland General Electric by 74.4% during the third quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 265 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Portland General Electric during the second quarter worth about $33,000.

Portland General Electric Stock Performance

NYSE:POR opened at $46.66 on Friday. The firm has a market cap of $4.92 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.18 and a beta of 0.59. Portland General Electric has a fifty-two week low of $39.13 and a fifty-two week high of $49.85. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.86 and a current ratio of 0.98. The business has a 50 day moving average price of $47.57 and a 200-day moving average price of $45.91.

Portland General Electric (NYSE:POR) last released its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The firm had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Equities research analysts predict that Portland General Electric will post 3.11 earnings per share for the current year.

Portland General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio (DPR) is presently 59.70%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on POR. Barclays cut their price objective on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a report on Tuesday, October 29th. StockNews.com raised Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. boosted their price objective on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a research note on Monday, July 22nd. Finally, Bank of America started coverage on Portland General Electric in a research note on Thursday, September 12th. They issued an “underperform” rating and a $47.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.86.

Insider Activity

In other news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total transaction of $120,750.00. Following the completion of the sale, the senior vice president now owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. This represents a 14.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.54% of the company’s stock.

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.