Principal Financial Group Inc. Sells 247,146 Shares of Portland General Electric (NYSE:POR)

Principal Financial Group Inc. decreased its position in Portland General Electric (NYSE:POR) by 13.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,626,553 shares of the utilities provider’s stock after selling 247,146 shares during the quarter. Principal Financial Group Inc.’s holdings in Portland General Electric were worth $77,912,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in Portland General Electric in the 3rd quarter worth about $25,000. Allworth Financial LP boosted its stake in shares of Portland General Electric by 74.4% in the 3rd quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock worth $30,000 after buying an additional 265 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of Portland General Electric in the second quarter valued at approximately $33,000. Blue Trust Inc. increased its position in shares of Portland General Electric by 94.5% during the second quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 451 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Portland General Electric during the second quarter worth $40,000.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on POR. Evercore ISI began coverage on Portland General Electric in a research report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 target price for the company. KeyCorp decreased their price objective on shares of Portland General Electric from $52.00 to $51.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. Bank of America assumed coverage on shares of Portland General Electric in a research note on Thursday, September 12th. They issued an “underperform” rating and a $47.00 target price on the stock. Jefferies Financial Group began coverage on shares of Portland General Electric in a research note on Friday, September 20th. They set a “hold” rating and a $48.00 price target for the company. Finally, StockNews.com raised shares of Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Portland General Electric currently has an average rating of “Hold” and a consensus price target of $49.13.

Portland General Electric Stock Up 0.3 %

Portland General Electric stock opened at $44.03 on Friday. The firm has a 50 day simple moving average of $46.88 and a 200 day simple moving average of $46.29. The company has a current ratio of 0.98, a quick ratio of 0.86 and a debt-to-equity ratio of 1.28. Portland General Electric has a 1-year low of $39.13 and a 1-year high of $49.85. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 1.13 and a beta of 0.59.

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

Portland General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s payout ratio is 59.70%.

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.