Portland General Electric (NYSE:POR) Shares Acquired by Spirit of America Management Corp NY

Spirit of America Management Corp NY raised its stake in Portland General Electric (NYSE:POR) by 57.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 6,000 shares of the utilities provider’s stock after buying an additional 2,200 shares during the quarter. Spirit of America Management Corp NY’s holdings in Portland General Electric were worth $287,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Fox Hill Wealth Management lifted its position in Portland General Electric by 5.6% in the 1st quarter. Fox Hill Wealth Management now owns 26,991 shares of the utilities provider’s stock valued at $1,134,000 after purchasing an additional 1,429 shares during the last quarter. Oliver Luxxe Assets LLC acquired a new position in shares of Portland General Electric during the first quarter worth approximately $700,000. Hexagon Capital Partners LLC grew its holdings in Portland General Electric by 140.6% in the 1st quarter. Hexagon Capital Partners LLC now owns 919 shares of the utilities provider’s stock worth $39,000 after buying an additional 537 shares in the last quarter. State of Michigan Retirement System increased its position in Portland General Electric by 2.1% in the 1st quarter. State of Michigan Retirement System now owns 24,800 shares of the utilities provider’s stock valued at $1,042,000 after acquiring an additional 500 shares during the period. Finally, Retirement Systems of Alabama raised its stake in Portland General Electric by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 126,987 shares of the utilities provider’s stock valued at $5,333,000 after acquiring an additional 335 shares in the last quarter.

Portland General Electric Trading Down 0.4 %

NYSE:POR opened at $48.82 on Friday. The stock has a fifty day simple moving average of $47.76 and a 200 day simple moving average of $45.37. The company has a quick ratio of 0.86, a current ratio of 1.00 and a debt-to-equity ratio of 1.33. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.37 and a beta of 0.59. Portland General Electric has a 1-year low of $39.13 and a 1-year high of $49.45.

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

Portland General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s payout ratio is 68.73%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on POR shares. KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a report on Monday, July 22nd. StockNews.com upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, September 24th. Evercore ISI began coverage on Portland General Electric in a report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 target price on the stock. Bank of America started coverage on Portland General Electric in a research note on Thursday, September 12th. They set an “underperform” rating and a $47.00 price target for the company. Finally, Barclays cut Portland General Electric from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $48.00 to $49.00 in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $48.25.

Insider Activity

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s stock in a transaction 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 transaction, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Portland General Electric news, VP John Teeruk Kochavatr sold 1,100 shares of Portland General Electric stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the completion of the sale, the vice president now owns 22,606 shares of the company’s stock, valued at $1,045,527.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Maria Angelica Espinosa sold 2,500 shares of Portland General Electric stock in a transaction that occurred on Tuesday, September 10th. The shares were 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 $688,902.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.