Wedge Capital Management L L P NC Sells 32,647 Shares of Portland General Electric (NYSE:POR)

Wedge Capital Management L L P NC lowered its holdings in shares of Portland General Electric (NYSE:POR) by 12.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 220,696 shares of the utilities provider’s stock after selling 32,647 shares during the period. Wedge Capital Management L L P NC owned about 0.22% of Portland General Electric worth $9,565,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of POR. Fifth Third Bancorp increased its position in shares of Portland General Electric by 181.8% during the fourth quarter. Fifth Third Bancorp now owns 634 shares of the utilities provider’s stock worth $27,000 after buying an additional 409 shares during the period. Spirit of America Management Corp NY acquired a new stake in shares of Portland General Electric during the third quarter worth $32,000. BKM Wealth Management LLC acquired a new stake in Portland General Electric in the fourth quarter worth $33,000. Allworth Financial LP grew its holdings in Portland General Electric by 44.0% in the third quarter. Allworth Financial LP now owns 854 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 261 shares during the period. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in Portland General Electric in the fourth quarter worth $38,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. UBS Group upgraded shares of Portland General Electric from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $47.00 to $45.00 in a report on Monday, January 29th. StockNews.com cut shares of Portland General Electric from a “hold” rating to a “sell” rating in a report on Tuesday, February 27th. Barclays reduced their price objective on shares of Portland General Electric from $45.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, February 21st. Bank of America cut shares of Portland General Electric from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $55.00 to $43.00 in a report on Monday, February 5th. Finally, Mizuho reiterated a “neutral” rating and set a $42.00 price objective (down from $43.00) on shares of Portland General Electric in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $45.13.

Insider Activity

In other news, COO Benjamin Felton sold 3,500 shares of the business’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 31,950 shares of the company’s stock, valued at $1,297,170. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.54% of the company’s stock.

Portland General Electric Stock Up 0.6 %

POR opened at $43.54 on Wednesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.84 and a quick ratio of 0.74. The company’s 50-day moving average is $41.21 and its 200 day moving average is $41.47. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $51.58. The firm has a market capitalization of $4.40 billion, a P/E ratio of 18.69 and a beta of 0.57.

Portland General Electric (NYSE:POR) last announced its quarterly earnings data on Friday, February 16th. The utilities provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.20). The company had revenue of $725.00 million during the quarter, compared to the consensus estimate of $740.21 million. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. Research analysts expect that Portland General Electric will post 3.07 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, May 24th will be given a $0.50 dividend. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Monday, June 24th. This represents a $2.00 annualized dividend and a yield of 4.59%. Portland General Electric’s payout ratio is currently 81.55%.

Portland General Electric 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.