Rhumbline Advisers cut its stake in shares of Portland General Electric (NYSE:POR) by 7.8% in the second quarter, Holdings Channel reports. The fund owned 135,312 shares of the utilities provider’s stock after selling 11,386 shares during the period. Rhumbline Advisers’ holdings in Portland General Electric were worth $6,235,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Blueshift Asset Management LLC bought a new position in shares of Portland General Electric during the first quarter valued at $1,094,000. Adalta Capital Management LLC lifted its holdings in shares of Portland General Electric by 9.7% during the first quarter. Adalta Capital Management LLC now owns 43,645 shares of the utilities provider’s stock valued at $2,090,000 after acquiring an additional 3,850 shares during the period. Heartland Advisors Inc. lifted its holdings in shares of Portland General Electric by 269.2% during the first quarter. Heartland Advisors Inc. now owns 189,959 shares of the utilities provider’s stock valued at $9,017,000 after acquiring an additional 138,511 shares during the period. Financial Advocates Investment Management lifted its holdings in shares of Portland General Electric by 73.6% during the second quarter. Financial Advocates Investment Management now owns 36,665 shares of the utilities provider’s stock valued at $1,690,000 after acquiring an additional 15,548 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Portland General Electric by 16.4% in the first quarter. Van ECK Associates Corp now owns 12,468 shares of the utilities provider’s stock valued at $592,000 after buying an additional 1,754 shares in the last quarter. 91.97% of the stock is owned by institutional investors.
A number of analysts have recently weighed in on the company. Zacks Investment Research lowered Portland General Electric from a “buy” rating to a “hold” rating in a research note on Tuesday. Barclays lowered Portland General Electric from an “equal weight” rating to an “underweight” rating and set a $48.00 target price for the company. in a research note on Tuesday, May 25th. Mizuho raised their target price on Portland General Electric from $41.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, June 15th. Finally, TheStreet lowered Portland General Electric from a “b” rating to a “c+” rating in a research note on Friday, July 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Portland General Electric has an average rating of “Hold” and a consensus price target of $49.43.
Portland General Electric (NYSE:POR) last issued its earnings results on Thursday, July 29th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.01). Portland General Electric had a return on equity of 9.86% and a net margin of 7.25%. The company had revenue of $537.00 million for the quarter, compared to the consensus estimate of $484.01 million. During the same quarter last year, the business posted $0.43 EPS. Portland General Electric’s quarterly revenue was up 14.5% on a year-over-year basis. Sell-side analysts predict that Portland General Electric will post 2.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Monday, September 27th will be issued a dividend of $0.43 per share. The ex-dividend date is Friday, September 24th. This represents a $1.72 dividend on an annualized basis and a yield of 3.43%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.09. Portland General Electric’s dividend payout ratio (DPR) is 62.55%.
In other news, VP John Carter Mcfarland sold 1,037 shares of Portland General Electric stock in a transaction dated Wednesday, August 4th. The stock was sold at an average price of $49.40, for a total transaction of $51,227.80. Following the transaction, the vice president now owns 5,087 shares in the company, valued at approximately $251,297.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Larry Neal Bekkedahl sold 5,100 shares of Portland General Electric stock in a transaction dated Friday, September 3rd. The shares were sold at an average price of $51.87, for a total value of $264,537.00. Following the transaction, the vice president now owns 13,041 shares in the company, valued at approximately $676,436.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,637 shares of company stock worth $390,960. Company insiders own 0.49% of the company’s stock.
Portland General Electric Company Profile
Portland General Electric Co is a vertically integrated electric utility company, which engages in the generation, purchase, transmission, distribution, and retail of electricity. The firm sells electricity and natural gas in the wholesale market to utilities, brokers, and power marketers. It also serves residential, commercial and non-residential customers.
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