Janney Montgomery Scott LLC Cuts Holdings in Portland General Electric (NYSE:POR)

Janney Montgomery Scott LLC lowered its position in shares of Portland General Electric (NYSE:POR) by 2.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,065 shares of the utilities provider’s stock after selling 862 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Portland General Electric were worth $1,440,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC boosted its position in Portland General Electric by 25.9% in the first quarter. SG Americas Securities LLC now owns 6,994 shares of the utilities provider’s stock worth $294,000 after purchasing an additional 1,439 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Portland General Electric by 4.1% in the 1st quarter. Russell Investments Group Ltd. now owns 140,826 shares of the utilities provider’s stock worth $5,915,000 after buying an additional 5,603 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Portland General Electric by 4.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 29,109 shares of the utilities provider’s stock valued at $1,223,000 after buying an additional 1,370 shares during the period. Edgestream Partners L.P. increased its holdings in Portland General Electric by 299.1% during the first quarter. Edgestream Partners L.P. now owns 102,993 shares of the utilities provider’s stock worth $4,326,000 after buying an additional 77,185 shares during the last quarter. Finally, Jacobi Capital Management LLC raised its position in Portland General Electric by 11.4% in the first quarter. Jacobi Capital Management LLC now owns 6,915 shares of the utilities provider’s stock worth $290,000 after acquiring an additional 710 shares during the period.

Insider Buying and Selling

In other news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total value of $120,750.00. Following the transaction, the senior vice president now owns 14,263 shares of the company’s stock, valued at $688,902.90. This represents a 14.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Portland General Electric in a research report on Friday, September 20th. They set a “hold” rating and a $48.00 target price for the company. Evercore ISI assumed coverage on Portland General Electric in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 target price for the company. Bank of America started coverage on Portland General Electric in a research report on Thursday, September 12th. They set an “underperform” rating and a $47.00 price target on the stock. Barclays decreased 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. Finally, KeyCorp raised shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.86.

Portland General Electric Stock Performance

Shares of POR opened at $45.89 on Friday. 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 stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.20 and a beta of 0.59. Portland General Electric has a 52-week low of $39.13 and a 52-week high of $49.85. The stock’s 50-day simple moving average is $47.62 and its 200 day simple moving average is $45.91.

Portland General Electric (NYSE:POR) last released its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The company had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. Portland General Electric’s revenue was up 15.8% compared to the same quarter last year. During the same period last year, the business earned $0.46 earnings per share. Research analysts forecast that Portland General Electric will post 3.11 EPS for the current fiscal 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. The ex-dividend date is Tuesday, December 24th. This represents a $2.00 annualized dividend and a dividend yield of 4.36%. Portland General Electric’s payout ratio is currently 59.70%.

About Portland General Electric

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.