Portland General Electric (NYSE:POR) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its stake in Portland General Electric (NYSE:POR) by 6.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,078,122 shares of the utilities provider’s stock after selling 72,732 shares during the quarter. Thrivent Financial for Lutherans owned about 1.05% of Portland General Electric worth $46,618,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. New York State Teachers Retirement System boosted its position in shares of Portland General Electric by 1.3% during the first quarter. New York State Teachers Retirement System now owns 24,061 shares of the utilities provider’s stock worth $1,011,000 after buying an additional 300 shares during the period. Retirement Systems of Alabama increased its position in shares of Portland General Electric by 0.3% during the first quarter. Retirement Systems of Alabama now owns 126,987 shares of the utilities provider’s stock worth $5,333,000 after purchasing an additional 335 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Portland General Electric by 20.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,469 shares of the utilities provider’s stock worth $107,000 after buying an additional 413 shares during the last quarter. Blue Trust Inc. boosted its holdings in Portland General Electric by 94.5% in the 2nd quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 451 shares in the last quarter. Finally, State of Michigan Retirement System boosted its holdings 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 purchasing an additional 500 shares in the last quarter.

Insiders Place Their Bets

In other Portland General Electric news, VP John Teeruk Kochavatr sold 1,100 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the sale, the vice president now directly owns 22,606 shares of the company’s stock, valued at $1,045,527.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP John Teeruk Kochavatr sold 1,100 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 22,606 shares in the company, valued at $1,045,527.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Benjamin Felton sold 1,886 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total transaction of $90,528.00. Following the transaction, the chief operating officer now owns 30,142 shares in the company, valued at $1,446,816. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,486 shares of company stock valued at $262,153. 0.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on POR. KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a research note on Monday, July 22nd. Bank of America initiated coverage on Portland General Electric in a report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price target for the company. Jefferies Financial Group initiated coverage on Portland General Electric in a report on Friday. They set a “hold” rating and a $48.00 price objective for the company. StockNews.com cut shares of Portland General Electric from a “hold” rating to a “sell” rating in a research report on Friday, September 6th. Finally, Barclays cut shares of Portland General Electric from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $48.00 to $49.00 in a research report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $45.88.

Portland General Electric Stock Performance

NYSE:POR opened at $47.70 on Monday. The firm’s 50-day moving average is $47.37 and its 200-day moving average is $44.38. Portland General Electric has a 52-week low of $38.01 and a 52-week high of $49.45. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.00. The company has a market cap of $4.91 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 1.38 and a beta of 0.59.

Portland General Electric (NYSE:POR) last posted its quarterly earnings data on Friday, July 26th. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.07. The company 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 business’s revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 EPS. Equities research analysts anticipate that Portland General Electric will post 3.09 earnings per share for the current year.

Portland General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 24th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, September 24th. This represents a $2.00 annualized dividend and a yield of 4.19%. Portland General Electric’s dividend payout ratio is 76.63%.

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.