Raymond James Financial Services Advisors Inc. Sells 753 Shares of Portland General Electric (NYSE:POR)

Raymond James Financial Services Advisors Inc. lowered its position in shares of Portland General Electric (NYSE:POR) by 10.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,136 shares of the utilities provider’s stock after selling 753 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Portland General Electric were worth $266,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in POR. Comerica Bank boosted its holdings in Portland General Electric by 309.9% in the 3rd quarter. Comerica Bank now owns 174,052 shares of the utilities provider’s stock valued at $7,046,000 after purchasing an additional 131,589 shares during the period. Scharf Investments LLC acquired a new stake in Portland General Electric during the fourth quarter worth approximately $3,037,000. Versor Investments LP increased its stake in Portland General Electric by 55.2% during the 3rd quarter. Versor Investments LP now owns 13,806 shares of the utilities provider’s stock worth $559,000 after acquiring an additional 4,911 shares during the period. Legal & General Group Plc increased its stake in Portland General Electric by 2.3% during the 3rd quarter. Legal & General Group Plc now owns 624,905 shares of the utilities provider’s stock worth $25,296,000 after acquiring an additional 13,952 shares during the period. Finally, Hsbc Holdings PLC raised its holdings in Portland General Electric by 92.2% in the 3rd quarter. Hsbc Holdings PLC now owns 135,507 shares of the utilities provider’s stock valued at $5,476,000 after acquiring an additional 64,987 shares in the last quarter.

Insider Activity

In other Portland General Electric 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 transaction of $142,100.00. Following the sale, the chief operating officer now directly owns 31,950 shares of the company’s stock, valued at approximately $1,297,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

POR has been the topic of a number of recent analyst reports. UBS Group upgraded Portland General Electric from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $47.00 to $45.00 in a research report on Monday, January 29th. StockNews.com downgraded shares of Portland General Electric from a “hold” rating to a “sell” rating in a research note on Tuesday, February 27th. Mizuho restated a “neutral” rating and issued a $42.00 target price (down from $43.00) on shares of Portland General Electric in a research report on Tuesday, February 20th. Bank of America lowered shares of Portland General Electric from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $55.00 to $43.00 in a research report on Monday, February 5th. Finally, Barclays lowered 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 research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Portland General Electric has an average rating of “Hold” and a consensus target price of $45.13.

Portland General Electric Price Performance

Shares of NYSE:POR opened at $43.54 on Wednesday. Portland General Electric has a one year low of $38.01 and a one year high of $51.58. 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 has a market cap of $4.40 billion, a price-to-earnings ratio of 18.69 and a beta of 0.57. The firm has a 50 day simple moving average of $41.21 and a 200 day simple moving average of $41.47.

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

Portland General Electric Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.50 per share. This is a boost from Portland General Electric’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a dividend yield of 4.59%. The ex-dividend date is Monday, June 24th. Portland General Electric’s payout ratio is 81.55%.

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.