Allspring Global Investments Holdings LLC Buys Shares of 13,341 Portland General Electric Company $POR

Allspring Global Investments Holdings LLC purchased a new position in shares of Portland General Electric Company (NYSE:POR) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 13,341 shares of the utilities provider’s stock, valued at approximately $708,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Portland General Electric by 3.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,415,187 shares of the utilities provider’s stock valued at $74,679,000 after buying an additional 49,115 shares during the last quarter. State of Michigan Retirement System raised its stake in Portland General Electric by 1.9% during the first quarter. State of Michigan Retirement System now owns 27,100 shares of the utilities provider’s stock worth $1,430,000 after purchasing an additional 500 shares during the period. Principal Financial Group Inc. grew its position in Portland General Electric by 58.4% during the first quarter. Principal Financial Group Inc. now owns 386,026 shares of the utilities provider’s stock valued at $20,371,000 after acquiring an additional 142,327 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in Portland General Electric by 9.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 34,581 shares of the utilities provider’s stock worth $1,825,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Portland General Electric in the 1st quarter worth about $255,000.

Portland General Electric Stock Down 1.5%

Shares of NYSE:POR opened at $51.25 on Tuesday. The firm has a market cap of $5.93 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 2.19 and a beta of 0.52. The company has a fifty day simple moving average of $51.13 and a 200 day simple moving average of $51.30. The company has a current ratio of 1.09, a quick ratio of 0.95 and a debt-to-equity ratio of 1.19. Portland General Electric Company has a 12-month low of $40.81 and a 12-month high of $54.62.

Portland General Electric (NYSE:POR) last posted its quarterly earnings data on Thursday, April 30th. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.19). The company had revenue of $879.00 million for the quarter, compared to the consensus estimate of $953.24 million. Portland General Electric had a net margin of 7.12% and a return on equity of 7.57%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 earnings per share. On average, equities research analysts anticipate that Portland General Electric Company will post 3.39 EPS for the current fiscal year.

Portland General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Friday, September 25th will be issued a dividend of $0.5513 per share. This represents a $2.21 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, September 25th. Portland General Electric’s dividend payout ratio (DPR) is currently 98.21%.

Insider Transactions at Portland General Electric

In related news, VP Juan Diego Gallegos sold 2,750 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $48.67, for a total transaction of $133,842.50. Following the transaction, the vice president directly owned 12,127 shares in the company, valued at $590,221.09. This trade represents a 18.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert N. Hoglund acquired 2,000 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was acquired at an average cost of $48.80 per share, with a total value of $97,600.00. Following the acquisition, the director owned 2,519 shares of the company’s stock, valued at $122,927.20. This trade represents a 385.36% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on POR. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. BMO Capital Markets reduced their price target on shares of Portland General Electric from $55.00 to $54.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 22nd. Zacks Research downgraded shares of Portland General Electric from a “hold” rating to a “strong sell” rating in a research note on Monday, July 6th. Wells Fargo & Company set a $51.00 price objective on shares of Portland General Electric in a research report on Tuesday, April 21st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Portland General Electric from $51.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $50.90.

Portland General Electric Company Profile

Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.