Congress Asset Management Co. Acquires 10,644 Shares of Portland General Electric (NYSE:POR)

Congress Asset Management Co. raised its stake in Portland General Electric (NYSE:POR) by 8.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 132,527 shares of the utilities provider’s stock after buying an additional 10,644 shares during the quarter. Congress Asset Management Co. owned about 0.13% of Portland General Electric worth $5,781,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd bought a new stake in Portland General Electric in the 3rd quarter valued at $596,000. Nordea Investment Management AB raised its stake in shares of Portland General Electric by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 989,379 shares of the utilities provider’s stock valued at $43,058,000 after purchasing an additional 19,057 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Portland General Electric by 114.1% in the third quarter. Franklin Resources Inc. now owns 153,290 shares of the utilities provider’s stock valued at $7,289,000 after purchasing an additional 81,701 shares in the last quarter. Synergy Asset Management LLC boosted its position in shares of Portland General Electric by 260.6% during the fourth quarter. Synergy Asset Management LLC now owns 114,496 shares of the utilities provider’s stock worth $5,096,000 after buying an additional 82,743 shares during the period. Finally, HighTower Advisors LLC grew its holdings in shares of Portland General Electric by 14.2% during the third quarter. HighTower Advisors LLC now owns 85,751 shares of the utilities provider’s stock worth $4,114,000 after buying an additional 10,643 shares in the last quarter.

Portland General Electric Stock Performance

POR opened at $41.62 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.98 and a debt-to-equity ratio of 1.28. Portland General Electric has a 12-month low of $39.49 and a 12-month high of $49.85. The business has a 50 day moving average of $42.50 and a 200-day moving average of $45.68. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.05 and a beta of 0.61.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.01. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The business had revenue of $824.00 million during the quarter, compared to the consensus estimate of $716.17 million. During the same quarter last year, the firm posted $0.67 EPS. On average, equities research analysts expect that Portland General Electric will post 3.11 earnings per share for the current year.

Portland General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 24th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, March 24th. This represents a $2.00 annualized dividend and a yield of 4.81%. Portland General Electric’s dividend payout ratio (DPR) is presently 66.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Barclays reduced their price target on Portland General Electric from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. KeyCorp decreased their target price on shares of Portland General Electric from $52.00 to $51.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. Jefferies Financial Group cut their price target on shares of Portland General Electric from $47.00 to $42.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. JPMorgan Chase & Co. raised their price objective on Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, UBS Group reiterated a “neutral” rating and set a $47.00 target price (down previously from $52.00) on shares of Portland General Electric in a report on Friday, January 3rd. One equities research 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $47.38.

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.