Piermont Capital Management Inc. cut its stake in Portland General Electric (NYSE:POR) by 6.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 67,130 shares of the utilities provider’s stock after selling 4,690 shares during the period. Portland General Electric accounts for 1.2% of Piermont Capital Management Inc.’s holdings, making the stock its 9th biggest holding. Piermont Capital Management Inc.’s holdings in Portland General Electric were worth $3,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. grew its stake in shares of Portland General Electric by 2.0% in the second quarter. BlackRock Inc. now owns 7,441,586 shares of the utilities provider’s stock worth $318,203,000 after purchasing an additional 145,006 shares in the last quarter. OLD Republic International Corp bought a new position in shares of Portland General Electric in the third quarter worth $8,301,000. Schwab Charles Investment Management Inc. grew its stake in shares of Portland General Electric by 17.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,163,417 shares of the utilities provider’s stock worth $49,748,000 after purchasing an additional 175,964 shares in the last quarter. Personal Capital Advisors Corp grew its stake in shares of Portland General Electric by 2.8% in the third quarter. Personal Capital Advisors Corp now owns 327,875 shares of the utilities provider’s stock worth $14,954,000 after purchasing an additional 8,844 shares in the last quarter. Finally, Gardiner Nancy B bought a new position in shares of Portland General Electric in the third quarter worth $205,000. 93.66% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on POR. Mizuho reissued a “buy” rating and issued a $45.50 price target on shares of Portland General Electric in a research note on Friday, July 20th. Zacks Investment Research cut Portland General Electric from a “buy” rating to a “hold” rating in a research note on Wednesday. UBS Group increased their price target on Portland General Electric from $40.00 to $42.00 and gave the stock a “$45.10” rating in a research note on Thursday, July 19th. Bank of America raised Portland General Electric from an “underperform” rating to a “neutral” rating in a research note on Tuesday, October 30th. Finally, Williams Capital raised Portland General Electric from a “sell” rating to a “hold” rating and increased their price target for the stock from $41.00 to $44.00 in a research note on Monday, July 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Portland General Electric currently has an average rating of “Hold” and a consensus target price of $43.83.
Portland General Electric (NYSE:POR) last announced its earnings results on Friday, October 26th. The utilities provider reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.09. Portland General Electric had a return on equity of 9.05% and a net margin of 10.34%. The business had revenue of $525.00 million during the quarter, compared to analysts’ expectations of $527.63 million. During the same quarter last year, the business posted $0.44 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, sell-side analysts predict that Portland General Electric will post 2.34 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Wednesday, December 26th will be paid a dividend of $0.3625 per share. The ex-dividend date of this dividend is Monday, December 24th. This represents a $1.45 annualized dividend and a yield of 3.11%. Portland General Electric’s dividend payout ratio is currently 63.32%.
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Portland General Electric 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. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2017, it owned an electric transmission system consisting of 1,250 circuit miles, including 287 circuit miles of 500 kilovolt line, 402 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.
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