PNC Financial Services Group Inc. Cuts Stake in Portland General Electric Company (NYSE:POR)
PNC Financial Services Group Inc. lowered its position in Portland General Electric Company (NYSE:POR) by 1.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,683 shares of the utilities provider’s stock after selling 69 shares during the period. PNC Financial Services Group Inc.’s holdings in Portland General Electric were worth $164,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in Portland General Electric by 0.4% in the first quarter. IFP Advisors Inc now owns 2,811 shares of the utilities provider’s stock worth $125,000 after buying an additional 10 shares in the last quarter. Cable Hill Partners LLC raised its position in Portland General Electric by 0.4% in the first quarter. Cable Hill Partners LLC now owns 4,318 shares of the utilities provider’s stock worth $192,000 after buying an additional 17 shares in the last quarter. Becker Capital Management Inc. bought a new position in Portland General Electric during the fourth quarter worth about $233,000. Regentatlantic Capital LLC raised its position in Portland General Electric by 5.9% in the first quarter. Regentatlantic Capital LLC now owns 5,580 shares of the utilities provider’s stock worth $248,000 after buying an additional 310 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in Portland General Electric during the first quarter worth about $252,000. 95.21% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Portland General Electric Company (NYSE POR) opened at 46.35 on Friday. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 20.15 and a beta of 0.30. Portland General Electric Company has a one year low of $40.28 and a one year high of $48.06. The firm has a 50-day moving average price of $46.30 and a 200-day moving average price of $45.04.
Portland General Electric (NYSE:POR) last released its quarterly earnings data on Friday, April 28th. The utilities provider reported $0.82 earnings per share for the quarter, hitting the consensus estimate of $0.82. Portland General Electric had a net margin of 10.43% and a return on equity of 8.78%. The firm had revenue of $530 million for the quarter, compared to analyst estimates of $521.97 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. Portland General Electric’s quarterly revenue was up 8.8% on a year-over-year basis. Analysts anticipate that Portland General Electric Company will post $2.25 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Monday, June 26th were paid a $0.34 dividend. The ex-dividend date was Thursday, June 22nd. This represents a $1.36 annualized dividend and a dividend yield of 2.93%. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.32. Portland General Electric’s dividend payout ratio (DPR) is presently 59.13%.
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A number of equities analysts recently issued reports on the company. UBS AG lowered Portland General Electric from a “buy” rating to a “neutral” rating in a report on Tuesday, May 2nd. BidaskClub lowered Portland General Electric from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Zacks Investment Research raised Portland General Electric from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, Barclays PLC reissued an “underweight” rating and set a $44.00 price target (up previously from $41.00) on shares of Portland General Electric in a report on Sunday, April 23rd. Four research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $44.20.
In other Portland General Electric news, VP Campbell A. Henderson sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $45.01, for a total value of $135,030.00. Following the sale, the vice president now owns 20,424 shares in the company, valued at $919,284.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William O. Nicholson sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $45.10, for a total transaction of $270,600.00. Following the completion of the sale, the insider now owns 16,313 shares in the company, valued at approximately $735,716.30. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by company insiders.
About Portland General Electric
Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem.
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