KBC Group NV has reduced its stake in Portland General Electric Company (NYSE: POR) by 30.6%, according to the latest Form 13F filing with the Securities and Exchange Commission. Following the sale of 1,444 shares during the second quarter, KBC Group now holds 3,273 shares, valued at approximately $133,000.
Several institutional investors have also adjusted their positions in Portland General Electric recently. Campbell & CO Investment Adviser LLC increased its stake by 38.8%, now owning 44,777 shares valued at $1.8 million after acquiring an additional 12,518 shares. Similarly, Sequoia Financial Advisors LLC initiated a new position worth $376,000, while Eastern Bank purchased shares valued at around $65,000.
Vanguard Group Inc. expanded its holdings by 4.7% in the first quarter, now possessing 12,472,333 shares worth approximately $556 million. Additionally, Envestnet Asset Management Inc. grew its stake by 5.5% in the second quarter, holding 513,398 shares valued at $20.9 million.
CEO’s Recent Stock Sale and Insider Transactions
In related news, CEO Maria M. Pope sold 18,896 shares of Portland General Electric on September 10, 2023, at an average price of $42.50. The total transaction amounted to $803,080. Following this sale, Pope retains ownership of 194,135 shares, valued at approximately $8.25 million. This sale represents an 8.87% decrease in her ownership of the company. Such transactions were disclosed in a filing with the Securities and Exchange Commission.
Currently, corporate insiders hold about 0.40% of Portland General Electric’s stock.
Recent Financial Performance and Dividend Announcement
Portland General Electric reported its earnings results on October 30, 2023, revealing earnings of $1.00 per share, surpassing the consensus estimate of $0.98. The company’s revenue for the quarter was $952 million, slightly below analysts’ expectations of $975.64 million. Portland General Electric achieved a return on equity of 8.07% and a net margin of 8.43%, with quarterly revenue increasing by 2.5% compared to the previous year.
The firm also announced a quarterly dividend of $0.525, set to be paid on January 15, 2024. Investors of record on December 22, 2023, will receive this dividend, which translates to an annualized amount of $2.10 and a yield of 4.3%. The company’s dividend payout ratio stands at 76.36%.
Analyst Ratings and Future Projections
Portland General Electric has garnered attention from various analysts, with recent reports indicating a range of ratings. Barclays increased its price target from $43.00 to $47.00 while maintaining an “equal weight” rating. Mizuho set a price target of $47.00, and BTIG Research upgraded the stock to a “strong buy” rating.
Overall, the consensus rating for Portland General Electric stands at “Hold,” with a target price of $46.92. One analyst has rated the stock as a Strong Buy, one as a Buy, ten as Hold, and one as Sell.
Portland General Electric operates as an integrated electric utility, focusing on the generation, transmission, and distribution of electricity throughout the state of Oregon. The company manages six thermal plants, three wind farms, and seven hydroelectric facilities, serving around 934,000 retail customers across 51 cities.
For ongoing updates and insights, investors are encouraged to monitor their holdings and relevant market trends, particularly concerning institutional investments and stock performance.
