Corebridge Financial Inc. Sells 5,146 Shares of Portland General Electric (NYSE:POR)

Corebridge Financial Inc. cut its stake in Portland General Electric (NYSE:POR) by 2.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,316 shares of the utilities provider’s stock after selling 5,146 shares during the period. Corebridge Financial Inc. owned about 0.16% of Portland General Electric worth $7,429,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Newbridge Financial Services Group Inc. acquired a new position in Portland General Electric during the fourth quarter worth $29,000. Versant Capital Management Inc grew its holdings in shares of Portland General Electric by 151.0% in the 4th quarter. Versant Capital Management Inc now owns 748 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 450 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Portland General Electric by 1,538.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 819 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 769 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Portland General Electric by 352.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,407 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 1,096 shares in the last quarter. Finally, USA Financial Formulas acquired a new position in Portland General Electric in the fourth quarter valued at about $71,000.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. KeyCorp dropped their price objective on shares of Portland General Electric from $52.00 to $51.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. Evercore ISI raised their price target on Portland General Electric from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Jefferies Financial Group reduced their price objective on Portland General Electric from $47.00 to $42.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. Bank of America lowered their target price on Portland General Electric from $46.00 to $43.00 and set an “underperform” rating for the company in a research note on Tuesday, December 24th. Finally, UBS Group reiterated a “neutral” rating and set a $47.00 price target (down previously from $52.00) on shares of Portland General Electric in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Portland General Electric presently has an average rating of “Hold” and a consensus price target of $47.00.

Insiders Place Their Bets

In other Portland General Electric news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $41.32, for a total value of $56,815.00. Following the sale, the chief financial officer now directly owns 31,960 shares in the company, valued at approximately $1,320,587.20. This trade represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.40% of the company’s stock.

Portland General Electric Price Performance

Shares of POR stock opened at $44.39 on Friday. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.11 and a beta of 0.55. Portland General Electric has a 12 month low of $40.05 and a 12 month high of $49.85. The company has a quick ratio of 0.81, a current ratio of 0.92 and a debt-to-equity ratio of 1.22. The stock has a 50-day moving average price of $43.01 and a 200 day moving average price of $45.06.

Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.35 by $0.01. Portland General Electric had a net margin of 9.13% and a return on equity of 9.10%. The company had revenue of $824.00 million during the quarter, compared to analysts’ expectations of $716.17 million. During the same quarter in the previous year, the company earned $0.67 EPS. Research analysts expect that Portland General Electric will post 3.21 EPS for the current year.

Portland General Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 24th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend is Monday, March 24th. Portland General Electric’s payout ratio is 66.45%.

Portland General Electric Company 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. 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.