Wesbanco Bank Inc. purchased a new stake in Portland General Electric (NYSE:POR – Get Rating) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 15,445 shares of the utilities provider's stock, valued at approximately $746,000.
Several other institutional investors and hedge funds also recently made changes to their positions in POR. New York State Teachers Retirement System raised its position in shares of Portland General Electric by 2.6% in the first quarter. New York State Teachers Retirement System now owns 7,900 shares of the utilities provider's stock valued at $436,000 after purchasing an additional 200 shares during the period. Captrust Financial Advisors raised its position in shares of Portland General Electric by 6.4% in the first quarter. Captrust Financial Advisors now owns 4,394 shares of the utilities provider's stock valued at $244,000 after purchasing an additional 264 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Portland General Electric by 26.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,373 shares of the utilities provider's stock valued at $76,000 after purchasing an additional 285 shares during the period. Horizon Investment Services LLC raised its position in shares of Portland General Electric by 7.1% in the first quarter. Horizon Investment Services LLC now owns 4,417 shares of the utilities provider's stock valued at $244,000 after purchasing an additional 294 shares during the period. Finally, Keudell Morrison Wealth Management raised its position in shares of Portland General Electric by 2.0% in the first quarter. Keudell Morrison Wealth Management now owns 16,033 shares of the utilities provider's stock valued at $884,000 after purchasing an additional 322 shares during the period. Institutional investors and hedge funds own 99.67% of the company's stock.
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In other news, VP John Teeruk Kochavatr sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $53.72, for a total value of $107,440.00. Following the sale, the vice president now directly owns 14,112 shares in the company, valued at approximately $758,096.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.52% of the company's stock.
Portland General Electric Trading Down 1.9 %
Shares of Portland General Electric stock opened at $48.13 on Tuesday. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of 17.96, a PEG ratio of 3.77 and a beta of 0.51. The company has a quick ratio of 0.77, a current ratio of 0.87 and a debt-to-equity ratio of 1.31. Portland General Electric has a 12-month low of $45.02 and a 12-month high of $57.03. The firm's 50-day moving average price is $52.06 and its two-hundred day moving average price is $50.99.Portland General Electric (NYSE:POR – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.32. The firm had revenue of $591.00 million for the quarter, compared to the consensus estimate of $531.67 million. Portland General Electric had a net margin of 9.73% and a return on equity of 8.87%. The business's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share. On average, analysts forecast that Portland General Electric will post 2.82 earnings per share for the current fiscal year.
Portland General Electric Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, September 26th will be paid a dividend of $0.4525 per share. The ex-dividend date of this dividend is Friday, September 23rd. This represents a $1.81 dividend on an annualized basis and a yield of 3.76%. Portland General Electric's payout ratio is 67.54%.
Wall Street Analyst Weigh In
POR has been the topic of several research analyst reports. Barclays dropped their price objective on shares of Portland General Electric from $53.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Monday, July 18th. The Goldman Sachs Group raised shares of Portland General Electric from a "neutral" rating to a "buy" rating and increased their price objective for the company from $49.00 to $52.00 in a research report on Thursday, June 2nd. Mizuho raised their price target on shares of Portland General Electric from $50.00 to $51.00 and gave the stock a "neutral" rating in a research report on Friday, August 26th. Bank of America lowered shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $52.00 price target on the stock. in a research report on Monday, August 1st. Finally, StockNews.com raised shares of Portland General Electric from a "hold" rating to a "buy" rating in a research report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Portland General Electric presently has an average rating of "Hold" and an average price target of $52.00.
Portland General Electric Company Profile
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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, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line.
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