Portland General Electric (POR) Stake Lessened by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its position in shares of Portland General Electric (NYSE:POR) by 4.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,232,433 shares of the utilities provider’s stock after selling 55,524 shares during the period. Bank of New York Mellon Corp owned about 1.38% of Portland General Electric worth $56,248,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its position in shares of Portland General Electric by 134.6% during the 3rd quarter. New York State Common Retirement Fund now owns 250,075 shares of the utilities provider’s stock worth $11,413,000 after purchasing an additional 143,500 shares during the last quarter. Sei Investments Co. lifted its position in shares of Portland General Electric by 26.4% during the 3rd quarter. Sei Investments Co. now owns 92,995 shares of the utilities provider’s stock worth $4,244,000 after purchasing an additional 19,396 shares during the last quarter. Breton Hill Capital Ltd. acquired a new stake in Portland General Electric during the 3rd quarter worth $204,000. Principal Financial Group Inc. raised its stake in Portland General Electric by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 651,419 shares of the utilities provider’s stock worth $29,731,000 after acquiring an additional 26,746 shares in the last quarter. Finally, West Coast Financial LLC raised its stake in Portland General Electric by 1.8% during the 3rd quarter. West Coast Financial LLC now owns 84,117 shares of the utilities provider’s stock worth $3,839,000 after acquiring an additional 1,449 shares in the last quarter. 92.68% of the stock is owned by institutional investors and hedge funds.
Shares of Portland General Electric (POR) traded down $0.15 during trading hours on Friday, reaching $49.49. 557,179 shares of the company traded hands, compared to its average volume of 554,477. Portland General Electric has a 12-month low of $40.71 and a 12-month high of $50.11. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.81. The firm has a market cap of $4,422.54, a price-to-earnings ratio of 21.58, a P/E/G ratio of 5.79 and a beta of 0.30.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, December 26th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Friday, December 22nd. This represents a $1.36 dividend on an annualized basis and a yield of 2.75%. Portland General Electric’s dividend payout ratio is presently 59.13%.
Several equities research analysts recently commented on the stock. J P Morgan Chase & Co lifted their price target on shares of Portland General Electric from $47.00 to $48.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. KeyCorp reiterated a “hold” rating on shares of Portland General Electric in a research note on Friday, September 1st. BidaskClub upgraded shares of Portland General Electric from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. Zacks Investment Research upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Thursday, September 21st. Finally, Bank of America assumed coverage on shares of Portland General Electric in a research note on Tuesday, October 24th. They set a “neutral” rating and a $45.00 price target on the stock. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $46.00.
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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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