KBC Group NV has reduced its stake in Portland General Electric Company (NYSE: POR) by 30.6%, according to its latest Form 13F filing with the Securities & Exchange Commission. This decision comes after the fund sold 1,444 shares during the second quarter, leaving it with 3,273 shares valued at approximately $133,000.
Other institutional investors have also adjusted their positions in Portland General Electric. Notably, Campbell & CO Investment Adviser LLC increased its stake by 38.8%, acquiring an additional 12,518 shares to reach a total of 44,777 shares, worth around $1.8 million. Sequoia Financial Advisors LLC and Eastern Bank established new positions valued at $376,000 and $65,000, respectively, during the same period. Additionally, Vanguard Group Inc. boosted its holdings by 4.7%, bringing its total to 12,472,333 shares, valued at approximately $556.3 million. Envestnet Asset Management Inc. also grew its stake by 5.5%, now owning 513,398 shares valued at around $20.9 million.
Insider Transactions and Stock Performance
In related news, Maria M. Pope, CEO of Portland General Electric, sold 18,896 shares on September 10, generating a transaction value of approximately $803,080. Following this sale, her remaining shares amount to 194,135, valued at about $8.25 million. This transaction represents an 8.87% decrease in her ownership. The details were disclosed in a filing with the Securities & Exchange Commission.
Portland General Electric’s stock performance has shown resilience. The company reported earnings of $1.00 per share for the third quarter, surpassing analyst estimates of $0.98 by $0.02. Revenue reached $952 million, although it fell short of expectations of $975.64 million. The company reported a return on equity of 8.07% and a net margin of 8.43%, with a year-over-year revenue increase of 2.5%.
Dividends and Analyst Ratings
Portland General Electric also announced a quarterly dividend of $0.525, scheduled for payment on January 15, 2024. Shareholders on record as of December 22 will receive this dividend, which translates to an annualized payout of $2.10 and a yield of 4.3%. The company’s dividend payout ratio stands at 76.36%.
Recent analyst reports reflect a generally positive outlook for Portland General Electric. Barclays raised its price target from $43.00 to $47.00 and rated the stock as “equal weight.” Meanwhile, Mizuho also set a price target of $47.00. BTIG Research upgraded its rating to “strong-buy,” while Zacks Research moved the stock from a “strong sell” to a “hold” rating. Currently, the consensus rating for Portland General Electric is “Hold,” with a target price of $46.92.
Portland General Electric Company operates as an integrated electric utility in Oregon, managing six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2023, it serves approximately 934,000 retail customers across 51 cities, underscoring its significant presence in the region’s energy landscape.
