Magellan Asset Management Ltd Grows Holdings in Portland General Electric (POR)

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Magellan Asset Management Ltd boosted its holdings in shares of Portland General Electric (NYSE:POR) by 8.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 69,742 shares of the utilities provider’s stock after buying an additional 5,438 shares during the period. Magellan Asset Management Ltd’s holdings in Portland General Electric were worth $2,982,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Suntrust Banks Inc. lifted its holdings in Portland General Electric by 2.3% during the 1st quarter. Suntrust Banks Inc. now owns 53,494 shares of the utilities provider’s stock worth $2,166,000 after buying an additional 1,225 shares in the last quarter. Brinker Capital Inc. increased its position in shares of Portland General Electric by 9.5% in the 1st quarter. Brinker Capital Inc. now owns 17,365 shares of the utilities provider’s stock valued at $705,000 after purchasing an additional 1,505 shares during the last quarter. Aperio Group LLC increased its position in shares of Portland General Electric by 3.1% in the 2nd quarter. Aperio Group LLC now owns 55,926 shares of the utilities provider’s stock valued at $2,391,000 after purchasing an additional 1,691 shares during the last quarter. Whittier Trust Co. increased its position in shares of Portland General Electric by 4.6% in the 2nd quarter. Whittier Trust Co. now owns 42,862 shares of the utilities provider’s stock valued at $1,832,000 after purchasing an additional 1,894 shares during the last quarter. Finally, Foresters Investment Management Company Inc. increased its position in shares of Portland General Electric by 0.7% in the 1st quarter. Foresters Investment Management Company Inc. now owns 322,100 shares of the utilities provider’s stock valued at $13,048,000 after purchasing an additional 2,100 shares during the last quarter. Institutional investors own 92.92% of the company’s stock.

In other Portland General Electric news, VP William David Robertson sold 4,380 shares of the firm’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $45.78, for a total transaction of $200,516.40. Following the transaction, the vice president now directly owns 16,024 shares of the company’s stock, valued at approximately $733,578.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.

NYSE POR opened at $47.20 on Thursday. The company has a current ratio of 0.73, a quick ratio of 0.60 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $4.14 billion, a P/E ratio of 20.61, a P/E/G ratio of 6.33 and a beta of 0.16. Portland General Electric has a 12 month low of $39.02 and a 12 month high of $50.11.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, July 27th. The utilities provider reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.09. Portland General Electric had a net margin of 9.74% and a return on equity of 8.59%. The firm had revenue of $449.00 million for the quarter, compared to the consensus estimate of $460.72 million. During the same period last year, the firm posted $0.36 EPS. The company’s revenue was up .0% on a year-over-year basis. research analysts forecast that Portland General Electric will post 2.34 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Tuesday, September 25th will be given a dividend of $0.3625 per share. This represents a $1.45 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Monday, September 24th. Portland General Electric’s payout ratio is currently 63.32%.

A number of brokerages have commented on POR. Williams Capital raised shares of Portland General Electric from a “sell” rating to a “hold” rating and increased their price objective for the company from $41.00 to $44.00 in a research report on Monday, July 30th. Mizuho reissued a “buy” rating and issued a $45.50 price objective on shares of Portland General Electric in a research report on Friday, July 20th. UBS Group increased their target price on shares of Portland General Electric from $40.00 to $42.00 and gave the company a “$45.10” rating in a research report on Thursday, July 19th. Zacks Investment Research raised shares of Portland General Electric from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, July 17th. Finally, Barclays initiated coverage on shares of Portland General Electric in a research report on Tuesday, July 10th. They issued an “underweight” rating and a $42.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Portland General Electric has a consensus rating of “Hold” and a consensus price target of $42.83.

About Portland General Electric

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. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2017, it owned an electric transmission system consisting of 1,250 circuit miles, including 287 circuit miles of 500 kilovolt line, 402 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.

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Institutional Ownership by Quarter for Portland General Electric (NYSE:POR)

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