Elo Mutual Pension Insurance Cuts Portland General Electric Stake by 53%

Elo Mutual Pension Insurance Co has significantly reduced its investment in Portland General Electric Company (NYSE: POR), cutting its holdings by 53.4% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor now owns 10,492 shares of the utility provider after selling 12,001 shares during the quarter. At the end of this period, Elo Mutual’s stake in Portland General Electric was valued at approximately $426,000.

Other institutional investors have also adjusted their positions in Portland General Electric. Johnson Investment Counsel Inc. increased its holdings by 0.8%, now owning 38,261 shares worth $1,555,000 after acquiring an additional 301 shares. Meanwhile, Connable Office Inc. raised its position by 5.1%, bringing its total shares to 6,564, valued at $267,000, following a purchase of 318 shares.

Additionally, Benjamin Edwards Inc. raised its stake by 1.9%, now holding 17,820 shares valued at $795,000, while Blue Trust Inc. increased its position by 12.0%, with 3,281 shares worth $133,000 after acquiring 352 shares. Notably, Bell Investment Advisors Inc. made a significant move, boosting its holdings by 80.6% to 829 shares, valued at $34,000.

In related developments, Portland General Electric’s CEO, Maria M. Pope, sold 18,896 shares on September 10, 2023, at an average price of $42.50, totaling $803,080. Following this transaction, she retains 194,135 shares valued at around $8,250,737.50, representing an 8.87% decrease in her ownership of the company.

On the trading front, shares of Portland General Electric opened at $50.82 on Friday, reflecting a slight increase of 0.2%. The company has recorded a fifty-two week low of $39.54 and a high of $51.14, with a market capitalization of $5.72 billion. The utility provider reported a price-to-earnings (PE) ratio of 18.75 and a beta of 0.67.

Portland General Electric last disclosed its quarterly earnings on October 30, 2023. The company reported earnings per share (EPS) of $1.00, surpassing analysts’ consensus estimate of $0.98 by $0.02. The revenue for the quarter reached $952 million, though it fell short of the expected $975.64 million. Compared to the same quarter the previous year, the business saw a 2.5% year-over-year revenue increase.

Looking ahead, analysts forecast an EPS of $3.21 for the current fiscal year. Additionally, Portland General Electric announced a quarterly dividend of $0.525, payable on January 15, 2024, to investors of record on December 22, 2023. This annualized dividend represents $2.10 with a yield of 4.1%, and the company currently maintains a payout ratio of 76.36%.

Portland General Electric Company operates as an integrated electric utility in Oregon, managing the generation, transmission, distribution, and retail sale of electricity. The company’s assets include six thermal plants, three wind farms, and seven hydroelectric facilities. It serves approximately 934,000 retail customers across 51 cities in the state.