Pictet Asset Management Ltd. Sells 259,260 Shares of Portland General Electric Company (POR)

Pictet Asset Management Ltd. reduced its holdings in Portland General Electric Company (NYSE:POR) by 26.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 709,836 shares of the utilities provider’s stock after selling 259,260 shares during the period. Pictet Asset Management Ltd. owned about 0.80% of Portland General Electric worth $32,397,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in POR. Huntington National Bank boosted its holdings in shares of Portland General Electric by 1.2% in the 2nd quarter. Huntington National Bank now owns 2,809 shares of the utilities provider’s stock valued at $128,000 after acquiring an additional 34 shares during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Portland General Electric in the 2nd quarter valued at $141,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Portland General Electric by 52.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,906 shares of the utilities provider’s stock valued at $178,000 after acquiring an additional 1,352 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Portland General Electric in the 2nd quarter valued at $202,000. Finally, BlueMountain Capital Management LLC boosted its holdings in shares of Portland General Electric by 0.3% in the 2nd quarter. BlueMountain Capital Management LLC now owns 5,489 shares of the utilities provider’s stock valued at $251,000 after acquiring an additional 17 shares during the last quarter. 93.45% of the stock is currently owned by institutional investors and hedge funds.

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A number of analysts recently issued reports on the stock. BidaskClub downgraded shares of Portland General Electric from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. Williams Capital downgraded shares of Portland General Electric from a “hold” rating to a “sell” rating and lowered their price target for the stock from $44.00 to $41.00 in a report on Monday, July 24th. Zacks Investment Research downgraded shares of Portland General Electric from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th. KeyCorp reissued a “hold” rating on shares of Portland General Electric in a report on Friday, September 1st. Finally, J P Morgan Chase & Co increased their price target on shares of Portland General Electric from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, October 12th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $46.00.

Portland General Electric (NYSE:POR) last announced its quarterly earnings data on Friday, October 27th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.06. The company had revenue of $515.00 million for the quarter, compared to analysts’ expectations of $497.85 million. Portland General Electric had a net margin of 10.21% and a return on equity of 8.65%. Portland General Electric’s revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.38 EPS.

The company 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 is Friday, December 22nd. This represents a $1.36 annualized dividend and a yield of 2.85%. Portland General Electric’s dividend payout ratio is currently 59.13%.

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.

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

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