10 Best Mid-Cap Dividend Aristocrats To Buy

5. Portland General Electric Company (NYSE:POR)

Number of Hedge Fund Holders: 26

Portland General Electric Company (NYSE:POR) is an Oregon-based public utility company that transmits, generates, and distributes electricity. Although the company is not widely recognized in the utility sector, it benefits from a unique feature in Oregon: Transpacific communication cables connect in Portland General Electric’s service area. This makes the utility a key hub for the technology industry, particularly as a prime location for data centers. The company anticipates industrial demand to increase significantly, projecting a 7.5% annual growth rate. In the past 12 months, the stock has surged by just roughly 3%.

In the third quarter of 2024, Portland General Electric Company (NYSE:POR) posted revenue of $929 million, which showed a 16% hike from the same period last year. Total revenues rose driven by increased demand from semiconductor manufacturing and technology infrastructure customers, higher wholesale revenues, and the recovery of capital, operating, and power costs. The company is making significant progress in its ongoing RFP process to secure the next generation of reliable, clean, and cost-effective resources that will drive customer growth and further its shared decarbonization objectives.

Portland General Electric Company’s (NYSE:POR) cash generation makes it a strong dividend payer. Year-to-date, the company’s operating cash flow was $608 million, growing significantly from $331 million in the prior-year period. On October 21, it announced a quarterly dividend of $0.50 per share, which was consistent with its previous dividend. The company holds an 18-year track record of dividend growth, which makes POR one of the best dividend stocks in the mid-cap space. The stock’s dividend yield on December 16 came in at 4.52%.

Portland General Electric Company (NYSE:POR) was a popular buy among elite funds at the end of Q3 2024 as the hedge fund positions in the company grew to 26, from 21 in the previous quarter, according to Insider Monkey’s database. The stakes owned by these funds have a total value of approximately $200 million.