Scotia Capital Inc. boosted its holdings in Fortis Inc (NYSE:FTS) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,167,287 shares of the utilities provider’s stock after buying an additional 90,556 shares during the quarter. Fortis accounts for about 2.0% of Scotia Capital Inc.’s investment portfolio, making the stock its 10th largest position. Scotia Capital Inc. owned approximately 0.96% of Fortis worth $164,121,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of FTS. Geode Capital Management LLC lifted its stake in Fortis by 30.3% in the fourth quarter. Geode Capital Management LLC now owns 574,829 shares of the utilities provider’s stock valued at $19,790,000 after buying an additional 133,548 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Fortis in the 1st quarter valued at approximately $257,000. Janus Henderson Group PLC boosted its position in Fortis by 116.9% during the 1st quarter. Janus Henderson Group PLC now owns 302,400 shares of the utilities provider’s stock worth $11,182,000 after acquiring an additional 163,001 shares during the last quarter. Stephens Inc. AR grew its stake in shares of Fortis by 22.7% during the 1st quarter. Stephens Inc. AR now owns 14,996 shares of the utilities provider’s stock worth $555,000 after acquiring an additional 2,770 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. grew its stake in shares of Fortis by 1.8% during the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 73,351 shares of the utilities provider’s stock worth $3,623,000 after acquiring an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 51.55% of the company’s stock.
NYSE FTS traded down $0.11 during trading on Wednesday, reaching $41.84. 72,870 shares of the company’s stock were exchanged, compared to its average volume of 387,453. The business has a 50 day moving average price of $40.70 and a 200-day moving average price of $38.49. The stock has a market capitalization of $18.37 billion, a P/E ratio of 21.87, a PEG ratio of 3.82 and a beta of 0.15. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.51. Fortis Inc has a fifty-two week low of $31.37 and a fifty-two week high of $42.62.
Fortis (NYSE:FTS) last posted its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. Fortis had a return on equity of 6.80% and a net margin of 12.72%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the business earned $0.57 EPS. On average, analysts forecast that Fortis Inc will post 1.96 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th were given a dividend of $0.344 per share. This is a boost from Fortis’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.38 annualized dividend and a yield of 3.29%. Fortis’s dividend payout ratio (DPR) is presently 70.68%.
A number of brokerages have recently commented on FTS. Wells Fargo & Co boosted their price objective on shares of Fortis from $59.00 to $61.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. ValuEngine cut Fortis from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. CIBC reaffirmed a “hold” rating and issued a $56.00 target price on shares of Fortis in a research report on Wednesday. BMO Capital Markets lowered Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday. Finally, Royal Bank of Canada reissued a “buy” rating on shares of Fortis in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $54.29.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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