Steward Partners Investment Advisory LLC raised its stake in Fortis Inc. (NYSE:FTS – Get Rating) by 20.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,521 shares of the utilities provider’s stock after purchasing an additional 257 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Fortis were worth $75,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GQG Partners LLC purchased a new stake in shares of Fortis in the fourth quarter worth $313,094,000. Public Sector Pension Investment Board grew its position in shares of Fortis by 310.6% during the fourth quarter. Public Sector Pension Investment Board now owns 2,383,889 shares of the utilities provider’s stock worth $115,179,000 after purchasing an additional 1,803,300 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Fortis by 49.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,700,800 shares of the utilities provider’s stock worth $130,405,000 after purchasing an additional 895,100 shares in the last quarter. Caledonia Investments PLC purchased a new stake in shares of Fortis during the first quarter worth about $21,359,000. Finally, Canada Pension Plan Investment Board grew its holdings in Fortis by 82.4% during the 4th quarter. Canada Pension Plan Investment Board now owns 911,910 shares of the utilities provider’s stock valued at $44,059,000 after buying an additional 411,900 shares in the last quarter. Institutional investors own 49.43% of the company’s stock.
Fortis Price Performance
FTS stock opened at $46.52 on Thursday. The firm has a 50 day moving average of $47.31 and a 200-day moving average of $47.83. Fortis Inc. has a 12-month low of $43.12 and a 12-month high of $51.66. The company has a current ratio of 0.64, a quick ratio of 0.53 and a debt-to-equity ratio of 1.23. The company has a market cap of $22.27 billion, a price-to-earnings ratio of 22.37, a PEG ratio of 3.76 and a beta of 0.33.
Fortis Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 19th will be issued a dividend of $0.4149 per share. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $1.66 annualized dividend and a dividend yield of 3.57%. Fortis’s payout ratio is 80.29%.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on the company. National Bank Financial raised their price objective on Fortis from C$59.00 to C$60.00 in a research note on Friday, May 6th. Scotiabank lifted their price target on Fortis from C$61.00 to C$63.00 in a research report on Tuesday, April 19th. UBS Group cut Fortis from a “neutral” rating to a “sell” rating and set a $56.00 price objective for the company. in a report on Thursday, June 30th. Edward Jones cut Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th. Finally, Wells Fargo & Company cut Fortis from an “equal weight” rating to an “underweight” rating in a report on Wednesday, June 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $60.10.
Fortis Company Profile
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.
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