Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Fortis Inc. (NYSE:FTS – Get Rating) by 1.6% during the second quarter, HoldingsChannel reports. The firm owned 24,999 shares of the utilities provider’s stock after buying an additional 400 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Fortis were worth $1,962,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in FTS. Power Corp of Canada purchased a new stake in Fortis during the 1st quarter worth $31,000. Steward Partners Investment Advisory LLC grew its stake in shares of Fortis by 20.3% during the first quarter. Steward Partners Investment Advisory LLC now owns 1,521 shares of the utilities provider’s stock valued at $75,000 after acquiring an additional 257 shares in the last quarter. Lindbrook Capital LLC grew its stake in shares of Fortis by 56.4% during the second quarter. Lindbrook Capital LLC now owns 1,623 shares of the utilities provider’s stock valued at $77,000 after acquiring an additional 585 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Fortis by 46.7% during the second quarter. Parallel Advisors LLC now owns 2,042 shares of the utilities provider’s stock worth $97,000 after acquiring an additional 650 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Fortis by 9.9% in the first quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock worth $177,000 after acquiring an additional 322 shares in the last quarter. 49.38% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
FTS has been the topic of several analyst reports. Scotiabank dropped their price objective on Fortis from C$63.00 to C$57.00 in a report on Thursday, October 20th. TD Securities cut their price target on shares of Fortis from C$65.00 to C$63.00 in a report on Monday, October 31st. Edward Jones downgraded shares of Fortis from a “buy” rating to a “hold” rating in a research note on Wednesday, July 27th. Credit Suisse Group boosted their target price on shares of Fortis from C$56.50 to C$57.00 in a research report on Monday, November 7th. Finally, Raymond James raised shares of Fortis from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Wednesday, October 19th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $58.71.
Fortis Trading Up 1.2 %
Fortis (NYSE:FTS – Get Rating) last released its earnings results on Friday, October 28th. The utilities provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.04. Fortis had a return on equity of 6.48% and a net margin of 12.47%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.69 billion. On average, analysts predict that Fortis Inc. will post 2.01 EPS for the current year.
Fortis Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Wednesday, February 15th will be issued a $0.415 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.41. The ex-dividend date is Tuesday, February 14th. This represents a $1.66 annualized dividend and a dividend yield of 4.16%. Fortis’s dividend payout ratio (DPR) is 77.25%.
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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