Tacita Capital Inc bought a new position in shares of Fortis (NYSE:FTS – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 55,542 shares of the utilities provider’s stock, valued at approximately $3,176,000. Fortis accounts for 1.7% of Tacita Capital Inc’s portfolio, making the stock its 14th largest holding.
Several other institutional investors and hedge funds also recently made changes to their positions in FTS. Trust Co. of Vermont acquired a new position in shares of Fortis in the 2nd quarter valued at $26,000. Scarborough Advisors LLC acquired a new stake in shares of Fortis during the first quarter worth $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Fortis in the fourth quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 428 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 409 shares during the last quarter. Institutional investors own 57.77% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have issued reports on FTS. Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Tuesday, August 4th. Barclays lowered their price target on Fortis from $61.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Royal Bank Of Canada lifted their price objective on shares of Fortis from $80.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Monday, August 3rd. TD Securities restated a “buy” rating on shares of Fortis in a report on Tuesday, August 4th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $66.33.
Fortis Price Performance
Shares of FTS opened at $56.27 on Thursday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. The stock has a 50 day simple moving average of $57.16 and a 200 day simple moving average of $56.57. Fortis has a 52-week low of $48.64 and a 52-week high of $59.40. The firm has a market capitalization of $28.74 billion, a PE ratio of 22.78 and a beta of 0.43.
Fortis (NYSE:FTS – Get Free Report) last announced its earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. Fortis had a net margin of 14.17% and a return on equity of 7.16%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period last year, the company posted $0.76 EPS. Sell-side analysts predict that Fortis will post 2.56 EPS for the current fiscal year.
Fortis Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Wednesday, August 19th. Fortis’s dividend payout ratio (DPR) is presently 76.52%.
About Fortis
Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.
The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.
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