Versor Investments LP acquired a new position in Fortis Inc. (NYSE:FTS – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 11,400 shares of the utilities provider’s stock, valued at approximately $456,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Fortis by 3.9% in the 3rd quarter. Vanguard Group Inc. now owns 17,872,872 shares of the utilities provider’s stock worth $678,990,000 after buying an additional 675,957 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Fortis by 18.4% in the 3rd quarter. Toronto Dominion Bank now owns 12,555,108 shares of the utilities provider’s stock worth $529,434,000 after buying an additional 1,947,729 shares in the last quarter. National Bank of Canada FI raised its position in shares of Fortis by 137.9% during the fourth quarter. National Bank of Canada FI now owns 5,284,626 shares of the utilities provider’s stock worth $211,335,000 after purchasing an additional 3,062,898 shares during the period. Renaissance Technologies LLC raised its position in shares of Fortis by 6.4% during the first quarter. Renaissance Technologies LLC now owns 3,674,861 shares of the utilities provider’s stock worth $181,906,000 after purchasing an additional 221,000 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Fortis by 11.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,770,700 shares of the utilities provider’s stock worth $105,127,000 after purchasing an additional 290,800 shares during the period. Institutional investors own 49.59% of the company’s stock.
Fortis Stock Performance
Shares of FTS stock opened at $44.76 on Friday. Fortis Inc. has a 1-year low of $34.76 and a 1-year high of $51.46. The company has a current ratio of 0.65, a quick ratio of 0.55 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $21.58 billion, a price-to-earnings ratio of 21.01, a P/E/G ratio of 3.65 and a beta of 0.44. The stock’s fifty day simple moving average is $41.30 and its 200-day simple moving average is $40.30.
Fortis Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Wednesday, May 17th will be paid a $0.4211 dividend. The ex-dividend date of this dividend is Tuesday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 3.76%. This is an increase from Fortis’s previous quarterly dividend of $0.42. Fortis’s payout ratio is 79.34%.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on FTS shares. National Bank Financial boosted their target price on Fortis from C$55.00 to C$56.00 in a research report on Monday, February 13th. Scotiabank boosted their target price on Fortis from C$57.00 to C$58.00 in a research report on Monday, January 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $65.00 target price on shares of Fortis in a research report on Friday, March 24th. CIBC boosted their target price on Fortis from C$55.00 to C$57.00 in a research report on Tuesday, January 10th. Finally, StockNews.com initiated coverage on Fortis in a report on Thursday, March 16th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $58.75.
About Fortis
Fortis, Inc is an energy delivery company, which engages in the provision of energy generation and distribution. It operates through the Regulated Utilities and Non-Regulated segments. The Regulated Utilities segment is composed of ITC, which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries, UNS Energy that offers vertically integrated utility services, Central Hudson, which provides regulated electric and gas T&D utility services, FortisBC Energy distributes natural gas in British Columbia, FortisAlberta, which involves in the ownership and operation of regulated electricity distribution facilities, FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets, and Other Electric that contains utilities in the eastern Canada and Caribbean.
Further Reading
- Get a free copy of the StockNews.com research report on Fortis (FTS)
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