Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Fortis Inc. (NYSE:FTS – Free Report) by 13.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,685 shares of the utilities provider’s stock after buying an additional 10,071 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fortis were worth $3,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Fortis during the fourth quarter valued at approximately $104,121,000. Bank of America Corp DE raised its position in Fortis by 160.9% during the 4th quarter. Bank of America Corp DE now owns 2,286,722 shares of the utilities provider’s stock valued at $91,560,000 after purchasing an additional 1,410,130 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Fortis by 36.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,792,768 shares of the utilities provider’s stock worth $151,772,000 after buying an additional 1,022,068 shares during the period. Vanguard Group Inc. grew its position in shares of Fortis by 3.9% during 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. Finally, Mackenzie Financial Corp increased its stake in shares of Fortis by 10.6% during the first quarter. Mackenzie Financial Corp now owns 5,854,350 shares of the utilities provider’s stock valued at $248,841,000 after buying an additional 558,947 shares during the period. 45.10% of the stock is currently owned by institutional investors.
Fortis Price Performance
Shares of FTS stock opened at $40.54 on Friday. The company has a market cap of $19.72 billion, a P/E ratio of 18.34, a PEG ratio of 3.71 and a beta of 0.44. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.79 and a quick ratio of 0.69. The stock’s 50-day moving average is $42.40 and its 200 day moving average is $42.34. Fortis Inc. has a 1-year low of $34.76 and a 1-year high of $47.89.
Fortis Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be paid a $0.427 dividend. This represents a $1.71 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Friday, August 18th. Fortis’s dividend payout ratio (DPR) is presently 76.02%.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on the stock. StockNews.com initiated coverage on shares of Fortis in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Raymond James reduced their price target on shares of Fortis from $65.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, August 3rd.
View Our Latest Stock Report on Fortis
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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.
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