Chemical Bank reduced its position in shares of Fortis Inc. (NYSE:FTS) by 0.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,031 shares of the utilities provider’s stock after selling 16 shares during the period. Chemical Bank’s holdings in Fortis were worth $318,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in shares of Fortis by 19.4% during the first quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock worth $115,000 after purchasing an additional 564 shares during the period. Creative Planning boosted its holdings in shares of Fortis by 7.3% during the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock worth $116,000 after purchasing an additional 225 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Fortis during the first quarter worth about $157,000. REDW Stanley Financial Advisors LLC purchased a new stake in shares of Fortis during the second quarter worth about $203,000. Finally, Bank of Hawaii purchased a new stake in shares of Fortis during the first quarter worth about $206,000. Institutional investors own 52.32% of the company’s stock.
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A number of research firms have recently weighed in on FTS. CIBC lowered shares of Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Zacks Investment Research upgraded shares of Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 target price for the company in a report on Monday, July 3rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $38.00.
Shares of Fortis Inc. (FTS) opened at 36.45 on Friday. The stock’s 50 day moving average is $36.53 and its 200-day moving average is $34.14. The stock has a market capitalization of $15.23 billion and a price-to-earnings ratio of 19.91. Fortis Inc. has a 12-month low of $29.14 and a 12-month high of $37.67.
Fortis (NYSE:FTS) last issued its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The firm’s revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. On average, analysts expect that Fortis Inc. will post $2.47 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 21st were issued a dividend of $0.3197 per share. This represents a $1.28 annualized dividend and a yield of 3.51%. This is an increase from Fortis’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Thursday, August 17th. Fortis’s dividend payout ratio is presently 74.42%.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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