Intact Investment Management Inc. Buys Shares of 149,500 Fortis Inc. (FTS)
Intact Investment Management Inc. bought a new stake in Fortis Inc. (NYSE:FTS) during the fourth quarter, Holdings Channel reports. The fund bought 149,500 shares of the company’s stock, valued at approximately $6,189,000.
Several other hedge funds and other institutional investors have also made changes to their positions in FTS. Scotia Capital Inc. acquired a new position in shares of Fortis during the fourth quarter valued at approximately $90,090,000. AMF Pensionsforsakring AB acquired a new position in shares of Fortis during the fourth quarter valued at approximately $2,281,000. Guardian Capital LP acquired a new position in shares of Fortis during the fourth quarter valued at approximately $121,442,000. Guardian Capital Advisors LP acquired a new position in shares of Fortis during the fourth quarter valued at approximately $3,445,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Fortis during the fourth quarter valued at approximately $7,872,000. 12.08% of the stock is currently owned by institutional investors.
Shares of Fortis Inc. (NYSE:FTS) traded up 2.59% on Thursday, hitting $32.87. 331,413 shares of the stock traded hands. The stock has a 50 day moving average price of $31.58 and a 200-day moving average price of $31.59. Fortis Inc. has a 52 week low of $27.42 and a 52 week high of $34.66. The stock has a market cap of $13.14 billion and a price-to-earnings ratio of 23.03.
Fortis (NYSE:FTS) last released its earnings results on Thursday, February 16th. The company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.28. Fortis had a net margin of 8.22% and a return on equity of 7.17%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter last year, the firm earned $0.51 EPS. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 19th will be issued a dividend of $0.3058 per share. The ex-dividend date is Wednesday, May 17th. This represents a $1.22 annualized dividend and a dividend yield of 3.72%. This is a positive change from Fortis’s previous quarterly dividend of $0.30. Fortis’s dividend payout ratio (DPR) is currently 84.40%.
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Several brokerages have recently commented on FTS. CIBC raised shares of Fortis from a “neutral” rating to an “outperform” rating in a report on Thursday. Raymond James Financial, Inc. cut shares of Fortis from an “outperform” rating to a “mkt perform” rating in a report on Tuesday, January 17th. Zacks Investment Research cut shares of Fortis from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. Desjardins began coverage on shares of Fortis in a report on Friday, November 25th. They set a “buy” rating on the stock. Finally, National Bank Financial reaffirmed a “sector perform market weight” rating on shares of Fortis in a report on Monday, November 7th. One investment analyst has rated the stock with a sell rating and two have given a buy rating to the company’s stock. Fortis currently has an average rating of “Hold”.
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