Fortis Plans Quarterly Dividend of C$0.64 (NYSE:FTS)

Fortis (NYSE:FTS) declared a quarterly dividend on Wednesday, February 11th. Investors of record on Friday, May 15th will be given a dividend of 0.64 per share by the utilities provider on Monday, June 1st. This represents a c) annualized dividend and a yield of 4.6%. The ex-dividend date is Friday, May 15th.

Fortis has decreased its dividend by an average of 0.0%annually over the last three years and has increased its dividend every year for the last 5 years. Fortis has a dividend payout ratio of 72.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Fortis to earn $2.47 per share next year, which means the company should continue to be able to cover its $1.86 annual dividend with an expected future payout ratio of 75.3%.

Fortis Stock Performance

Shares of FTS stock traded up $0.75 during trading hours on Thursday, hitting $55.25. 206,592 shares of the company were exchanged, compared to its average volume of 1,068,884. The stock has a market capitalization of $28.03 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 4.27 and a beta of 0.50. The firm has a fifty day simple moving average of $52.20 and a 200 day simple moving average of $51.11. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 1.32. Fortis has a 52-week low of $42.95 and a 52-week high of $55.85.

Institutional Investors Weigh In On Fortis

A number of hedge funds have recently added to or reduced their stakes in FTS. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after buying an additional 428 shares during the period. Larson Financial Group LLC boosted its stake in Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after buying an additional 409 shares during the last quarter. LOM Asset Management Ltd purchased a new position in shares of Fortis in the fourth quarter valued at $43,000. Smartleaf Asset Management LLC grew its stake in shares of Fortis by 2,119.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after buying an additional 996 shares in the last quarter. Finally, State of Wyoming purchased a new position in Fortis in the second quarter worth about $56,000. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

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.