Concorde Asset Management LLC increased its position in shares of Fortis Inc. (NYSE:FTS) by 100.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 116,000 shares of the utilities provider’s stock after purchasing an additional 58,000 shares during the quarter. Fortis makes up about 3.6% of Concorde Asset Management LLC’s holdings, making the stock its 3rd biggest position. Concorde Asset Management LLC’s holdings in Fortis were worth $4,150,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC lifted its stake in shares of Fortis by 0.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock valued at $530,000 after buying an additional 44 shares in the last quarter. Creative Planning lifted its stake in shares of Fortis by 7.3% during the 2nd quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after buying an additional 225 shares in the last quarter. Baskin Financial Services Inc. increased its holdings in Fortis by 0.6% during the 2nd quarter. Baskin Financial Services Inc. now owns 37,523 shares of the utilities provider’s stock worth $1,317,000 after acquiring an additional 226 shares during the period. BB&T Securities LLC increased its holdings in Fortis by 0.5% during the 2nd quarter. BB&T Securities LLC now owns 52,905 shares of the utilities provider’s stock worth $1,859,000 after acquiring an additional 241 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Fortis by 12.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 382 shares during the period. Hedge funds and other institutional investors own 52.56% of the company’s stock.

FTS has been the topic of a number of analyst reports. CIBC lowered shares of Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Zacks Investment Research lowered shares of Fortis from a “buy” rating to a “hold” rating in a report on Thursday, October 19th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $38.00.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 20th will be issued a $0.3396 dividend. This represents a $1.36 annualized dividend and a dividend yield of Infinity. The ex-dividend date is Friday, November 17th. This is an increase from Fortis’s previous quarterly dividend of $0.32. Fortis’s payout ratio is 75.00%.

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Fortis Company Profile

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 Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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