Fortis $FTS Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in Fortis (NYSE:FTS) by 2.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,129,958 shares of the utilities provider’s stock after purchasing an additional 536,118 shares during the period. Vanguard Group Inc.’s holdings in Fortis were worth $1,254,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Fortis by 157.4% during 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 in the last quarter. Larson Financial Group LLC grew its holdings in Fortis by 123.9% in the 3rd 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 in the last quarter. LOM Asset Management Ltd acquired a new stake in shares of Fortis in the 4th quarter worth $43,000. Smartleaf Asset Management LLC increased 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 acquiring an additional 996 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Fortis during the 2nd quarter worth $56,000. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Stock Performance

Shares of Fortis stock opened at $57.24 on Friday. The business has a 50-day simple moving average of $56.78 and a 200-day simple moving average of $53.78. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.42 and a current ratio of 0.51. Fortis has a one year low of $45.87 and a one year high of $58.78. The company has a market cap of $29.14 billion, a PE ratio of 23.46 and a beta of 0.45.

Fortis (NYSE:FTS) last issued its earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The firm had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the company earned $0.83 earnings per share. On average, equities research analysts forecast that Fortis will post 2.62 EPS for the current fiscal year.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Friday, May 15th. Fortis’s dividend payout ratio (DPR) is presently 75.41%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FTS shares. Royal Bank Of Canada reissued a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Barclays initiated coverage on shares of Fortis in a research note on Tuesday. They set an “overweight” rating and a $62.00 target price on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of Fortis from a “sell” rating to a “hold” rating in a report on Sunday, April 19th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $67.00.

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.