Fortis Inc. (NYSE:FTS) has been assigned a consensus recommendation of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $37.00.

A number of research firms have weighed in on FTS. CIBC cut Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Zacks Investment Research cut Fortis from a “buy” rating to a “hold” rating in a report on Thursday, October 19th.

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Several institutional investors have recently added to or reduced their stakes in FTS. Duff & Phelps Investment Management Co. purchased a new position in shares of Fortis during the 3rd quarter valued at approximately $39,636,000. FMR LLC boosted its stake in shares of Fortis by 11.8% during the 2nd quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock valued at $364,077,000 after buying an additional 1,090,988 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Fortis by 21.8% during the 2nd quarter. CIBC Asset Management Inc now owns 5,425,532 shares of the utilities provider’s stock valued at $190,477,000 after buying an additional 971,742 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Fortis by 51.1% during the 2nd quarter. Franklin Resources Inc. now owns 2,714,989 shares of the utilities provider’s stock valued at $95,467,000 after buying an additional 918,369 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. boosted its stake in shares of Fortis by 74.3% during the 3rd quarter. Montrusco Bolton Investments Inc. now owns 1,654,795 shares of the utilities provider’s stock valued at $59,251,000 after buying an additional 705,657 shares during the last quarter. Institutional investors own 52.80% of the company’s stock.

Fortis (NYSE:FTS) traded down $0.25 during midday trading on Friday, reaching $37.70. The company’s stock had a trading volume of 98,600 shares, compared to its average volume of 208,363. The stock has a market cap of $15,815.15 and a PE ratio of 19.33. Fortis has a 52-week low of $29.14 and a 52-week high of $38.06. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.42 and a current ratio of 0.52.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 20th will be paid a dividend of $0.3396 per share. This is a boost from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.60%. The ex-dividend date is Friday, November 17th. Fortis’s dividend payout ratio is 67.54%.

About Fortis

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.

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