Kingsview Wealth Management LLC Purchases New Shares in Fortis $FTS

Kingsview Wealth Management LLC acquired a new position in Fortis (NYSE:FTS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,199 shares of the utilities provider’s stock, valued at approximately $200,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH bought a new position in shares of Fortis during the 2nd quarter worth approximately $28,000. Allworth Financial LP increased its position in shares of Fortis by 157.3% during the second quarter. Allworth Financial LP now owns 1,253 shares of the utilities provider’s stock valued at $60,000 after acquiring an additional 766 shares during the last quarter. Fifth Third Bancorp bought a new stake in Fortis during the second quarter worth $65,000. Banque Transatlantique SA purchased a new position in Fortis in the first quarter worth $135,000. Finally, Verus Wealth Management LLC bought a new position in Fortis in the 2nd quarter valued at $205,000. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Stock Performance

NYSE FTS opened at $51.55 on Monday. The firm has a market cap of $26.06 billion, a P/E ratio of 21.21, a price-to-earnings-growth ratio of 3.94 and a beta of 0.49. The company has a quick ratio of 0.47, a current ratio of 0.58 and a debt-to-equity ratio of 1.30. The company’s 50 day moving average is $50.73 and its 200-day moving average is $49.29. Fortis has a 12-month low of $40.32 and a 12-month high of $52.83.

Fortis (NYSE:FTS) last released its quarterly earnings data on Tuesday, November 4th. The utilities provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). The business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Fortis had a net margin of 14.48% and a return on equity of 7.24%. Sell-side analysts predict that Fortis will post 2.35 earnings per share for the current year.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Monday, November 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.44. Fortis’s dividend payout ratio is presently 75.83%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. CIBC reissued an “outperform” rating on shares of Fortis in a report on Tuesday, October 21st. National Bankshares reiterated a “sector perform” rating on shares of Fortis in a research note on Wednesday, November 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research report on Wednesday, October 8th. Zacks Research cut shares of Fortis from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Fortis in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Fortis Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.