Suntrust Banks Inc. Raises Position in Fortis Inc. (FTS)
Suntrust Banks Inc. increased its stake in shares of Fortis Inc. (NYSE:FTS) by 6.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,328 shares of the utilities provider’s stock after acquiring an additional 1,678 shares during the quarter. Suntrust Banks Inc.’s holdings in Fortis were worth $959,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of FTS. Wells Fargo & Company MN boosted its position in shares of Fortis by 164.3% during the first quarter. Wells Fargo & Company MN now owns 146,943 shares of the utilities provider’s stock worth $4,873,000 after acquiring an additional 91,356 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Fortis by 3.1% during the first quarter. Bank of New York Mellon Corp now owns 483,238 shares of the utilities provider’s stock worth $16,024,000 after acquiring an additional 14,574 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Fortis by 3.2% during the first quarter. UBS Asset Management Americas Inc. now owns 1,167,196 shares of the utilities provider’s stock worth $38,570,000 after acquiring an additional 36,346 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of Fortis during the first quarter worth $387,000. Finally, Parametric Portfolio Associates LLC boosted its position in shares of Fortis by 47.2% during the first quarter. Parametric Portfolio Associates LLC now owns 15,030 shares of the utilities provider’s stock worth $498,000 after acquiring an additional 4,821 shares during the last quarter. Hedge funds and other institutional investors own 52.19% of the company’s stock.
Shares of Fortis Inc. (NYSE FTS) opened at 35.94 on Friday. Fortis Inc. has a 1-year low of $29.14 and a 1-year high of $37.67. The stock has a market cap of $15.02 billion and a P/E ratio of 18.82. The company’s 50-day moving average is $36.45 and its 200-day moving average is $34.58.
Fortis (NYSE:FTS) last announced its earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 35.7% on a year-over-year basis. Equities analysts expect that Fortis Inc. will post $2.45 EPS for the current fiscal year.
A number of brokerages recently weighed in on FTS. CIBC lowered shares of Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Zacks Investment Research raised shares of Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target on the stock in a research note on Monday, July 3rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $38.00.
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 Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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