Affinity Wealth Management Buys New Stake in Fortis Inc. (FTS)
Affinity Wealth Management bought a new position in shares of Fortis Inc. (NYSE:FTS) during the first quarter, Holdings Channel reports. The institutional investor bought 6,332 shares of the utilities provider’s stock, valued at approximately $210,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Princeton Portfolio Strategies Group LLC purchased a new position in Fortis during the fourth quarter worth $331,000. Russell Investments Group Ltd. purchased a new position in Fortis during the fourth quarter worth $30,152,000. Norges Bank purchased a new position in Fortis during the fourth quarter worth $108,756,000. Royce & Associates LP purchased a new position in Fortis during the fourth quarter worth $3,813,000. Finally, Federated Investors Inc. PA purchased a new position in Fortis during the fourth quarter worth $2,349,000. 12.08% of the stock is currently owned by institutional investors.
Shares of Fortis Inc. (NYSE:FTS) traded down 1.83% during mid-day trading on Tuesday, reaching $33.18. The company’s stock had a trading volume of 139,642 shares. The firm has a market cap of $13.33 billion and a P/E ratio of 23.57. The firm’s 50-day moving average price is $32.44 and its 200 day moving average price is $31.61. Fortis Inc. has a 12-month low of $29.14 and a 12-month high of $34.66.
Fortis (NYSE:FTS) last announced its earnings results on Thursday, February 16th. The utilities provider reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.12. Fortis had a return on equity of 7.17% and a net margin of 8.22%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the previous year, the business earned $0.51 EPS. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 19th will be paid a dividend of $0.3058 per share. This represents a $1.22 annualized dividend and a yield of 3.62%. This is an increase from Fortis’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, May 17th. Fortis’s payout ratio is 84.40%.
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A number of research analysts have weighed in on the company. Raymond James Financial, Inc. cut Fortis from an “outperform” rating to a “mkt perform” rating in a research report on Tuesday, January 17th. Zacks Investment Research upgraded Fortis from a “sell” rating to a “strong-buy” rating and set a $38.00 price target for the company in a research report on Monday, February 20th. TheStreet upgraded Fortis from a “d” rating to a “c” rating in a research report on Wednesday, February 22nd. Barclays PLC restated an “overweight” rating and issued a $37.00 price target on shares of Fortis in a research report on Tuesday, March 28th. Finally, JPMorgan Chase & Co. assumed coverage on Fortis in a research report on Monday, February 27th. They issued a “neutral” rating for the company. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Fortis presently has a consensus rating of “Buy” and a consensus target price of $37.50.
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