Fortis Inc. (FTS) Stake Boosted by TD Asset Management Inc.
TD Asset Management Inc. raised its stake in Fortis Inc. (NYSE:FTS) by 7.9% during the second quarter, Holdings Channel reports. The institutional investor owned 8,537,600 shares of the utilities provider’s stock after buying an additional 627,425 shares during the period. TD Asset Management Inc.’s holdings in Fortis were worth $299,642,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Korea Investment CORP boosted its position in Fortis by 87.8% in the first quarter. Korea Investment CORP now owns 491,536 shares of the utilities provider’s stock valued at $16,243,000 after buying an additional 229,836 shares in the last quarter. Hexavest Inc. boosted its position in Fortis by 14,692.7% in the first quarter. Hexavest Inc. now owns 250,293 shares of the utilities provider’s stock valued at $8,271,000 after buying an additional 248,601 shares in the last quarter. Bollard Group LLC boosted its position in Fortis by 15.9% in the first quarter. Bollard Group LLC now owns 155,986 shares of the utilities provider’s stock valued at $5,172,000 after buying an additional 21,446 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its position in Fortis by 20.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 50,642 shares of the utilities provider’s stock valued at $1,679,000 after buying an additional 8,439 shares in the last quarter. Finally, Affinity Wealth Management acquired a new position in Fortis during the first quarter valued at $210,000. Hedge funds and other institutional investors own 51.87% of the company’s stock.
Shares of Fortis Inc. (FTS) opened at 36.30 on Monday. The company has a market cap of $15.17 billion and a price-to-earnings ratio of 19.70. The company has a 50 day moving average price of $35.11 and a 200 day moving average price of $33.13. Fortis Inc. has a one year low of $29.14 and a one year high of $36.78.
Fortis (NYSE:FTS) last issued its earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.04. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.16 billion. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The firm’s quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. Equities analysts predict that Fortis Inc. will post $2.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be paid a $0.3197 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.28 dividend on an annualized basis and a yield of 3.52%. Fortis’s dividend payout ratio (DPR) is 68.02%.
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Several research firms have recently weighed in on FTS. CIBC cut Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday. Zacks Investment Research upgraded Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target for the company in a research note on Monday, July 3rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $38.00.
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