Fortis Inc. (NYSE:FTS) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $37.22 and last traded at $37.17, with a volume of 80,757 shares traded. The stock had previously closed at $36.87.

Several research analysts recently issued reports on FTS shares. Zacks Investment Research raised Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 target price for the company in a research report on Monday, July 3rd. CIBC lowered Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $38.00.

The company has a market capitalization of $15.52 billion and a price-to-earnings ratio of 20.2785. The stock has a 50-day moving average of $36.18 and a 200 day moving average of $33.91.

Fortis (NYSE:FTS) last posted its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. On average, equities research analysts anticipate that Fortis Inc. will post $2.48 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 21st were paid a $0.3197 dividend. The ex-dividend date was Thursday, August 17th. This is an increase from Fortis’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 3.47%. Fortis’s payout ratio is currently 74.42%.

A number of institutional investors have recently bought and sold shares of FTS. Wells Fargo & Company MN lifted its stake in Fortis by 164.3% in the first quarter. Wells Fargo & Company MN now owns 146,943 shares of the utilities provider’s stock worth $4,873,000 after purchasing an additional 91,356 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Fortis by 16.1% in the first quarter. Canada Pension Plan Investment Board now owns 41,053 shares of the utilities provider’s stock worth $1,357,000 after purchasing an additional 5,700 shares during the last quarter. APG Asset Management N.V. lifted its stake in Fortis by 11.6% in the first quarter. APG Asset Management N.V. now owns 434,787 shares of the utilities provider’s stock worth $14,367,000 after purchasing an additional 45,350 shares during the last quarter. First Trust Advisors LP bought a new stake in Fortis in the first quarter worth $17,904,000. Finally, Bank of New York Mellon Corp lifted its stake in Fortis by 3.1% in 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 purchasing an additional 14,574 shares during the last quarter. 52.31% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY NOTICE: “Fortis Inc. (FTS) Hits New 12-Month High at $37.22” was reported by Daily Political and is owned by of Daily Political. If you are reading this story on another publication, it was illegally stolen and reposted in violation of international copyright and trademark law. The correct version of this story can be viewed at https://www.dailypolitical.com/2017/09/06/fortis-inc-fts-hits-new-12-month-high-at-37-22.html.

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.