Bank of New York Mellon Corp Cuts Stake in Fortis Inc. (FTS)
Bank of New York Mellon Corp decreased its position in shares of Fortis Inc. (NYSE:FTS) by 17.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 399,127 shares of the utilities provider’s stock after selling 84,111 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.10% of Fortis worth $14,028,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Van ECK Associates Corp grew its stake in shares of Fortis by 19.4% during the 1st quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock worth $115,000 after acquiring an additional 564 shares during the period. Creative Planning grew its stake in shares of Fortis by 7.3% during the 2nd quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock worth $116,000 after acquiring an additional 225 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Fortis during the 1st quarter worth $157,000. REDW Stanley Financial Advisors LLC bought a new position in shares of Fortis during the 2nd quarter worth $203,000. Finally, Stratos Wealth Partners LTD. bought a new position in shares of Fortis during the 1st quarter worth $245,000. Institutional investors own 52.19% of the company’s stock.
FTS has been the subject of several research reports. 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. CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 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 currently has an average rating of “Hold” and a consensus price target of $38.00.
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Fortis Inc. (FTS) opened at 36.40 on Friday. Fortis Inc. has a 1-year low of $29.14 and a 1-year high of $37.67. The stock’s 50 day moving average price is $36.53 and its 200 day moving average price is $34.24. The company has a market cap of $15.21 billion and a P/E ratio of 19.62.
Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. Fortis’s revenue was up 35.7% compared to the same quarter last year. On average, equities analysts anticipate that Fortis Inc. will post $2.45 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 21st were issued a $0.3197 dividend. The ex-dividend date was Thursday, August 17th. This represents a $1.28 annualized dividend and a dividend yield of 3.51%. This is a positive change from Fortis’s previous quarterly dividend of $0.31. Fortis’s payout ratio is presently 74.42%.
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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