Fortis Inc. (FTS) Holdings Reduced by Citigroup Inc.
Citigroup Inc. trimmed its position in shares of Fortis Inc. (NYSE:FTS) by 13.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 134,546 shares of the utilities provider’s stock after selling 20,321 shares during the quarter. Citigroup Inc.’s holdings in Fortis were worth $4,723,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp lifted its position in shares of Fortis by 19.4% during the first quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock worth $115,000 after purchasing an additional 564 shares during the last quarter. Creative Planning lifted its position in shares of Fortis by 7.3% during the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock worth $116,000 after purchasing an additional 225 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Fortis by 12.3% during the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 382 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Fortis during the first quarter worth $157,000. Finally, REDW Stanley Financial Advisors LLC bought a new stake in shares of Fortis during the second quarter worth $203,000. 52.19% of the stock is owned by institutional investors.
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FTS has been the subject of several research analyst reports. Zacks Investment Research upgraded 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 downgraded Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $38.00.
Shares of Fortis Inc. (FTS) opened at 36.40 on Friday. Fortis Inc. has a 52-week low of $29.14 and a 52-week 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 capitalization of $15.21 billion and a P/E ratio of 19.06.
Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The company’s revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 EPS. On average, equities research analysts forecast that Fortis Inc. will post $2.45 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 21st were issued a dividend of $0.3197 per share. The ex-dividend date was Thursday, August 17th. This is a boost from Fortis’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.51%. Fortis’s dividend payout ratio is currently 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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