First Mercantile Trust Co. Has $604,000 Stake in Fortis Inc. (FTS)
First Mercantile Trust Co. lessened its position in Fortis Inc. (NYSE:FTS) by 15.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,482 shares of the utilities provider’s stock after selling 2,913 shares during the period. First Mercantile Trust Co.’s holdings in Fortis were worth $604,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Parametric Portfolio Associates LLC grew its position in shares of Fortis by 0.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock valued at $530,000 after acquiring an additional 44 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Fortis by 12.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 382 shares during the period. Dearborn Partners LLC grew its position in shares of Fortis by 0.3% in the 3rd quarter. Dearborn Partners LLC now owns 522,136 shares of the utilities provider’s stock valued at $18,677,000 after acquiring an additional 1,337 shares during the period. Baskin Financial Services Inc. grew its position in shares of Fortis by 4.4% in the 3rd quarter. Baskin Financial Services Inc. now owns 39,158 shares of the utilities provider’s stock valued at $1,402,000 after acquiring an additional 1,635 shares during the period. Finally, Community Financial Services Group LLC grew its position in shares of Fortis by 2.0% in the 4th quarter. Community Financial Services Group LLC now owns 86,844 shares of the utilities provider’s stock valued at $3,184,000 after acquiring an additional 1,682 shares during the period. 50.73% of the stock is owned by institutional investors.
FTS has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, October 19th. Scotiabank reaffirmed a “buy” rating and set a $51.00 target price on shares of Fortis in a report on Monday, December 4th. Finally, National Bank Financial downgraded shares of Fortis from a “sector perform” rating to an “underperform” rating in a report on Monday, January 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $42.33.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 15th will be issued a dividend of $0.3353 per share. This represents a $1.34 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Wednesday, February 14th. Fortis’s payout ratio is 70.16%.
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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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