Neuberger Berman Group LLC Has $5.67 Million Position in Fortis $FTS

Neuberger Berman Group LLC lifted its holdings in shares of Fortis (NYSE:FTS) by 171.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 119,084 shares of the utilities provider’s stock after purchasing an additional 75,259 shares during the period. Neuberger Berman Group LLC’s holdings in Fortis were worth $5,674,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Trust Co. of Toledo NA OH bought a new stake in Fortis during the 2nd quarter worth about $28,000. Smartleaf Asset Management LLC lifted its position in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares in the last quarter. State of Wyoming bought a new stake in shares of Fortis during the second quarter valued at approximately $56,000. Allworth Financial LP increased its holdings in shares of Fortis by 157.3% in the second quarter. Allworth Financial LP now owns 1,253 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 766 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new stake in shares of Fortis in the second quarter valued at approximately $65,000. 57.77% of the stock is owned by institutional investors.

Fortis Price Performance

Fortis stock opened at $50.96 on Monday. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $25.76 billion, a P/E ratio of 21.23, a PEG ratio of 4.80 and a beta of 0.50. The business has a 50-day moving average of $51.24 and a 200-day moving average of $49.67. Fortis has a 1 year low of $40.32 and a 1 year high of $52.83.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Tuesday, November 4th. The utilities provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). Fortis had a net margin of 14.18% and a return on equity of 7.05%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.22 billion. On average, equities analysts anticipate that Fortis will post 2.35 EPS for the current year.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Tuesday, February 17th. Fortis’s dividend payout ratio (DPR) is currently 75.83%.

Wall Street Analyst Weigh In

A number of research analysts have commented on FTS shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Wednesday, October 8th. National Bankshares reiterated a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a report on Wednesday, November 5th. Scotiabank restated a “sector perform” rating on shares of Fortis in a research report on Monday, October 6th. Finally, CIBC reissued an “outperform” rating on shares of Fortis in a research note on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Fortis Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.