TD Asset Management Inc. raised its holdings in shares of Fortis Inc (NYSE:FTS) by 3.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,625,555 shares of the utilities provider’s stock after acquiring an additional 304,290 shares during the period. TD Asset Management Inc.’s holdings in Fortis were worth $380,897,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Ropes Wealth Advisors LLC acquired a new stake in Fortis during the second quarter valued at $39,000. Janus Henderson Group PLC lifted its position in shares of Fortis by 3.3% in the second quarter. Janus Henderson Group PLC now owns 312,353 shares of the utilities provider’s stock worth $12,358,000 after buying an additional 9,953 shares during the last quarter. Signaturefd LLC lifted its position in shares of Fortis by 46.8% in the second quarter. Signaturefd LLC now owns 8,965 shares of the utilities provider’s stock worth $354,000 after buying an additional 2,860 shares during the last quarter. Cutter & CO Brokerage Inc. acquired a new stake in shares of Fortis in the second quarter worth about $1,879,000. Finally, Aperio Group LLC lifted its position in shares of Fortis by 20.7% in the second quarter. Aperio Group LLC now owns 334,636 shares of the utilities provider’s stock worth $13,208,000 after buying an additional 57,277 shares during the last quarter. 51.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fortis stock traded up $0.11 during trading on Tuesday, reaching $40.82. The company’s stock had a trading volume of 264,951 shares, compared to its average volume of 358,126. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.51 and a current ratio of 0.62. The stock has a fifty day moving average price of $39.80. The company has a market cap of $17.77 billion, a price-to-earnings ratio of 21.37, a price-to-earnings-growth ratio of 4.08 and a beta of 0.18. Fortis Inc has a one year low of $31.37 and a one year high of $40.95.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Tuesday, August 20th will be paid a $0.344 dividend. The ex-dividend date of this dividend is Monday, August 19th. This is a positive change from Fortis’s previous quarterly dividend of $0.34. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.37%. Fortis’s payout ratio is presently 70.16%.
FTS has been the subject of a number of analyst reports. Zacks Investment Research cut Fortis from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. UBS Group reaffirmed a “buy” rating on shares of Fortis in a research report on Friday, June 7th. Veritas Investment Research cut Fortis from a “buy” rating to a “sell” rating in a research report on Friday, May 3rd. ValuEngine cut Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Bank of America set a $54.00 price target on Fortis and gave the stock a “buy” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.20.
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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