M&T Bank Corp trimmed its stake in Fortis Inc. (NYSE:FTS) by 1.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,614 shares of the utilities provider’s stock after selling 283 shares during the quarter. M&T Bank Corp’s holdings in Fortis were worth $802,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of FTS. OLD Second National Bank of Aurora acquired a new position in shares of Fortis in the 3rd quarter worth $27,000. Private Advisor Group LLC acquired a new position in shares of Fortis in the 2nd quarter worth $67,000. NEXT Financial Group Inc acquired a new position in shares of Fortis in the 3rd quarter worth $82,000. PNC Financial Services Group Inc. grew its holdings in shares of Fortis by 40.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,626 shares of the utilities provider’s stock worth $138,000 after acquiring an additional 1,048 shares during the last quarter. Finally, Achmea Investment Management B.V. acquired a new position in shares of Fortis in the 3rd quarter worth $150,000. Institutional investors and hedge funds own 47.91% of the company’s stock.
Shares of FTS stock opened at $40.81 on Friday. Fortis Inc. has a 1-year low of $28.59 and a 1-year high of $44.72. The company has a current ratio of 0.73, a quick ratio of 0.59 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $18.98 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 3.39 and a beta of 0.22. The stock’s fifty day simple moving average is $41.19 and its 200-day simple moving average is $39.62.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 1st. Shareholders of record on Tuesday, February 16th will be paid a $0.379 dividend. The ex-dividend date of this dividend is Friday, February 12th. This represents a $1.52 dividend on an annualized basis and a yield of 3.71%. Fortis’s dividend payout ratio (DPR) is currently 78.65%.
A number of equities analysts recently issued reports on the company. Zacks Investment Research cut Fortis from a “buy” rating to a “hold” rating in a report on Monday, August 3rd. BMO Capital Markets lifted their price target on Fortis from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $56.57.
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 429,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,143 megawatts (MW), including 59 MW of solar capacity.
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