Fortis Inc. (FTS) To Go Ex-Dividend on May 16th

Fortis Inc. (NYSE:FTSGet Rating) declared a quarterly dividend on Monday, February 14th, Wall Street Journal reports. Stockholders of record on Tuesday, May 17th will be given a dividend of 0.4227 per share by the utilities provider on Wednesday, June 1st. This represents a $1.69 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Monday, May 16th.

Fortis has increased its dividend payment by an average of 7.8% annually over the last three years. Fortis has a dividend payout ratio of 72.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Fortis to earn $2.33 per share next year, which means the company should continue to be able to cover its $1.69 annual dividend with an expected future payout ratio of 72.5%.

NYSE FTS opened at $48.75 on Friday. The company’s 50 day simple moving average is $49.10 and its two-hundred day simple moving average is $47.01. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.63 and a quick ratio of 0.55. Fortis has a 1 year low of $43.12 and a 1 year high of $51.66. The stock has a market capitalization of $23.26 billion, a PE ratio of 23.67, a P/E/G ratio of 3.74 and a beta of 0.33.

Fortis (NYSE:FTSGet Rating) last issued its quarterly earnings data on Friday, February 11th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.07). Fortis had a return on equity of 6.56% and a net margin of 12.90%. The business had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the business posted $0.53 EPS. On average, research analysts anticipate that Fortis will post 2.19 EPS for the current year.

A number of analysts have recently issued reports on FTS shares. Zacks Investment Research upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Scotiabank lifted their target price on shares of Fortis from C$61.00 to C$63.00 in a research report on Tuesday, April 19th. National Bank Financial increased their price target on shares of Fortis from C$59.00 to C$60.00 in a report on Friday, May 6th. CIBC dropped their price objective on shares of Fortis from C$61.00 to C$60.00 in a report on Monday, February 14th. Finally, StockNews.com started coverage on shares of Fortis in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $58.92.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Fortis by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 16,633,053 shares of the utilities provider’s stock worth $823,337,000 after acquiring an additional 413,289 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Fortis by 6.4% in the first quarter. Renaissance Technologies LLC now owns 3,674,861 shares of the utilities provider’s stock valued at $181,906,000 after acquiring an additional 221,000 shares in the last quarter. Morgan Stanley boosted its stake in shares of Fortis by 6.8% during the 2nd quarter. Morgan Stanley now owns 1,633,912 shares of the utilities provider’s stock valued at $72,268,000 after purchasing an additional 104,672 shares in the last quarter. BlackRock Inc. lifted its holdings in Fortis by 45.3% in the first quarter. BlackRock Inc. now owns 510,446 shares of the utilities provider’s stock worth $25,266,000 after buying an additional 159,068 shares during the period. Finally, Federated Hermes Inc. boosted its position in Fortis by 1.6% during the 1st quarter. Federated Hermes Inc. now owns 257,256 shares of the utilities provider’s stock valued at $12,734,000 after acquiring an additional 4,161 shares in the last quarter. 49.43% of the stock is owned by institutional investors and hedge funds.

About Fortis (Get Rating)

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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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Dividend History for Fortis (NYSE:FTS)

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