Walleye Trading LLC lessened its holdings in shares of Fortis Inc. (NYSE:FTS – Get Rating) by 34.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,134 shares of the utilities provider’s stock after selling 2,697 shares during the quarter. Walleye Trading LLC’s holdings in Fortis were worth $243,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Power Corp of Canada bought a new position in shares of Fortis during the 1st quarter valued at $31,000. Steward Partners Investment Advisory LLC raised its holdings in Fortis by 20.3% during the first quarter. Steward Partners Investment Advisory LLC now owns 1,521 shares of the utilities provider’s stock valued at $75,000 after buying an additional 257 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of Fortis by 56.4% in the second quarter. Lindbrook Capital LLC now owns 1,623 shares of the utilities provider’s stock worth $77,000 after buying an additional 585 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Fortis by 46.7% during the 2nd quarter. Parallel Advisors LLC now owns 2,042 shares of the utilities provider’s stock worth $97,000 after acquiring an additional 650 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Fortis by 9.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock valued at $177,000 after acquiring an additional 322 shares during the last quarter. 49.38% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the company. Edward Jones lowered Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th. TD Securities lowered their target price on shares of Fortis from C$65.00 to C$63.00 in a research note on Monday, October 31st. StockNews.com assumed coverage on shares of Fortis in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James raised Fortis from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Wednesday, October 19th. Finally, Scotiabank cut their price objective on Fortis from C$63.00 to C$57.00 in a research report on Thursday, October 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $58.71.
Fortis Stock Down 1.5 %
Fortis (NYSE:FTS – Get Rating) last announced its quarterly earnings data on Friday, October 28th. The utilities provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.04. Fortis had a return on equity of 6.48% and a net margin of 12.47%. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.69 billion. On average, research analysts anticipate that Fortis Inc. will post 2.01 earnings per share for the current year.
Fortis Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 17th will be paid a dividend of $0.4116 per share. The ex-dividend date is Wednesday, November 16th. This represents a $1.65 dividend on an annualized basis and a yield of 4.17%. Fortis’s dividend payout ratio is currently 78.20%.
Fortis Company 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 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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