US Bancorp DE Sells 404 Shares of Fortis Inc. (NYSE:FTS)

US Bancorp DE trimmed its position in shares of Fortis Inc. (NYSE:FTSGet Rating) by 2.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,014 shares of the utilities provider’s stock after selling 404 shares during the period. US Bancorp DE’s holdings in Fortis were worth $608,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of FTS. Power Corp of Canada bought a new position in Fortis during the first quarter valued at $31,000. CoreCap Advisors LLC purchased a new stake in shares of Fortis during the second quarter worth $35,000. Wipfli Financial Advisors LLC purchased a new stake in shares of Fortis during the third quarter worth $44,000. Lindbrook Capital LLC lifted its position in shares of Fortis by 56.4% during the second quarter. Lindbrook Capital LLC now owns 1,623 shares of the utilities provider’s stock worth $77,000 after acquiring an additional 585 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of Fortis by 46.7% during the second 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. 49.59% of the stock is owned by institutional investors.

Fortis Stock Up 0.7 %

Shares of NYSE:FTS opened at $41.76 on Friday. The stock’s 50-day moving average price is $40.50 and its 200-day moving average price is $42.05. Fortis Inc. has a 12-month low of $34.76 and a 12-month high of $51.66. The stock has a market capitalization of $20.13 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 3.57 and a beta of 0.41. The company has a current ratio of 0.62, a quick ratio of 0.51 and a debt-to-equity ratio of 1.23.

Fortis (NYSE:FTSGet Rating) last announced its quarterly earnings data on Friday, October 28th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.04. The firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.69 billion. Fortis had a return on equity of 6.48% and a net margin of 12.47%. On average, equities analysts anticipate that Fortis Inc. will post 2.01 earnings per share for the current year.

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Wednesday, February 15th will be paid a $0.415 dividend. The ex-dividend date of this dividend is Tuesday, February 14th. This is a boost from Fortis’s previous quarterly dividend of $0.41. This represents a $1.66 annualized dividend and a dividend yield of 3.98%. Fortis’s dividend payout ratio (DPR) is presently 80.10%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. TD Securities dropped their target price on Fortis from C$65.00 to C$63.00 in a research report on Monday, October 31st. CIBC increased their price objective on Fortis from C$55.00 to C$57.00 in a research report on Tuesday, January 10th. Scotiabank lowered their price objective on Fortis from C$63.00 to C$57.00 in a research report on Thursday, October 20th. Wells Fargo & Company upgraded Fortis from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, December 14th. They noted that the move was a valuation call. Finally, StockNews.com began coverage on Fortis in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Fortis currently has an average rating of “Hold” and an average price target of $58.29.

About Fortis

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Fortis, Inc is a holding company, which engages in energy generation and distribution. It operates through the following business segments: Regulated Utilities and Non-Regulated. The Regulated Utilities segment is composed of ITC, which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries; UNS Energy that offers vertically integrated utility services; Central Hudson, which provides regulated electric and gas T&D utility services; FortisBC Energy distributes natural gas in British Columbia; FortisAlberta, which involves in the ownership and operation of regulated electricity distribution facilities; FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets; and Other Electric that contains utilities in the eastern Canada and Caribbean.

See Also

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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