Fortis Inc. (NYSE:FTS) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its position in shares of Fortis Inc. (NYSE:FTSFree Report) by 29.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,527 shares of the utilities provider’s stock after purchasing an additional 1,023 shares during the period. PNC Financial Services Group Inc.’s holdings in Fortis were worth $186,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTS. Lindbrook Capital LLC raised its stake in shares of Fortis by 111.2% during the fourth quarter. Lindbrook Capital LLC now owns 2,598 shares of the utilities provider’s stock valued at $107,000 after purchasing an additional 1,368 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Fortis by 20.7% in the 4th quarter. Quadrant Capital Group LLC now owns 4,586 shares of the utilities provider’s stock worth $189,000 after acquiring an additional 786 shares during the period. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Fortis by 9.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 5,228 shares of the utilities provider’s stock valued at $215,000 after acquiring an additional 449 shares in the last quarter. First Trust Direct Indexing L.P. acquired a new position in shares of Fortis during the fourth quarter valued at approximately $220,000. Finally, Cerity Partners LLC bought a new stake in Fortis during the fourth quarter worth approximately $254,000. Institutional investors own 57.77% of the company’s stock.

Fortis Stock Up 1.1 %

FTS stock opened at $39.19 on Thursday. The firm has a market cap of $19.32 billion, a PE ratio of 16.89, a P/E/G ratio of 2.77 and a beta of 0.45. Fortis Inc. has a 12 month low of $36.30 and a 12 month high of $43.84. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.60 and a quick ratio of 0.52. The firm has a 50 day simple moving average of $39.70 and a 200 day simple moving average of $39.70.

Fortis (NYSE:FTSGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Fortis had a return on equity of 7.02% and a net margin of 13.66%. Equities research analysts forecast that Fortis Inc. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered Fortis from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $55.13.

Read Our Latest Research Report on FTS

Fortis Company Profile

(Free Report)

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 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

See Also

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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