Swiss Life Asset Management Ltd Acquires 11,448 Shares of Fortis $FTS

Swiss Life Asset Management Ltd raised its holdings in Fortis (NYSE:FTS) by 21.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,273 shares of the utilities provider’s stock after buying an additional 11,448 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Fortis were worth $3,265,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in shares of Fortis by 157.4% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 428 shares in the last quarter. Larson Financial Group LLC boosted its stake in Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 409 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Fortis by 2,119.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares during the period. State of Wyoming acquired a new stake in Fortis in the second quarter worth $56,000. Finally, Allworth Financial LP increased its stake in Fortis by 157.3% in the second quarter. Allworth Financial LP now owns 1,253 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 766 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FTS has been the topic of several research reports. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Thursday, January 22nd. Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Friday, February 13th. Finally, Wall Street Zen raised Fortis from a “sell” rating to a “hold” rating in a research note on Sunday. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Fortis has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Fortis Stock Down 2.0%

Fortis stock opened at $55.09 on Monday. The firm has a market capitalization of $27.95 billion, a price-to-earnings ratio of 22.58, a price-to-earnings-growth ratio of 4.59 and a beta of 0.49. The firm’s fifty day moving average price is $55.26 and its two-hundred day moving average price is $52.46. Fortis has a 1-year low of $43.28 and a 1-year high of $58.78. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.28.

Fortis (NYSE:FTS) last posted its earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the business posted $0.83 EPS. On average, equities research analysts predict that Fortis will post 2.35 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $2.56 annualized dividend and a dividend yield of 4.6%. Fortis’s dividend payout ratio is 77.05%.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.