Shares of Fortis Inc. (NYSE:FTS) have been given an average recommendation of “Hold” by the seven analysts that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $44.00.

Several research analysts recently weighed in on the company. Scotiabank reaffirmed a “buy” rating and issued a $51.00 target price on shares of Fortis in a research report on Monday. Zacks Investment Research lowered Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, October 19th.

Several institutional investors and hedge funds have recently modified their holdings of FTS. Parametric Portfolio Associates LLC increased its holdings in Fortis by 0.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock valued at $530,000 after purchasing an additional 44 shares in the last quarter. Creative Planning increased its holdings in Fortis by 7.3% in the 2nd quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after purchasing an additional 225 shares in the last quarter. BB&T Securities LLC increased its holdings in Fortis by 0.5% in the 2nd quarter. BB&T Securities LLC now owns 52,905 shares of the utilities provider’s stock valued at $1,859,000 after purchasing an additional 241 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Fortis by 12.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 382 shares in the last quarter. Finally, Davis Rea Ltd. increased its holdings in Fortis by 0.5% in the 2nd quarter. Davis Rea Ltd. now owns 122,374 shares of the utilities provider’s stock valued at $4,296,000 after purchasing an additional 597 shares in the last quarter. 50.91% of the stock is currently owned by institutional investors and hedge funds.

Shares of Fortis (NYSE FTS) traded up $0.05 on Thursday, hitting $36.99. The company had a trading volume of 305,100 shares, compared to its average volume of 187,165. The company has a quick ratio of 0.43, a current ratio of 0.52 and a debt-to-equity ratio of 1.31. The stock has a market cap of $15,496.33, a price-to-earnings ratio of 18.94, a P/E/G ratio of 3.41 and a beta of -1.70. Fortis has a twelve month low of $30.06 and a twelve month high of $38.24.

The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Monday, November 20th were given a $0.3396 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, November 17th. Fortis’s dividend payout ratio (DPR) is 70.16%.

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About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

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