Fortis Inc. (NYSE:FTS) – Analysts at National Bank Financial issued their FY2019 earnings per share estimates for shares of Fortis in a research report issued on Monday. National Bank Financial analyst P. Kenny anticipates that the utilities provider will post earnings per share of $2.19 for the year. National Bank Financial has a “Underperform” rating on the stock. National Bank Financial also issued estimates for Fortis’ FY2022 earnings at $2.28 EPS.
FTS has been the subject of a number of other research reports. Zacks Investment Research cut Fortis from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. Scotiabank reiterated a “buy” rating and issued a $51.00 price objective on shares of Fortis in a research note on Monday, December 4th. UBS Group upgraded Fortis from a “market perform” rating to an “outperform” rating in a research note on Friday. Finally, Raymond James Financial upgraded Fortis from a “market perform” rating to an “outperform” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Fortis presently has a consensus rating of “Hold” and a consensus price target of $42.33.
Several institutional investors have recently bought and sold shares of FTS. Benjamin F. Edwards & Company Inc. bought a new position in shares of Fortis in the fourth quarter worth about $103,000. PNC Financial Services Group Inc. increased its stake in shares of Fortis by 12.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 382 shares during the period. Capital Analysts LLC increased its stake in shares of Fortis by 641.8% in the fourth quarter. Capital Analysts LLC now owns 2,856 shares of the utilities provider’s stock worth $190,000 after purchasing an additional 2,471 shares during the period. Cetera Investment Advisers bought a new position in shares of Fortis in the second quarter worth about $205,000. Finally, Icon Wealth Partners LLC bought a new position in shares of Fortis in the fourth quarter worth about $261,000. Institutional investors and hedge funds own 49.57% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be paid a $0.3353 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.14%. Fortis’s payout ratio is presently 70.16%.
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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 Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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