Allianz Asset Management GmbH cut its position in Fortis Inc (NYSE:FTS) by 26.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 556,561 shares of the utilities provider’s stock after selling 195,084 shares during the quarter. Allianz Asset Management GmbH owned about 0.13% of Fortis worth $18,033,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of FTS. Aperio Group LLC purchased a new stake in Fortis during the 2nd quarter valued at about $3,557,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Fortis by 6.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,293,165 shares of the utilities provider’s stock valued at $41,338,000 after acquiring an additional 73,615 shares during the period. State of Wisconsin Investment Board boosted its holdings in Fortis by 8.8% during the 2nd quarter. State of Wisconsin Investment Board now owns 471,951 shares of the utilities provider’s stock valued at $15,076,000 after acquiring an additional 38,223 shares during the period. Toronto Dominion Bank boosted its holdings in Fortis by 28.0% during the 2nd quarter. Toronto Dominion Bank now owns 8,426,529 shares of the utilities provider’s stock valued at $269,575,000 after acquiring an additional 1,845,301 shares during the period. Finally, Trexquant Investment LP purchased a new stake in Fortis in the 2nd quarter worth approximately $202,000. Hedge funds and other institutional investors own 50.63% of the company’s stock.
NYSE FTS opened at $34.96 on Friday. Fortis Inc has a fifty-two week low of $30.88 and a fifty-two week high of $37.13. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.49. The company has a market capitalization of $15.11 billion, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 3.92 and a beta of -0.13.
Fortis (NYSE:FTS) last released its quarterly earnings data on Friday, November 2nd. The utilities provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. Fortis had a return on equity of 6.80% and a net margin of 11.72%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the business posted $0.61 EPS. As a group, research analysts expect that Fortis Inc will post 1.95 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 15th will be issued a $0.342 dividend. This represents a $1.37 annualized dividend and a yield of 3.91%. The ex-dividend date is Thursday, February 14th. Fortis’s dividend payout ratio (DPR) is currently 69.74%.
Several equities research analysts have weighed in on FTS shares. Zacks Investment Research upgraded Fortis from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Bank of America started coverage on Fortis in a report on Tuesday, October 9th. They issued a “buy” rating for the company. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $39.00.
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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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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