Fortis Inc. (FTS) Shares Sold by Bank of Nova Scotia Trust Co.
Bank of Nova Scotia Trust Co. lessened its stake in Fortis Inc. (NYSE:FTS) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 416,006 shares of the utilities provider’s stock after selling 8,139 shares during the period. Fortis accounts for approximately 1.7% of Bank of Nova Scotia Trust Co.’s portfolio, making the stock its 15th largest position. Bank of Nova Scotia Trust Co. owned approximately 0.10% of Fortis worth $14,623,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Van ECK Associates Corp raised its holdings in shares of Fortis by 19.4% in the first quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock valued at $115,000 after buying an additional 564 shares during the last quarter. Creative Planning raised its holdings in shares of Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after buying an additional 225 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings 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 valued at $122,000 after buying an additional 382 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Fortis in the first quarter valued at about $157,000. Finally, REDW Stanley Financial Advisors LLC purchased a new stake in shares of Fortis in the second quarter valued at about $203,000. 52.19% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on FTS shares. Zacks Investment Research raised shares of Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 target price for the company in a report on Monday, July 3rd. CIBC cut shares of Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $38.00.
Shares of Fortis Inc. (FTS) traded down 0.33% during midday trading on Friday, hitting $35.77. 283,143 shares of the stock were exchanged. The firm has a 50-day moving average price of $36.53 and a 200-day moving average price of $34.24. Fortis Inc. has a 12-month low of $29.14 and a 12-month high of $37.67. The company has a market cap of $14.95 billion and a PE ratio of 18.73.
Fortis (NYSE:FTS) last posted its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The business had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the business posted $0.45 EPS. The company’s quarterly revenue was up 35.7% on a year-over-year basis. On average, equities analysts predict that Fortis Inc. will post $2.45 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 21st were issued a $0.3197 dividend. The ex-dividend date was Thursday, August 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 3.58%. Fortis’s payout ratio is 75.00%.
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Fortis Company Profile
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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