Zurcher Kantonalbank Zurich Cantonalbank Acquires 50,632 Shares of Fortis $FTS

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Fortis (NYSE:FTS) by 40.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,760 shares of the utilities provider’s stock after acquiring an additional 50,632 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fortis were worth $9,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Fortis by 157.4% during 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 raised its holdings in Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 409 shares in the last quarter. LOM Asset Management Ltd bought a new position in Fortis in the fourth quarter worth about $43,000. Smartleaf Asset Management LLC raised 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 in the last quarter. Finally, State of Wyoming bought a new position in Fortis in the second quarter worth about $56,000. Institutional investors own 57.77% of the company’s stock.

Analysts Set New Price Targets

FTS has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Fortis in a report on Monday. TD Securities reaffirmed a “buy” rating on shares of Fortis in a report on Tuesday, February 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a report on Tuesday. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a report on Friday, February 13th. Finally, Wall Street Zen raised shares of Fortis from a “sell” rating to a “hold” rating in a report on Sunday, April 19th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Fortis has an average rating of “Moderate Buy” and an average target price of $72.00.

Fortis Trading Up 2.2%

Shares of Fortis stock opened at $56.60 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.51 and a quick ratio of 0.42. The firm has a fifty day moving average price of $56.80 and a 200 day moving average price of $53.57. Fortis has a 1 year low of $45.87 and a 1 year high of $58.78. The stock has a market cap of $28.82 billion, a PE ratio of 23.20, a price-to-earnings-growth ratio of 4.61 and a beta of 0.47.

Fortis (NYSE:FTS) last issued its earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The firm had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the company posted $0.83 earnings per share. Equities research analysts predict that Fortis will post 2.66 earnings per share for the current year.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, May 15th. Fortis’s dividend payout ratio (DPR) 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.