Hsbc Holdings PLC decreased its stake in shares of Fortis Inc (NYSE:FTS) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 44,095 shares of the utilities provider’s stock after selling 722 shares during the quarter. Hsbc Holdings PLC’s holdings in Fortis were worth $1,471,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in FTS. NumerixS Investment Technologies Inc lifted its position in Fortis by 37.5% during the fourth quarter. NumerixS Investment Technologies Inc now owns 1,100 shares of the utilities provider’s stock worth $36,000 after buying an additional 300 shares in the last quarter. Lindbrook Capital LLC purchased a new position in Fortis during the fourth quarter worth approximately $37,000. Proficio Capital Partners LLC lifted its position in Fortis by 312.9% during the fourth quarter. Proficio Capital Partners LLC now owns 1,214 shares of the utilities provider’s stock worth $40,000 after buying an additional 920 shares in the last quarter. Financial Gravity Companies Inc. purchased a new position in Fortis during the fourth quarter worth approximately $43,000. Finally, Bremer Trust National Association purchased a new position in Fortis during the fourth quarter worth approximately $45,000. Hedge funds and other institutional investors own 52.68% of the company’s stock.
NYSE:FTS opened at $36.89 on Friday. Fortis Inc has a 52 week low of $30.88 and a 52 week high of $36.97. The firm has a market capitalization of $15.81 billion, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 3.84 and a beta of 0.23. The company has a current ratio of 0.77, a quick ratio of 0.67 and a debt-to-equity ratio of 1.40.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be issued a $0.343 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.34. This represents a $1.37 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s dividend payout ratio is currently 71.20%.
A number of brokerages recently commented on FTS. TD Securities downgraded Fortis from a “buy” rating to a “hold” rating in a research report on Tuesday, January 29th. ValuEngine downgraded Fortis from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. UBS Group restated a “buy” rating on shares of Fortis in a research report on Saturday, February 2nd. Zacks Investment Research downgraded Fortis from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. Finally, National Bank Financial restated a “hold” rating on shares of Fortis in a research report on Tuesday, January 29th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $53.00.
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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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