Aviva PLC boosted its position in shares of Fortis Inc. (NYSE:FTS) by 37.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 214,930 shares of the utilities provider’s stock after purchasing an additional 58,674 shares during the period. Aviva PLC’s holdings in Fortis were worth $9,513,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTS. Stonebridge Capital Advisors LLC purchased a new position in Fortis during the 1st quarter worth approximately $33,000. Credit Agricole S A grew its position in Fortis by 30,433.3% during the 1st quarter. Credit Agricole S A now owns 916 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 913 shares in the last quarter. Parallel Advisors LLC grew its position in Fortis by 57.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,349 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 490 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Fortis by 734.1% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,543 shares of the utilities provider’s stock valued at $67,000 after acquiring an additional 1,358 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its holdings in shares of Fortis by 48.7% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 2,184 shares of the utilities provider’s stock valued at $97,000 after acquiring an additional 715 shares in the last quarter. Hedge funds and other institutional investors own 47.00% of the company’s stock.
Several research firms have recently commented on FTS. Industrial Alliance Securities cut shares of Fortis from a “buy” rating to a “hold” rating and set a C$61.00 price target on the stock. in a report on Wednesday, August 18th. Wells Fargo & Company cut shares of Fortis from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $60.00 to $61.00 in a report on Tuesday, August 17th. Scotiabank lowered their price target on shares of Fortis from C$61.00 to C$60.00 and set an “outperform” rating on the stock in a report on Friday, July 9th. Bank of America cut shares of Fortis from a “neutral” rating to an “underperform” rating and set a $51.00 price target on the stock. in a report on Wednesday, July 7th. Finally, Zacks Investment Research cut shares of Fortis from a “hold” rating to a “sell” rating in a report on Wednesday, July 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $57.00.
Fortis (NYSE:FTS) last released its earnings results on Thursday, July 29th. The utilities provider reported $0.45 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.56 billion. Fortis had a return on equity of 6.56% and a net margin of 13.45%. On average, sell-side analysts forecast that Fortis Inc. will post 2.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Thursday, August 19th were given a dividend of $0.4059 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, August 18th. This represents a $1.62 dividend on an annualized basis and a yield of 3.53%. Fortis’s payout ratio is currently 79.80%.
Fortis, Inc is an international electric and gas utility holding company. It operates through the following business segments: Regulated Utilities and Non-Regulated. The Regulated Utilities segment comprises of ITC, which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries; UNS Energy that offers vertically integrated utility services; Central Hudson, which provides regulated electric and gas T&D utility services; FortisBC Energy distributes natural gas in British Columbia; FortisAlberta, which involves in the ownership and operation of regulated electricity distribution facilities; FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets; and Other Electric that contains utilities in the eastern Canada and Caribbean.
Recommended Story: Market Perform
Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis Inc. (NYSE:FTS).
Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.