Tacita Capital Inc Invests $3.18 Million in Fortis $FTS

Tacita Capital Inc acquired a new position in shares of Fortis (NYSE:FTS) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 55,542 shares of the utilities provider’s stock, valued at approximately $3,176,000. Fortis makes up approximately 1.7% of Tacita Capital Inc’s holdings, making the stock its 14th largest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTS. Addison Capital Co boosted its position in Fortis by 0.9% during the 1st quarter. Addison Capital Co now owns 32,797 shares of the utilities provider’s stock worth $1,830,000 after acquiring an additional 289 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Fortis by 0.6% in the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider’s stock valued at $2,313,000 after purchasing an additional 300 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Fortis by 10.9% in the first quarter. PNC Financial Services Group Inc. now owns 3,121 shares of the utilities provider’s stock worth $174,000 after purchasing an additional 308 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Fortis by 0.8% in the fourth quarter. Wellington Management Group LLP now owns 37,822 shares of the utilities provider’s stock worth $1,969,000 after purchasing an additional 316 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in Fortis by 0.9% during the second quarter. Royal London Asset Management Ltd. now owns 34,938 shares of the utilities provider’s stock worth $1,668,000 after purchasing an additional 325 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Stock Performance

Shares of FTS stock opened at $56.27 on Thursday. The company has a fifty day moving average price of $57.16 and a two-hundred day moving average price of $56.57. Fortis has a one year low of $48.64 and a one year high of $59.40. The stock has a market cap of $28.74 billion, a P/E ratio of 22.78 and a beta of 0.43. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.56 and a quick ratio of 0.47.

Fortis (NYSE:FTS) last released its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.01. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.83 billion. Fortis had a net margin of 14.17% and a return on equity of 7.16%. During the same period in the previous year, the business earned $0.76 EPS. As a group, equities analysts predict that Fortis will post 2.56 EPS for the current year.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be issued a dividend of $0.64 per share. The ex-dividend date is Wednesday, August 19th. This represents a $2.56 dividend on an annualized basis and a yield of 4.5%. Fortis’s dividend payout ratio (DPR) is presently 76.52%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FTS shares. Wolfe Research set a $50.00 target price on shares of Fortis in a research report on Tuesday, August 4th. Royal Bank Of Canada boosted their price target on shares of Fortis from $80.00 to $89.00 and gave the stock a “sector perform” rating in a research report on Monday, August 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Friday, July 17th. Barclays lowered their target price on Fortis from $61.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Finally, TD Securities reiterated a “buy” rating on shares of Fortis in a report on Tuesday, August 4th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $66.33.

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.