Natixis Purchases 43,573 Shares of Fortis Inc (NYSE:FTS)
Natixis increased its position in shares of Fortis Inc (NYSE:FTS) by 118.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 80,421 shares of the utilities provider’s stock after buying an additional 43,573 shares during the period. Natixis’ holdings in Fortis were worth $3,182,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FTS. Bremer Bank National Association bought a new stake in shares of Fortis during the 1st quarter worth $27,000. Ropes Wealth Advisors LLC bought a new stake in Fortis in the 2nd quarter valued at $39,000. AGF Investments LLC bought a new stake in Fortis in the 2nd quarter valued at $54,000. Flinton Capital Management LLC boosted its holdings in Fortis by 23.8% in the 2nd quarter. Flinton Capital Management LLC now owns 2,080 shares of the utilities provider’s stock valued at $79,000 after purchasing an additional 400 shares during the period. Finally, Riverhead Capital Management LLC boosted its holdings in Fortis by 27.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,300 shares of the utilities provider’s stock valued at $87,000 after purchasing an additional 500 shares during the period. 51.55% of the stock is owned by institutional investors and hedge funds.
FTS has been the subject of a number of research reports. Bank of America increased their price target on shares of Fortis from $56.00 to $58.00 and gave the company a “buy” rating in a report on Thursday. Raymond James reissued a “hold” rating and issued a $55.00 price target on shares of Fortis in a report on Thursday. ValuEngine downgraded shares of Fortis from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. BMO Capital Markets downgraded shares of Fortis from an “outperform” rating to a “market perform” rating and set a $55.00 price target for the company. in a report on Wednesday. Finally, Zacks Investment Research downgraded shares of Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $55.50.
Fortis (NYSE:FTS) last released its quarterly earnings data on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.11. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortis had a net margin of 12.72% and a return on equity of 6.80%. During the same period last year, the firm earned $0.57 EPS. On average, research analysts anticipate that Fortis Inc will post 1.97 earnings per share for the current year.
The firm also recently disclosed a — dividend, which will be paid on Sunday, December 1st. Stockholders of record on Tuesday, November 19th will be issued a dividend of $0.3631 per share. This represents a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, November 18th. Fortis’s payout ratio is 70.68%.
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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