Bank of New York Mellon Corp Takes Position in Fortis $FTS

Key Points

• Bank of New York Mellon acquired 508,417 Fortis shares worth approximately $29.1 million, representing a 0.10% stake. Institutional investors and hedge funds collectively own 57.77% of Fortis.
• Fortis reported quarterly EPS of $0.56, slightly ahead of the $0.55 consensus estimate, though revenue of $1.67 billion fell short of expectations. Analysts project full-year EPS of $2.56.
• Fortis declared a quarterly dividend of $0.64 per share, equivalent to an annualized $2.56 payout and a 4.7% yield. The stock opened at $54.69, while analysts maintain a consensus “Hold” rating with a $66.33 average price target.

Bank of New York Mellon Corp bought a new position in Fortis (NYSE:FTS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 508,417 shares of the utilities provider's stock, valued at approximately $29,097,000. Bank of New York Mellon Corp owned 0.10% of Fortis as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Scarborough Advisors LLC acquired a new stake in Fortis during the 1st quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Fortis in the fourth quarter worth approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock worth $36,000 after purchasing an additional 428 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Fortis by 123.9% during 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 during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Fortis by 2,119.1% during 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 during the period. Hedge funds and other institutional investors own 57.77% of the company's stock.

Fortis Stock Down 0.3%

FTS opened at $54.69 on Friday. The firm has a market cap of $27.94 billion, a P/E ratio of 22.14 and a beta of 0.43. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. The business has a 50 day moving average price of $56.97 and a 200 day moving average price of $56.61. Fortis has a twelve month low of $48.64 and a twelve month high of $59.40.

Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.55 by $0.01. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.83 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%.During the same quarter last year, the company posted $0.76 earnings per share. Research analysts forecast that Fortis will post 2.56 EPS for the current year.

Fortis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Wednesday, August 19th. Fortis's dividend payout ratio is 73.68%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FTS. Weiss Ratings reissued a "buy (b)" rating on shares of Fortis in a research note on Friday, July 17th. Wolfe Research set a $50.00 price target on shares of Fortis in a research note on Tuesday, August 4th. TD Securities reiterated a "buy" rating on shares of Fortis in a report on Tuesday, August 4th. Scotiabank reissued a "sector perform" rating on shares of Fortis in a research report on Tuesday, August 4th. Finally, BMO Capital Markets restated a "market perform" rating on shares of Fortis in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Fortis presently has a consensus rating of "Hold" and an average price target of $66.33.

Fortis 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.

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