Bank of Nova Scotia Has $255.95 Million Stake in Fortis $FTS

Key Points

• Bank of Nova Scotia increased its Fortis stake by 4.2% in the first quarter, holding 4.59 million shares worth about $255.95 million, or roughly 0.9% of the utility company.
• Fortis reported mixed quarterly results, with earnings per share of $0.72 beating estimates, while revenue of $2.45 billion came in below expectations.
• Analyst sentiment remains cautious, with a consensus rating of “Hold” and an average price target of $61, despite some buy ratings and recent rating changes.

Bank of Nova Scotia grew its stake in shares of Fortis (NYSE:FTS - Free Report) by 4.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,588,898 shares of the utilities provider's stock after buying an additional 183,703 shares during the period. Bank of Nova Scotia owned approximately 0.90% of Fortis worth $255,952,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Scarborough Advisors LLC bought a new stake in Fortis in the first quarter valued at approximately $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Fortis in the 4th quarter valued at $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in shares of Fortis by 157.4% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock valued at $36,000 after buying an additional 428 shares in the last quarter. Larson Financial Group LLC grew its stake in Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider's stock valued at $37,000 after acquiring an additional 409 shares during the period. Finally, LOM Asset Management Ltd bought a new stake in shares of Fortis in the fourth quarter worth about $43,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Stock Up 0.4%

Shares of Fortis stock opened at $58.58 on Friday. The firm has a market cap of $29.93 billion, a PE ratio of 23.81 and a beta of 0.43. The business's 50 day simple moving average is $56.75 and its 200 day simple moving average is $55.95. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. Fortis has a 52-week low of $48.28 and a 52-week high of $59.08.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.02. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.56 billion. Fortis had a return on equity of 7.25% and a net margin of 14.21%.During the same quarter in the prior year, the firm posted $1.00 EPS. On average, analysts predict that Fortis will post 2.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FTS shares. Canadian Imperial Bank of Commerce cut Fortis from an "outperform" rating to a "hold" rating in a report on Friday, July 17th. TD Securities reaffirmed a "buy" rating on shares of Fortis in a research note on Thursday, May 7th. BMO Capital Markets reiterated a "market perform" rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings reiterated a "buy (b)" rating on shares of Fortis in a report on Friday, July 17th. Finally, Wall Street Zen downgraded shares of Fortis from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $61.00.

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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