Bollard Group LLC Boosts Stake in Fortis $FTS

Key Points

• Bollard Group LLC increased its stake in Fortis by 17.0% in the first quarter, adding 25,492 shares to bring its total holding to 175,488 shares worth about $9.79 million.
• Analyst sentiment on Fortis is mixed, with several firms lowering ratings or trimming targets; the stock currently carries a consensus Hold rating and an average price target of $61.00.
• Fortis reported solid quarterly earnings, posting EPS of $0.72 versus estimates of $0.70, while shares recently traded near $58.86, close to their 12-month high of $59.21.

Bollard Group LLC grew its holdings in Fortis (NYSE:FTS - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 175,488 shares of the utilities provider's stock after purchasing an additional 25,492 shares during the period. Bollard Group LLC's holdings in Fortis were worth $9,788,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Scarborough Advisors LLC acquired a new position in shares of Fortis in the 1st quarter worth approximately $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Fortis in the 4th quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in 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 purchasing an additional 428 shares during the last quarter. Larson Financial Group LLC raised its position 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 purchasing an additional 409 shares during the period. Finally, LOM Asset Management Ltd acquired a new position in Fortis during the fourth quarter worth $43,000. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTS has been the subject of several research analyst reports. Canadian Imperial Bank of Commerce lowered Fortis from an "outperform" rating to a "hold" rating in a research report on Friday, July 17th. Wall Street Zen lowered Fortis from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. BMO Capital Markets reaffirmed a "market perform" rating on shares of Fortis in a research report on Thursday, May 7th. TD Securities reiterated a "buy" rating on shares of Fortis in a research note on Thursday, May 7th. Finally, Barclays reduced their price target on shares of Fortis from $62.00 to $61.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $61.00.

Fortis Trading Up 0.5%

NYSE FTS opened at $58.86 on Friday. The firm's fifty day moving average price is $56.83 and its 200 day moving average price is $55.97. Fortis has a 12 month low of $48.28 and a 12 month high of $59.21. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.49 and a quick ratio of 0.41. The company has a market capitalization of $30.07 billion, a price-to-earnings ratio of 23.93 and a beta of 0.43.

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

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.

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