Fortis $FTS Shares Acquired by Amundi

Key Points

• Amundi increased its Fortis stake by 57.8% in the second quarter, adding 447,410 shares to own 1.22 million shares valued at approximately $69.9 million. Institutional investors collectively hold 57.77% of Fortis stock.
• Fortis reported quarterly EPS of $0.56, slightly above the $0.55 consensus estimate, while revenue of $1.67 billion fell short of the $1.83 billion forecast.
• The company declared a quarterly dividend of $0.64 per share, equivalent to a 4.7% annualized yield. Analysts have an overall “Hold” rating and an average price target of $66.33.

Amundi boosted its holdings in shares of Fortis (NYSE:FTS - Free Report) by 57.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,221,111 shares of the utilities provider's stock after buying an additional 447,410 shares during the quarter. Amundi owned 0.24% of Fortis worth $69,884,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. AQR Capital Management LLC acquired a new position in shares of Fortis during the first quarter worth about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Fortis by 19.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider's stock worth $25,760,000 after acquiring an additional 90,776 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Fortis by 148.0% in the second quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider's stock worth $139,000 after acquiring an additional 1,732 shares during the last quarter. Baird Financial Group Inc. grew its holdings in Fortis by 3.4% during the 2nd quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider's stock worth $1,623,000 after acquiring an additional 1,109 shares in the last quarter. Finally, Cerity Partners LLC increased its position in shares of Fortis by 4.4% in the 2nd quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider's stock valued at $494,000 after purchasing an additional 439 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 $54.50 on Friday. The stock has a market capitalization of $28.00 billion, a PE ratio of 22.07 and a beta of 0.42. Fortis has a 52-week low of $48.69 and a 52-week high of $59.40. The stock's 50-day moving average price is $56.59 and its 200 day moving average price is $56.57. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 1.27.

Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.67 billion during 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 period in the prior year, the business earned $0.76 EPS. As a group, equities research analysts forecast that Fortis will post 2.56 EPS for the current year.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.56 annualized dividend and a dividend yield of 4.7%. Fortis's dividend payout ratio (DPR) is currently 73.68%.

Analyst Ratings Changes

FTS has been the topic of several recent analyst reports. Canadian Imperial Bank of Commerce lowered Fortis from an "outperform" rating to a "hold" rating in a report on Friday, July 17th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fortis in a report on Friday, July 17th. Royal Bank Of Canada upped their price objective on Fortis from $80.00 to $89.00 and gave the stock a "sector perform" rating in a research report on Monday, August 3rd. Scotiabank reiterated a "sector perform" rating on shares of Fortis in a report on Tuesday, August 4th. Finally, Wall Street Zen lowered Fortis from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Fortis currently has an average rating of "Hold" and an average target price of $66.33.

Fortis Company Profile

Fortis Inc is a Canadian investor-owned utility company headquartered in St. John's, Newfoundland and Labrador. Through its regulated utility subsidiaries, the company provides electricity and natural gas services to residential, commercial and industrial customers.

Fortis operates electric transmission and distribution networks, natural gas distribution systems, and power generation assets. Its businesses include FortisBC in British Columbia, Newfoundland Power and Maritime Electric in Atlantic Canada, as well as utilities in the United States, including Central Hudson, UNS Energy and ITC.

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