Fortis $FTS Shares Sold by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Fortis by 3.9%, owning 610,877 shares worth approximately $29.19 million as of the latest report.
• Fortis reported earnings of $0.55 per share for the most recent quarter, exceeding analyst estimates, and announced an increase in its dividend to $0.4448 per share, resulting in a 3.5% yield.
• Analysts have generally affirmed a positive outlook on Fortis, with a consensus rating of "Moderate Buy" and an average price target of $72.00.

Maryland State Retirement & Pension System decreased its position in shares of Fortis (NYSE:FTS - Free Report) by 3.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 610,877 shares of the utilities provider's stock after selling 24,865 shares during the quarter. Fortis accounts for approximately 0.6% of Maryland State Retirement & Pension System's portfolio, making the stock its 29th largest holding. Maryland State Retirement & Pension System owned 0.12% of Fortis worth $29,190,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JCIC Asset Management Inc. grew its stake in Fortis by 5.7% in the 1st quarter. JCIC Asset Management Inc. now owns 5,377 shares of the utilities provider's stock valued at $245,000 after acquiring an additional 290 shares during the period. Newport Trust Company LLC grew its stake in Fortis by 3.4% in the 1st quarter. Newport Trust Company LLC now owns 9,216 shares of the utilities provider's stock valued at $420,000 after acquiring an additional 301 shares during the period. Cigna Investments Inc. New grew its stake in Fortis by 3.6% in the 1st quarter. Cigna Investments Inc. New now owns 9,219 shares of the utilities provider's stock valued at $420,000 after acquiring an additional 321 shares during the period. Cetera Investment Advisers grew its stake in Fortis by 2.1% in the 1st quarter. Cetera Investment Advisers now owns 18,965 shares of the utilities provider's stock valued at $864,000 after acquiring an additional 381 shares during the period. Finally, Versor Investments LP grew its stake in Fortis by 2.1% in the 1st quarter. Versor Investments LP now owns 19,837 shares of the utilities provider's stock valued at $904,000 after acquiring an additional 402 shares during the period. Institutional investors and hedge funds own 57.77% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FTS. TD Securities reaffirmed a "buy" rating on shares of Fortis in a research note on Tuesday, August 5th. CIBC raised shares of Fortis from a "neutral" rating to a "sector outperform" rating in a research note on Monday, July 21st. Scotiabank reaffirmed a "sector perform" rating on shares of Fortis in a research note on Monday. BMO Capital Markets reaffirmed a "market perform" rating on shares of Fortis in a research note on Monday, August 4th. Finally, National Bankshares reiterated a "sector perform" rating on shares of Fortis in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $72.00.

Fortis Stock Down 0.1%

Shares of FTS opened at $50.37 on Thursday. The firm has a market cap of $25.37 billion, a P/E ratio of 20.73, a price-to-earnings-growth ratio of 3.89 and a beta of 0.50. Fortis has a 12-month low of $40.32 and a 12-month high of $51.45. The company's 50-day moving average price is $49.92 and its 200 day moving average price is $48.28. The company has a current ratio of 0.58, a quick ratio of 0.47 and a debt-to-equity ratio of 1.30.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $1.91 billion. Fortis had a net margin of 14.48% and a return on equity of 7.24%. During the same period in the previous year, the firm earned $0.67 EPS. On average, sell-side analysts forecast that Fortis will post 2.35 earnings per share for the current year.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Tuesday, August 19th were given a $0.4448 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $1.78 annualized dividend and a yield of 3.5%. This is an increase from Fortis's previous quarterly dividend of $0.43. Fortis's dividend payout ratio is presently 73.25%.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis (NYSE:FTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.