Nykredit A S Acquires New Shares in Fortis $FTS

Key Points

• Nykredit A/S acquired 151,057 Fortis shares worth approximately $8.65 million in the second quarter. Institutional investors and hedge funds collectively own 57.77% of Fortis.
• Fortis reported quarterly EPS of $0.56, slightly above analyst estimates, while revenue of $1.67 billion fell short of expectations. Analysts forecast full-year EPS of $2.56.
• Fortis maintains a quarterly dividend of $0.64, or $2.56 annually, representing a 4.6% yield. Wall Street’s average rating is “Hold,” with an average price target of $66.33.

Nykredit A S acquired a new position in Fortis (NYSE:FTS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 151,057 shares of the utilities provider's stock, valued at approximately $8,651,000.

Several other hedge funds have also recently bought and sold shares of FTS. Royal Bank of Canada lifted its position in shares of Fortis by 4.6% in the first quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider's stock worth $1,966,121,000 after buying an additional 1,557,443 shares during the last quarter. FIL Ltd increased its holdings in shares of Fortis by 9.1% during the 4th quarter. FIL Ltd now owns 19,898,613 shares of the utilities provider's stock valued at $1,034,545,000 after acquiring an additional 1,666,481 shares during the last quarter. Scotia Capital Inc. raised its stake in shares of Fortis by 3.7% in the 3rd quarter. Scotia Capital Inc. now owns 9,163,354 shares of the utilities provider's stock valued at $461,748,000 after acquiring an additional 326,212 shares in the last quarter. Cibc World Market Inc. raised its stake in shares of Fortis by 8.6% in the 4th quarter. Cibc World Market Inc. now owns 8,564,134 shares of the utilities provider's stock valued at $445,335,000 after acquiring an additional 677,226 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Fortis by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 6,593,417 shares of the utilities provider's stock worth $357,381,000 after purchasing an additional 372,377 shares during the last quarter. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Price Performance

Shares of NYSE:FTS opened at $55.28 on Friday. The company has a market cap of $28.24 billion, a price-to-earnings ratio of 22.38 and a beta of 0.42. The business has a 50 day moving average price of $56.78 and a 200 day moving average price of $56.61. 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 has a twelve month low of $48.64 and a twelve month high of $59.40.

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

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 4.6%. The ex-dividend date was Wednesday, August 19th. Fortis's dividend payout ratio (DPR) is currently 73.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FTS shares. BMO Capital Markets reaffirmed a "market perform" rating on shares of Fortis in a research report on Monday, August 3rd. Wolfe Research set a $50.00 price target on shares of Fortis in a research report on Tuesday, August 4th. Barclays reduced their price objective on shares of Fortis from $61.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Wall Street Zen downgraded shares of Fortis from a "hold" rating to a "sell" rating in a report on Saturday, May 23rd. Finally, Canadian Imperial Bank of Commerce lowered shares of Fortis from an "outperform" rating to a "hold" rating in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $66.33.

About Fortis

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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