UBS Group AG Reduces Position in Fortis $FTS

Key Points

• UBS Group AG reduced its Fortis stake by 12.4% in the fourth quarter, selling 65,889 shares and leaving it with 464,259 shares worth about $24.1 million.
• Fortis reported better-than-expected quarterly earnings of $0.72 per share, topping estimates of $0.70, though revenue of $2.45 billion came in below analyst expectations.
• The utility declared a quarterly dividend of $0.64 per share, implying an annualized yield of 4.6%; analysts currently rate the stock a Moderate Buy with a consensus price target of $61.00.

UBS Group AG trimmed its position in Fortis (NYSE:FTS - Free Report) by 12.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 464,259 shares of the utilities provider's stock after selling 65,889 shares during the quarter. UBS Group AG owned approximately 0.09% of Fortis worth $24,114,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FTS. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock worth $36,000 after acquiring an additional 428 shares in the last quarter. Larson Financial Group LLC grew its holdings in Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider's stock worth $37,000 after purchasing an additional 409 shares during the period. LOM Asset Management Ltd bought a new position in Fortis in the 4th quarter worth about $43,000. Smartleaf Asset Management LLC boosted its holdings in shares of Fortis by 2,119.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider's stock valued at $49,000 after acquiring an additional 996 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of Fortis in the 2nd quarter worth approximately $56,000. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Stock Up 0.0%

NYSE FTS opened at $56.10 on Monday. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25. The firm has a market cap of $28.56 billion, a PE ratio of 22.80 and a beta of 0.45. The business's fifty day simple moving average is $56.78 and its 200-day simple moving average is $53.93. Fortis has a 52 week low of $45.87 and a 52 week high of $58.78.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the firm earned $1.00 earnings per share. As a group, equities analysts anticipate that Fortis will post 2.65 earnings per share for the current year.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, May 15th. Fortis's dividend payout ratio (DPR) is 76.42%.

Wall Street Analyst Weigh In

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 report on Thursday. Wall Street Zen raised shares of Fortis from a "sell" rating to a "hold" rating in a research note on Sunday, April 19th. Barclays lowered their price objective on shares of Fortis from $62.00 to $61.00 and set an "overweight" rating for the company in a research note on Friday. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Fortis in a research note on Monday, April 20th. Finally, TD Securities reaffirmed a "buy" rating on shares of Fortis in a research report on Thursday. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $61.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.