Wealthquest Corp Makes New Investment in Fortis (NYSE:FTS)

Wealthquest Corp purchased a new stake in Fortis (NYSE:FTS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 7,360 shares of the utilities provider's stock, valued at approximately $335,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Fortis by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 21,722,993 shares of the utilities provider's stock valued at $902,656,000 after acquiring an additional 364,391 shares during the last quarter. TD Asset Management Inc. increased its stake in shares of Fortis by 1.4% in the 4th quarter. TD Asset Management Inc. now owns 12,266,121 shares of the utilities provider's stock valued at $509,425,000 after acquiring an additional 173,226 shares during the last quarter. Scotia Capital Inc. increased its stake in shares of Fortis by 3.7% in the 4th quarter. Scotia Capital Inc. now owns 9,148,037 shares of the utilities provider's stock valued at $379,614,000 after acquiring an additional 329,767 shares during the last quarter. Toronto Dominion Bank grew its position in shares of Fortis by 10.9% in the 4th quarter. Toronto Dominion Bank now owns 6,218,116 shares of the utilities provider's stock valued at $258,068,000 after purchasing an additional 612,395 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Fortis by 42.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 4,443,333 shares of the utilities provider's stock valued at $184,878,000 after purchasing an additional 1,316,394 shares during the period. 57.77% of the stock is owned by institutional investors.

Fortis Stock Up 1.1%

Shares of FTS traded up $0.53 on Thursday, hitting $47.13. The company's stock had a trading volume of 464,007 shares, compared to its average volume of 611,781. Fortis has a fifty-two week low of $38.50 and a fifty-two week high of $50.06. The company has a quick ratio of 0.63, a current ratio of 0.76 and a debt-to-equity ratio of 1.34. The firm's fifty day moving average price is $48.00 and its 200-day moving average price is $45.10. The firm has a market capitalization of $23.64 billion, a price-to-earnings ratio of 19.88, a P/E/G ratio of 3.83 and a beta of 0.49.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Fortis had a return on equity of 7.08% and a net margin of 14.20%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. On average, equities research analysts expect that Fortis will post 2.35 EPS for the current year.

Analyst Ratings Changes

FTS has been the subject of several research analyst reports. Royal Bank Of Canada boosted their price objective on Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Thursday, May 8th. Desjardins initiated coverage on Fortis in a research report on Tuesday, May 6th. They issued a "hold" rating for the company. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company's stock. According to data from MarketBeat, Fortis has a consensus rating of "Hold" and an average price target of $72.00.

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.