Hsbc Holdings PLC Has $22 Million Position in Fortis Inc. (NYSE:FTS)

Hsbc Holdings PLC lifted its position in Fortis Inc. (NYSE:FTS - Free Report) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 529,559 shares of the utilities provider's stock after purchasing an additional 31,467 shares during the quarter. Hsbc Holdings PLC owned 0.11% of Fortis worth $22,003,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. boosted its position in Fortis by 724.3% in the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider's stock valued at $26,000 after buying an additional 507 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Fortis during the 4th quarter worth approximately $38,000. Versant Capital Management Inc grew its position in Fortis by 34.1% during the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider's stock worth $42,000 after acquiring an additional 256 shares during the last quarter. Lindbrook Capital LLC increased its holdings in Fortis by 38.5% during the 4th quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider's stock valued at $113,000 after purchasing an additional 758 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Fortis in the 3rd quarter valued at $149,000. 57.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group began coverage on shares of Fortis in a research note on Thursday, February 13th. They issued a "hold" rating on the stock. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold".

Fortis Trading Down 0.9 %

Shares of Fortis stock traded down $0.46 during trading on Friday, reaching $48.52. 195,899 shares of the company were exchanged, compared to its average volume of 622,673. The business has a 50-day moving average price of $45.87 and a 200-day moving average price of $44.15. The firm has a market capitalization of $24.34 billion, a price-to-earnings ratio of 20.57, a P/E/G ratio of 3.94 and a beta of 0.46. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. Fortis Inc. has a twelve month low of $38.15 and a twelve month high of $49.65.

Fortis (NYSE:FTS - Get Free Report) last posted its earnings results on Friday, February 14th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.08 billion. Fortis had a return on equity of 7.09% and a net margin of 14.12%. During the same period in the previous year, the company earned $0.72 EPS. Sell-side analysts anticipate that Fortis Inc. will post 2.35 EPS for the current fiscal year.

Fortis Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be issued a $0.4324 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.73 annualized dividend and a yield of 3.56%. Fortis's dividend payout ratio (DPR) is presently 72.03%.

Fortis 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.