Intact Investment Management Inc. Buys 71,200 Shares of Fortis Inc. (FTS)

Intact Investment Management Inc. increased its stake in Fortis Inc. (NYSE:FTS) by 72.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 169,960 shares of the utilities provider’s stock after purchasing an additional 71,200 shares during the quarter. Intact Investment Management Inc.’s holdings in Fortis were worth $7,562,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Creative Planning grew its position in shares of Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after purchasing an additional 225 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Fortis by 12.3% during the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock valued at $122,000 after buying an additional 382 shares during the period. Tower Research Capital LLC TRC boosted its stake in Fortis by 4,514.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the utilities provider’s stock valued at $179,000 after buying an additional 3,837 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in Fortis during the first quarter valued at $157,000. Finally, REDW Stanley Financial Advisors LLC bought a new stake in Fortis during the second quarter valued at $203,000. Institutional investors own 52.56% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: This piece was first reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this piece on another domain, it was stolen and reposted in violation of United States and international copyright and trademark law. The original version of this piece can be viewed at https://sportsperspectives.com/2017/11/01/intact-investment-management-inc-buys-71200-shares-of-fortis-inc-fts.html.

Shares of Fortis Inc. (NYSE:FTS) opened at 36.76 on Wednesday. Fortis Inc. has a 12 month low of $29.14 and a 12 month high of $37.67. The company has a market capitalization of $15.36 billion and a PE ratio of 19.25. The stock has a 50 day moving average price of $36.49 and a 200-day moving average price of $35.09.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 20th will be paid a dividend of $0.3396 per share. This is an increase from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Friday, November 17th. Fortis’s payout ratio is presently 75.00%.

Several equities research analysts have issued reports on FTS shares. Zacks Investment Research lowered Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Fortis currently has a consensus rating of “Hold” and a consensus target price of $38.00.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar 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 Inc. (NYSE:FTS).

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

Receive News & Ratings for Fortis Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply