Principal Financial Group Inc. grew its stake in Fortis Inc. (NYSE:FTS) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 865,018 shares of the utilities provider’s stock after purchasing an additional 13,940 shares during the period. Principal Financial Group Inc. owned approximately 0.21% of Fortis worth $30,942,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in FTS. Canada Pension Plan Investment Board boosted its stake in shares of Fortis by 9.7% in the third quarter. Canada Pension Plan Investment Board now owns 352,950 shares of the utilities provider’s stock valued at $12,638,000 after buying an additional 31,097 shares in the last quarter. Strs Ohio purchased a new stake in Fortis during the third quarter worth $3,236,000. Sentry Investments Corp. boosted its position in Fortis by 36.9% during the second quarter. Sentry Investments Corp. now owns 588,755 shares of the utilities provider’s stock worth $26,835,000 after purchasing an additional 158,600 shares in the last quarter. Federated Investors Inc. PA boosted its position in Fortis by 9.7% during the second quarter. Federated Investors Inc. PA now owns 303,220 shares of the utilities provider’s stock worth $10,658,000 after purchasing an additional 26,745 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Fortis by 25.6% in the second quarter. Goldman Sachs Group Inc. now owns 1,076,925 shares of the utilities provider’s stock valued at $37,854,000 after acquiring an additional 219,216 shares in the last quarter. 50.91% of the stock is currently owned by institutional investors and hedge funds.
Separately, Zacks Investment Research lowered Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $38.00.
Fortis Inc. (NYSE:FTS) traded down $0.25 on Monday, reaching $37.14. The company had a trading volume of 241,721 shares, compared to its average volume of 186,533. Fortis Inc. has a 12-month low of $30.00 and a 12-month high of $38.24. The firm has a market cap of $15,685.10, a PE ratio of 19.17, a P/E/G ratio of 3.45 and a beta of -1.70. The company has a current ratio of 0.52, a quick ratio of 0.43 and a debt-to-equity ratio of 1.31.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Monday, November 20th were given a dividend of $0.3396 per share. The ex-dividend date of this dividend was Friday, November 17th. This is a boost from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.66%. Fortis’s dividend payout ratio (DPR) is 71.20%.
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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 Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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