Landsberg Bennett & Dubbaneh LLC Boosts Stake in Fortis Inc (NYSE:FTS)

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Landsberg Bennett & Dubbaneh LLC grew its stake in shares of Fortis Inc (NYSE:FTS) by 3.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 26,775 shares of the utilities provider’s stock after buying an additional 912 shares during the period. Landsberg Bennett & Dubbaneh LLC’s holdings in Fortis were worth $1,136,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Stonebridge Capital Advisors LLC purchased a new stake in shares of Fortis during the 2nd quarter valued at $30,000. Ropes Wealth Advisors LLC purchased a new stake in shares of Fortis during the 2nd quarter valued at $39,000. AGF Investments LLC purchased a new stake in shares of Fortis during the 2nd quarter valued at $54,000. Flinton Capital Management LLC raised its position in shares of Fortis by 23.8% during the 2nd quarter. Flinton Capital Management LLC now owns 2,080 shares of the utilities provider’s stock valued at $79,000 after buying an additional 400 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its position in shares of Fortis by 27.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,300 shares of the utilities provider’s stock valued at $87,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 51.44% of the company’s stock.

Several research firms have recently weighed in on FTS. Bank of America raised their price objective on shares of Fortis from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. Royal Bank of Canada reiterated a “buy” rating on shares of Fortis in a research report on Wednesday, August 21st. CIBC reiterated a “hold” rating and issued a $56.00 target price on shares of Fortis in a research report on Wednesday, September 11th. TheStreet upgraded shares of Fortis from a “c+” rating to a “b-” rating in a research report on Tuesday, September 17th. Finally, Wells Fargo & Co lifted their target price on shares of Fortis from $59.00 to $61.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $55.50.

NYSE:FTS traded down $0.26 during trading hours on Friday, reaching $41.98. The company’s stock had a trading volume of 70,364 shares, compared to its average volume of 487,295. The firm has a market capitalization of $18.51 billion, a price-to-earnings ratio of 21.98, a PEG ratio of 3.76 and a beta of 0.15. The firm has a 50-day simple moving average of $41.90 and a 200-day simple moving average of $39.37. Fortis Inc has a 1 year low of $31.37 and a 1 year high of $42.80. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.51 and a current ratio of 0.62.

Fortis (NYSE:FTS) last issued its earnings results on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.11. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Fortis had a net margin of 12.72% and a return on equity of 6.80%. During the same quarter last year, the company earned $0.57 EPS. Equities analysts anticipate that Fortis Inc will post 1.96 earnings per share for the current fiscal year.

The company also recently declared a — dividend, which will be paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th will be issued a $0.3631 dividend. This represents a yield of 3.5%. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio (DPR) is presently 70.68%.

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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

Read More: Hedge Funds – How They Work For Investors

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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