2,070 Shares in Fortis Inc. (NYSE:FTS) Acquired by 1620 Investment Advisors Inc.

1620 Investment Advisors Inc. bought a new stake in shares of Fortis Inc. (NYSE:FTS) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,070 shares of the utilities provider’s stock, valued at approximately $80,000.

Other institutional investors also recently added to or reduced their stakes in the company. Clearbridge Investments LLC bought a new stake in shares of Fortis during the fourth quarter valued at about $119,043,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Fortis by 11.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 300,509 shares of the utilities provider’s stock worth $11,803,000 after acquiring an additional 30,103 shares during the period. TD Asset Management Inc lifted its stake in shares of Fortis by 22.3% in the 4th quarter. TD Asset Management Inc now owns 13,380,619 shares of the utilities provider’s stock worth $553,145,000 after acquiring an additional 2,438,223 shares during the period. Gold Investment Management Ltd. bought a new position in shares of Fortis in the fourth quarter valued at approximately $3,324,000. Finally, Walleye Trading LLC acquired a new position in shares of Fortis during the first quarter valued at approximately $758,000. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Price Performance

Shares of Fortis stock opened at $43.65 on Friday. Fortis Inc. has a 52 week low of $36.30 and a 52 week high of $44.19. The company has a current ratio of 0.69, a quick ratio of 0.52 and a debt-to-equity ratio of 1.26. The stock has a market cap of $21.62 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 3.00 and a beta of 0.45. The company’s 50-day moving average price is $40.75 and its two-hundred day moving average price is $39.91.

Fortis (NYSE:FTS) last released its earnings results on Wednesday, July 31st. The utilities provider reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.96 billion. Fortis had a net margin of 13.90% and a return on equity of 7.04%. As a group, sell-side analysts anticipate that Fortis Inc. will post 2.32 EPS for the current fiscal year.

Fortis Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Tuesday, August 20th will be given a dividend of $0.431 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.95%. Fortis’s dividend payout ratio (DPR) is presently 73.28%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Sunday, August 4th.

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.