Cibc World Market Inc. Sells 849,001 Shares of Fortis $FTS

Cibc World Market Inc. decreased its stake in Fortis (NYSE:FTS) by 9.7% in the third quarter, Holdings Channel.com reports. The firm owned 7,886,908 shares of the utilities provider’s stock after selling 849,001 shares during the period. Cibc World Market Inc.’s holdings in Fortis were worth $399,955,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. West Family Investments Inc. purchased a new position in shares of Fortis during the 2nd quarter worth about $249,000. Aviso Financial Inc. grew its stake in Fortis by 7.0% in the second quarter. Aviso Financial Inc. now owns 101,518 shares of the utilities provider’s stock worth $4,846,000 after purchasing an additional 6,682 shares in the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Fortis by 42.4% during the second quarter. Hillsdale Investment Management Inc. now owns 794,320 shares of the utilities provider’s stock valued at $37,955,000 after buying an additional 236,347 shares during the period. XTX Topco Ltd increased its position in Fortis by 172.5% during the 2nd quarter. XTX Topco Ltd now owns 32,997 shares of the utilities provider’s stock valued at $1,575,000 after purchasing an additional 20,889 shares during the period. Finally, Legal & General Group Plc increased its holdings in Fortis by 5.9% during the second quarter. Legal & General Group Plc now owns 6,224,022 shares of the utilities provider’s stock valued at $296,614,000 after buying an additional 345,633 shares during the period. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Stock Up 0.8%

FTS stock opened at $54.57 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 1.32. The firm has a 50-day moving average of $52.13 and a two-hundred day moving average of $51.09. The company has a market cap of $27.69 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 4.23 and a beta of 0.50. Fortis has a 12 month low of $42.95 and a 12 month high of $55.34.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 4.7%. The ex-dividend date is Tuesday, February 17th. Fortis’s dividend payout ratio is presently 75.83%.

Wall Street Analysts Forecast Growth

FTS has been the topic of a number of recent research reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Fortis in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Thursday, January 22nd. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research note on Wednesday, November 5th. Finally, National Bankshares reissued a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.00.

Fortis Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.