Citigroup Inc. Has $6.97 Million Position in Fortis Inc. (NYSE:FTS)

Citigroup Inc. increased its position in shares of Fortis Inc. (NYSE:FTS - Free Report) by 11.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 153,325 shares of the utilities provider's stock after purchasing an additional 15,605 shares during the period. Citigroup Inc.'s holdings in Fortis were worth $6,974,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTS. EverSource Wealth Advisors LLC raised its position in shares of Fortis by 123.5% in the first quarter. EverSource Wealth Advisors LLC now owns 666 shares of the utilities provider's stock valued at $26,000 after buying an additional 368 shares in the last quarter. Ridgewood Investments LLC bought a new stake in shares of Fortis during the 2nd quarter valued at $32,000. 1620 Investment Advisors Inc. bought a new stake in shares of Fortis during the 2nd quarter valued at $80,000. Cromwell Holdings LLC grew its holdings in shares of Fortis by 52.2% during the 3rd quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider's stock worth $83,000 after purchasing an additional 630 shares in the last quarter. Finally, CHICAGO TRUST Co NA bought a new position in shares of Fortis in the third quarter worth $209,000. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Trading Down 0.3 %

NYSE FTS traded down $0.15 during trading hours on Friday, reaching $44.68. The company's stock had a trading volume of 256,379 shares, compared to its average volume of 857,654. The firm has a fifty day simple moving average of $44.36 and a 200-day simple moving average of $42.47. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.69 and a quick ratio of 0.58. Fortis Inc. has a 52 week low of $36.86 and a 52 week high of $46.06. The stock has a market cap of $22.22 billion, a P/E ratio of 18.77, a P/E/G ratio of 4.08 and a beta of 0.47.

Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.26. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.01 billion. Fortis had a return on equity of 7.03% and a net margin of 14.06%. During the same period in the prior year, the business posted $0.63 earnings per share. Equities analysts forecast that Fortis Inc. will post 2.32 earnings per share for the current fiscal year.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Monday, November 18th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.51%. This is an increase from Fortis's previous quarterly dividend of $0.43. The ex-dividend date is Monday, November 18th. Fortis's dividend payout ratio (DPR) is 76.47%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Bank of America assumed coverage on shares of Fortis in a research note on Friday, September 20th. They set an "underperform" rating on the stock. UBS Group upgraded shares of Fortis to a "strong sell" rating in a research report on Tuesday, September 10th. StockNews.com raised Fortis from a "sell" rating to a "hold" rating in a report on Sunday, August 4th. Finally, Raymond James cut Fortis from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat, the company has an average rating of "Reduce".

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.