Fortis Inc (TSE:FTS) declared a quarterly dividend on Monday, July 31st, Zacks reports. Stockholders of record on Monday, August 21st will be given a dividend of 0.40 per share on Friday, September 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Thursday, August 17th.
Fortis (TSE:FTS) opened at 45.92 on Friday. Fortis has a 12-month low of $39.58 and a 12-month high of $47.06. The stock has a 50 day moving average price of $45.26 and a 200-day moving average price of $44.06. The firm has a market cap of $19.19 billion and a price-to-earnings ratio of 19.78.
FTS has been the topic of a number of research analyst reports. CIBC reduced their target price on Fortis from C$48.00 to C$47.00 in a report on Wednesday, May 3rd. TD Securities reissued a “buy” rating and issued a C$48.00 price target on shares of Fortis in a report on Wednesday, May 3rd. Scotiabank reissued an “outperform” rating and issued a C$49.00 price target on shares of Fortis in a report on Wednesday, May 3rd. Royal Bank Of Canada cut their price target on Fortis from C$52.00 to C$51.00 and set an “outperform” rating on the stock in a report on Monday, July 31st. Finally, Barclays PLC raised their price target on Fortis from C$37.00 to C$40.00 and gave the stock an “overweight” rating in a report on Friday, July 21st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of C$47.75.
In related news, insider Karl W. Smith sold 54,024 shares of Fortis stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of C$45.53, for a total transaction of C$2,459,712.72. Also, insider Nora Duke sold 33,688 shares of Fortis stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of C$46.24, for a total value of C$1,557,733.12. In the last three months, insiders have sold 93,248 shares of company stock valued at $4,261,335.
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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