Fortis Inc (FTS) to Issue $0.40 Quarterly Dividend

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.

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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.

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 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 Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

Dividend History for Fortis (TSE:FTS)

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