Cidel Asset Management Inc. Has $33.11 Million Position in Fortis Inc. (FTS)

Cidel Asset Management Inc. reduced its stake in Fortis Inc. (NYSE:FTS) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 925,105 shares of the utilities provider’s stock after selling 16,310 shares during the period. Fortis accounts for 1.5% of Cidel Asset Management Inc.’s holdings, making the stock its 22nd biggest holding. Cidel Asset Management Inc. owned 0.22% of Fortis worth $33,113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Parametric Portfolio Associates LLC increased its stake in Fortis by 0.3% in the second quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock valued at $530,000 after purchasing an additional 44 shares in the last quarter. Creative Planning increased its stake in Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after purchasing an additional 225 shares in the last quarter. Baskin Financial Services Inc. increased its stake in Fortis by 0.6% in the second quarter. Baskin Financial Services Inc. now owns 37,523 shares of the utilities provider’s stock valued at $1,317,000 after purchasing an additional 226 shares in the last quarter. BB&T Securities LLC increased its stake in Fortis by 0.5% in the second quarter. BB&T Securities LLC now owns 52,905 shares of the utilities provider’s stock valued at $1,859,000 after purchasing an additional 241 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Fortis by 12.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 382 shares in the last quarter. 52.56% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. CIBC downgraded shares of Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $38.00.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Monday, November 20th will be issued a $0.3396 dividend. The ex-dividend date of this dividend is Friday, November 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a yield of 3.69%. Fortis’s dividend payout ratio is 75.00%.

Fortis Profile

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.

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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