Fortis Inc. (FTS) Holdings Increased by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. boosted its position in Fortis Inc. (NYSE:FTS) by 16.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 16,218 shares of the utilities provider’s stock after acquiring an additional 2,345 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Fortis were worth $570,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FTS. Bank of Montreal Can grew its stake in shares of Fortis by 21.9% during the 2nd quarter. Bank of Montreal Can now owns 25,618,736 shares of the utilities provider’s stock valued at $900,499,000 after buying an additional 4,594,810 shares during the period. FMR LLC grew its stake in shares of Fortis by 11.8% during the 2nd quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock valued at $364,077,000 after buying an additional 1,090,988 shares during the period. CIBC Asset Management Inc grew its stake in shares of Fortis by 21.8% during the 2nd quarter. CIBC Asset Management Inc now owns 5,425,532 shares of the utilities provider’s stock valued at $190,477,000 after buying an additional 971,742 shares during the period. Franklin Resources Inc. grew its stake in shares of Fortis by 51.1% during the 2nd quarter. Franklin Resources Inc. now owns 2,714,989 shares of the utilities provider’s stock valued at $95,467,000 after buying an additional 918,369 shares during the period. Finally, TD Asset Management Inc. grew its stake in shares of Fortis by 7.9% during the 2nd quarter. TD Asset Management Inc. now owns 8,537,600 shares of the utilities provider’s stock valued at $299,642,000 after buying an additional 627,425 shares during the period. 52.56% of the stock is owned by hedge funds and other institutional investors.

FTS has been the subject of several research reports. Zacks Investment Research cut shares of Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. CIBC cut shares of Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $38.00.

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