Fortis Inc. (TSE:FTS) Announces Dividend Increase – $0.83 Per Share

Fortis Inc. (TSE:FTS) declared a quarterly dividend on Monday, November 18th,Zacks Dividends reports. Stockholders of record on Sunday, December 1st will be paid a dividend of 0.83 per share on Sunday, December 1st. This represents a $3.32 annualized dividend and a dividend yield of 5.34%. The ex-dividend date of this dividend is Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.59.

Fortis Stock Down 0.1 %

FTS stock opened at C$62.21 on Friday. The firm has a market cap of C$30.81 billion, a PE ratio of 19.50, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 1 year low of C$51.02 and a 1 year high of C$62.56. The company has a fifty day simple moving average of C$60.97 and a 200 day simple moving average of C$57.47. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59.

Insider Activity at Fortis

In related news, Senior Officer James Reid sold 19,972 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. Also, Director Gary Joseph Smith sold 21,716 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of C$61.45, for a total transaction of C$1,334,543.75. Corporate insiders own 0.04% of the company’s stock.

Analysts Set New Price Targets

FTS has been the subject of several recent analyst reports. National Bankshares upped their price target on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research note on Friday, August 23rd. CIBC increased their price target on Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. UBS Group upgraded shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. raised their target price on shares of Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Finally, Bank of America set a C$60.00 target price on shares of Fortis and gave the stock an “underperform” rating in a research report on Friday, September 20th. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of C$60.33.

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.