Fortis Inc. (TSE:FTS) Director Sells C$1,334,543.75 in Stock

Fortis Inc. (TSE:FTS) Director Gary Joseph Smith sold 21,716 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of C$61.45, for a total value of C$1,334,543.75.

Fortis Stock Up 0.3 %

Shares of FTS stock traded up C$0.19 on Tuesday, reaching C$61.84. 92,654 shares of the stock were exchanged, compared to its average volume of 1,609,563. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The business’s 50 day moving average price is C$60.74 and its 200 day moving average price is C$57.28. The company has a market capitalization of C$30.62 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 3.01 and a beta of 0.23. Fortis Inc. has a twelve month low of C$51.02 and a twelve month high of C$62.47.

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.37%. This is a boost from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, November 18th. Fortis’s dividend payout ratio is presently 77.12%.

Wall Street Analyst Weigh In

FTS has been the topic of a number of research reports. Royal Bank of Canada raised their target price on shares of Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 3rd. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Bank of America set a C$60.00 price target on shares of Fortis and gave the company an “underperform” rating in a research report on Friday, September 20th. BMO Capital Markets lifted their price target on shares of Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Finally, National Bankshares boosted their target price on Fortis from C$56.00 to C$62.00 and gave the company a “sector perform” rating in a research report on Friday, August 23rd. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, Fortis presently has an average 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.