TD Asset Management Inc Has $472.16 Million Stock Holdings in Fortis Inc. (NYSE:FTS)

TD Asset Management Inc increased its stake in Fortis Inc. (NYSE:FTS) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,151,327 shares of the utilities provider’s stock after acquiring an additional 270,417 shares during the quarter. TD Asset Management Inc owned about 2.45% of Fortis worth $472,164,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. CIBC Asset Management Inc lifted its position in shares of Fortis by 4.2% in the 2nd quarter. CIBC Asset Management Inc now owns 3,938,001 shares of the utilities provider’s stock worth $152,955,000 after purchasing an additional 158,178 shares during the period. Clearbridge Investments LLC acquired a new position in Fortis in the fourth quarter valued at $119,043,000. DekaBank Deutsche Girozentrale boosted its position in Fortis by 11.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 300,509 shares of the utilities provider’s stock valued at $11,803,000 after acquiring an additional 30,103 shares during the last quarter. Gold Investment Management Ltd. acquired a new stake in Fortis during the fourth quarter worth approximately $3,324,000. Finally, Walleye Trading LLC bought a new stake in Fortis in the first quarter worth approximately $758,000. 57.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com upgraded Fortis from a “sell” rating to a “hold” rating in a report on Sunday, August 4th.

Fortis Stock Up 0.4 %

FTS stock opened at $44.77 on Thursday. The stock’s 50 day simple moving average is $41.70 and its 200 day simple moving average is $40.22. The company has a market cap of $22.17 billion, a P/E ratio of 19.30, a price-to-earnings-growth ratio of 3.16 and a beta of 0.47. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.58 and a current ratio of 0.69. Fortis Inc. has a fifty-two week low of $36.30 and a fifty-two week high of $44.98.

Fortis (NYSE:FTS) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.49 EPS for the quarter, beating the consensus estimate of $0.47 by $0.02. Fortis had a return on equity of 7.04% and a net margin of 13.90%. The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.96 billion. On average, research analysts expect that Fortis Inc. will post 2.32 earnings per share for the current fiscal year.

Fortis Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.431 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.72 annualized dividend and a yield of 3.85%. Fortis’s payout ratio is 73.28%.

Fortis 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.