Charles Schwab Investment Management Inc. Acquires 49,560 Shares of Fortis Inc. (NYSE:FTS)

Charles Schwab Investment Management Inc. has expanded its investment in Fortis Inc. (NYSE:FTS) by increasing its shareholding by 3.7% during the fourth quarter, as reported by Holdings Channel.com. Following this acquisition, the firm now holds 1,402,045 shares of the utilities provider's stock, having purchased an additional 49,560 shares. As per the latest filing with the SEC, Charles Schwab Investment Management Inc.'s holdings in Fortis are valued at approximately $58,230,000.

In addition to Charles Schwab, several other institutional investors have made changes to their positions in Fortis. For instance, Jones Financial Companies LLLP raised its stake in Fortis by 17.5% during the last quarter, bringing their ownership to 73,385 shares worth $3,051,000 after purchasing an extra 10,913 shares. Similarly, Metis Global Partners LLC increased its investment in Fortis by 21.0%, acquiring a total of 18,155 shares valued at $754,000 after adding 3,152 shares. US Bancorp DE also grew its stake in Fortis by 12.7%, ending the quarter with 14,544 shares worth $605,000, following an acquisition of 1,638 shares. Versor Investments LP notably boosted its investment by 84.5%, holding 19,435 shares now valued at $807,000 after obtaining an additional 8,900 shares. Lastly, K.J. Harrison & Partners Inc. increased its position in Fortis by 3.3%, which resulted in them owning 28,820 shares worth $1,192,000 after securing an additional 920 shares. Overall, institutional investors own approximately 57.77% of Fortis's stock.

Market Predictions for Fortis

On another note, Jefferies Financial Group recently initiated coverage on Fortis shares in a research report from February 13th, where they assigned a "hold" rating. Of the analysts who have assessed the stock, two have given it a sell rating, while three have issued a hold rating. Based on data from MarketBeat.com, Fortis has an average rating classified as "Hold".

Fortis Stock Performance

The trading day on Thursday found Fortis Inc. shares opening at $44.57. Over the past year, the stock has experienced a low of $36.86 and a high of $46.06. Financial metrics indicate that the company has a current ratio and quick ratio both at 0.63, with a debt-to-equity ratio of 1.30. Fortis's fifty-day simple moving average stands at $43.06, and the two-hundred day simple moving average is $43.67. Presently, the company's market capitalization is around $22.25 billion, with a price-to-earnings (P/E) ratio of 18.88, while the P/E/G ratio is reported to be 3.94. The stock's beta is valued at 0.48.

In its most recent earnings report released on February 14th, Fortis announced earnings of $0.59 per share, which exceeded analysts' expectations of $0.57 by $0.02. The business reported a net margin of 14.12% alongside a return on equity of 7.09%. The revenue for the quarter totaled $2.11 billion, surpassing the estimated $2.08 billion. Comparatively, the same period last year saw the business earning $0.72 per share. Current forecasts predict that Fortis Inc. will reach earnings of $2.35 per share for the ongoing fiscal year.

Dividend Announcement by Fortis

In recent news, the company has declared a quarterly dividend set to be distributed on June 1st. Shareholders on record as of May 16th will receive a dividend of $0.4324, with the ex-dividend date also scheduled for May 16th. This translates to an annualized dividend yield of 3.88%, with the current dividend payout ratio standing at 72.03%.

About Fortis Inc.

Fortis Inc. operates as a utility company focused on electricity and gas services across Canada, the United States, and several Caribbean nations. The company generates, transmits, and distributes electricity to about 447,000 retail customers in southeastern Arizona, along with an additional 103,000 customers in Arizona's Mohave and Santa Cruz counties, boasting a combined capacity of 3,408 megawatts (MW), which includes 68 MW of solar power and 250 MW of wind power.

Investment, Shares, Fortis