Insider Selling: Fortis Inc. (TSE:FTS) Director Sells 21,716 Shares of Stock

Fortis Inc. (TSE:FTS) Director Gary Joseph Smith sold 21,716 shares of the 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.

Fortis Trading Up 0.1 %

FTS stock opened at C$61.73 on Wednesday. Fortis Inc. has a 12 month low of C$51.02 and a 12 month high of C$62.47. The firm’s 50-day moving average is C$60.74 and its 200 day moving average is C$57.28. The company has a market capitalization of C$30.57 billion, a PE ratio of 19.39, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36.

Fortis Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 5.38%. The ex-dividend date of this dividend is Monday, November 18th. This is an increase from Fortis’s previous quarterly dividend of $0.59. Fortis’s payout ratio is currently 77.12%.

Analyst Ratings Changes

A number of research analysts recently commented on FTS shares. JPMorgan Chase & Co. increased their price target on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. National Bankshares lifted their target price on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a report on Friday, August 23rd. Scotiabank increased their price target on Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. UBS Group raised shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. Finally, Bank of America set a C$60.00 target price on shares of Fortis and gave the stock an “underperform” rating in a report on Friday, September 20th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat, Fortis has an average rating of “Hold” and a consensus target price 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.