Fortis Inc. (TSE:FTS) Senior Officer Acquires C$27,634.59 in Stock

Fortis Inc. (TSE:FTS) Senior Officer Keri Linda Glitch purchased 450 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was bought at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the acquisition, the insider now owns 450 shares in the company, valued at C$27,634.59. The trade was a ∞ increase in their ownership of the stock.

Fortis Stock Performance

TSE:FTS opened at C$62.27 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. The firm has a market capitalization of C$30.84 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis Inc. has a 12-month low of C$51.02 and a 12-month high of C$62.56. The firm has a 50-day moving average price of C$60.85 and a 200 day moving average price of C$57.41.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 5.33%. The ex-dividend date is Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.59. Fortis’s dividend payout ratio (DPR) is presently 77.12%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FTS shares. National Bankshares raised their target price on shares of Fortis from C$56.00 to C$62.00 and gave the company 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. JPMorgan Chase & Co. raised their price objective on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Finally, Bank of America set a C$60.00 target price on Fortis and gave the stock an “underperform” rating in a research report on Friday, September 20th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of C$60.33.

About Fortis

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.