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 that occurred on Friday, November 8th. The stock was sold at an average price of C$61.45, for a total transaction of C$1,334,543.75.

Fortis Stock Performance

Shares of TSE FTS traded up C$0.19 during trading hours on Tuesday, hitting C$61.84. 92,654 shares of the stock were exchanged, compared to its average volume of 1,609,563. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. The company’s 50 day moving average is C$60.74 and its 200 day moving average is C$57.28. The firm has a market capitalization of C$30.62 billion, a P/E ratio of 19.33, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis Inc. has a one year low of C$51.02 and a one year high of C$62.47.

Fortis Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. 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. Scotiabank raised their target price on shares of Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on shares of Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Finally, Royal Bank of Canada lifted their price target 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. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, Fortis presently has a consensus 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.