Fortis Inc. (FTS) to Issue Quarterly Dividend of $0.62 on June 1st

Fortis Inc. (TSE:FTS) declared a quarterly dividend on Thursday, February 13th,RTT News reports. Shareholders of record on Friday, May 16th will be given a dividend of 0.615 per share on Sunday, June 1st. This represents a $2.46 annualized dividend and a yield of 3.87%.

Fortis Stock Performance

Shares of FTS stock opened at C$63.64 on Friday. The company has a market cap of C$31.48 billion, a price-to-earnings ratio of 18.89, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$51.02 and a 52 week high of C$64.39. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The firm has a 50 day moving average of C$60.71 and a 200-day moving average of C$60.51.

Wall Street Analysts Forecast Growth

FTS has been the subject of several recent analyst reports. CIBC raised their price objective on shares of Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Jefferies Financial Group set a C$67.00 price target on shares of Fortis and gave the company a “hold” rating in a research report on Thursday. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, Scotiabank lifted their price target on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of C$61.80.

Insiders Place Their Bets

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Insiders own 0.04% of the company’s stock.

Fortis Company Profile

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S.