Keri Linda Glitch Acquires 450 Shares of Fortis Inc. (TSE:FTS) Stock

Fortis Inc. (TSE:FTS) Senior Officer Keri Linda Glitch bought 450 shares of Fortis stock in a transaction dated Friday, November 8th. The shares were bought at an average cost of C$61.41 per share, with a total value of C$27,634.59. Following the completion of the acquisition, the insider now owns 450 shares of the company’s stock, valued at C$27,634.59.

Fortis Stock Performance

TSE FTS opened at C$61.60 on Thursday. The firm’s fifty day moving average price is C$60.80 and its two-hundred day moving average price is C$57.35. The stock has a market cap of C$30.50 billion, a PE ratio of 19.35, a PEG ratio of 3.01 and a beta of 0.23. Fortis Inc. has a fifty-two week low of C$51.02 and a fifty-two week high of C$62.47. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69.

Fortis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be issued a dividend of $0.83 per share. This is a boost from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio (DPR) is currently 77.12%.

Analysts Set New Price Targets

FTS has been the subject of several recent research reports. CIBC increased their price objective on Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. UBS Group raised shares of Fortis to a “strong sell” rating in a research report on Tuesday, September 10th. Royal Bank of Canada boosted their target price on shares of Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Thursday, October 3rd. BMO Capital Markets boosted their target price on Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th. Finally, Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.