Fortis Inc (FTS) Raises Dividend to $0.34 Per Share

Fortis Inc (NYSE:FTS) declared a quarterly dividend on Thursday, February 14th, Zacks reports. Investors of record on Friday, May 17th will be paid a dividend of 0.343 per share by the utilities provider on Saturday, June 1st. This represents a $1.37 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Fortis’s previous quarterly dividend of $0.34.

Shares of FTS opened at $37.17 on Friday. The stock has a market capitalization of $15.90 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 3.70 and a beta of 0.22. Fortis has a one year low of $30.88 and a one year high of $37.75. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.37.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.55 EPS for the quarter, meeting analysts’ consensus estimates of $0.55. The firm had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.72 billion. Fortis had a return on equity of 6.44% and a net margin of 12.61%. During the same quarter in the prior year, the business posted $0.69 earnings per share. On average, research analysts anticipate that Fortis will post 1.95 EPS for the current year.

A number of research analysts have commented on FTS shares. Zacks Investment Research downgraded Fortis from a “hold” rating to a “sell” rating in a report on Monday, January 14th. BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 target price on shares of Fortis in a report on Tuesday, April 16th. UBS Group reaffirmed a “buy” rating on shares of Fortis in a report on Saturday, February 2nd. Veritas Investment Research downgraded Fortis from a “buy” rating to a “sell” rating in a report on Friday, May 3rd. Finally, Bank of America set a $54.00 target price on Fortis and gave the stock a “buy” rating in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $52.33.

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About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Dividend History for Fortis (NYSE:FTS)

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