Fortis Inc. (NYSE:FTS) Shares Sold by Community Financial Services Group LLC

Community Financial Services Group LLC trimmed its stake in shares of Fortis Inc. (NYSE:FTS) by 56.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,570 shares of the utilities provider’s stock after selling 8,458 shares during the period. Community Financial Services Group LLC’s holdings in Fortis were worth $273,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Farmers & Merchants Investments Inc. lifted its stake in Fortis by 0.5% during the fourth quarter. Farmers & Merchants Investments Inc. now owns 89,681 shares of the utilities provider’s stock valued at $3,728,000 after buying an additional 447 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Fortis by 14.9% during the fourth quarter. Kingsview Wealth Management LLC now owns 5,385 shares of the utilities provider’s stock valued at $224,000 after acquiring an additional 698 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of Fortis in the 4th quarter valued at approximately $38,000. Clear Creek Financial Management LLC acquired a new position in Fortis in the 4th quarter worth approximately $203,000. Finally, Forsta AP Fonden grew its position in Fortis by 94.8% during the 4th quarter. Forsta AP Fonden now owns 294,600 shares of the utilities provider’s stock worth $12,235,000 after purchasing an additional 143,400 shares in the last quarter. 57.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th.

Fortis Stock Performance

FTS stock opened at $43.89 on Wednesday. The firm has a 50 day simple moving average of $42.35 and a 200 day simple moving average of $43.46. Fortis Inc. has a 52 week low of $36.86 and a 52 week high of $46.06. The stock has a market cap of $21.91 billion, a P/E ratio of 18.44, a P/E/G ratio of 3.94 and a beta of 0.50. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74.

Fortis Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.4382 per share. This represents a $1.75 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Tuesday, February 18th. Fortis’s dividend payout ratio is currently 79.41%.

Fortis Company Profile

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.