In a recent Form 13F filing with the Securities & Exchange Commission, JPMorgan Chase & Co. announced that it has raised its holdings in shares of Fortis Inc. (NYSE:FTS) by 1.8% in the fourth quarter. This represents a significant increase in their stake, amounting to an additional 46,275 shares during the quarter. As of its most recent SEC filing, JPMorgan Chase & Co owned about 0.55% of Fortis worth $105,839,000.
This move by JPMorgan Chase & Co may have been prompted by Fortis’ current market position and potential for growth. As of June 6, 2023, shares of NYSE:FTS opened at $42.89 with a fifty-day moving average price of $43.77 and two-hundred day moving average price of $41.74.
Despite experiencing lows over the past year (with a fifty-two week low of $34.76), Fortis Inc.’s stock has gradually increased over time with a fifty-two week high of $50.22 indicative of investor confidence in the utilities provider’s performance.
The company currently holds a market capitalization value of $20.78 billion along with a price-to-earnings ratio of 19.32 and beta value of 0.44 which suggests that its stocks are less volatile and more stable as compared to the overall market average.
Fortis has also maintained financial stability with a debt-to-equity ratio of only 1.25 and adequate ratios for both current and quick assets highlighting their ability to maintain liquidity.
This is not just good news for investors holding these specific shares but also others investing or looking into this particular sector as well as consumers who depend on reliable utility providers to maintain uninterrupted services.
JPMorgan Chase & Co’s move serves as another testament to the steady growth trajectory anticipated for Fortis, especially given the bullish stance observed in the recent stake increase. With all this going for it, Fortis’ performance is expected to further improve and expand its investor base.
To gain further insights into hedge fund investments in Fortis Inc. (NYSE:FTS), interested parties can visit HoldingsChannel.com to get the latest 13F filings and insider trades data.
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Fortis: A Reliable Investment with Strong Institutional Support
Fortis: A Steady Performer with Strong Institutional Backing
Fortis, Inc. (NYSE: FTS) is a holding company operating in the electric and gas utility industry through its Regulated Utilities and Non-Regulated segments. The company has been a steady performer over the years, attracting a large number of institutional investors and hedge funds that hold close to 50% of the stock as of June 6th, 2023.
Among the top holders are Vanguard Group Inc., Toronto Dominion Bank, Scotia Capital Inc., National Bank of Canada FI, and Connor Clark & Lunn Investment Management Ltd. These companies have increased their stake in Fortis consistently over the past few quarters, indicating their confidence in its future prospects. As of the last quarter, Vanguard owns more than 17 million shares of Fortis worth $678 million.
Brokerages have also expressed cautious optimism about the company’s performance. While Royal Bank of Canada reiterated its “sector perform” rating with a target price of $65 on March 24th, National Bank Financial upped its target price from C$55 to C$56 on February 13th. Meanwhile, StockNews.com recently assigned a “hold” rating for Fortis stock in May.
The utilities provider’s most recent quarterly earnings results have been positive as well. For Q1 2023 ended May 3rd, Fortis reported $0.67 earnings per share that beat analysts’ estimates by $0.06 due to higher revenue than expected at $2.45 billion against expectations for $2.25 billion. For FY2023 ending December 31st, analysts predict Fortis will post an EPS of 2.17.
Overall, Fortis is proving itself to be a safe bet for investors looking for reliable returns over time while exposing themselves to market risks to an acceptable level.