Fortis ( NYSE:FTS – Get Free Report ) shares hit a new 52-week high during mid-day trading on Monday after the company announced a dividend. The company traded as high as $59.40 and last traded at $59.4060, with a volume of 414,656 shares trading hands. The stock had previously closed at $58.67.
The newly announced dividend which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a dividend of C$0.67 per share. This is an increase from Fortis’s previous quarterly dividend of C$0.64. This represents a $2.66 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, November 17th. Fortis’s dividend payout ratio is currently 73.68%.
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Wall Street Analysts Forecast Growth
FTS has been the subject of a number of recent analyst reports. Wolfe Research set a $50.00 price objective on shares of Fortis in a research report on Tuesday, August 4th. Barclays dropped their target price on Fortis from $60.00 to $56.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 29th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Fortis in a r...