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The Globe and Mail

Buy and hold insiders benefit from dividends at Fortis

Fortis bank logo in front of the Fortis headquarters in the center of Brussels.


Stocks that return cash to shareholders may help cushion the bumpy ride as markets deal with what economist Ken Rogoff has characterized as "aftershocks" of the U.S. financial crisis.

At diversified utility and dividend payer Fortis Inc. year-to-date insiders who are either officers or directors have spent more than $1.2-million acquiring stock either through option exercises or public-market purchases. There have been no reported insider sales by officers or directors of the company (SEDI codes 4 or 5). One of the more notable executive purchases took place on June 16 when director Douglas Haughey bought 2,000 shares at $28.14.

Another important set of transactions took place in early May when chief executive officer Stanley Marshall exercised 87,894 options at $12.42 but did not subsequently sell any shares. It can be a positive sign to see insiders exercising options and not selling.

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Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.

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