Bank of Nova Scotia Sells 12,702 Shares of NiSource, Inc (NYSE:NI)

Bank of Nova Scotia lowered its holdings in NiSource, Inc (NYSE:NI - Free Report) by 20.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 48,954 shares of the utilities provider's stock after selling 12,702 shares during the quarter. Bank of Nova Scotia's holdings in NiSource were worth $1,963,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of NI. Canada Post Corp Registered Pension Plan acquired a new position in shares of NiSource during the fourth quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB boosted its stake in NiSource by 64.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 765 shares of the utilities provider's stock valued at $31,000 after purchasing an additional 299 shares during the last quarter. Larson Financial Group LLC increased its holdings in NiSource by 48.8% during the 1st quarter. Larson Financial Group LLC now owns 811 shares of the utilities provider's stock worth $33,000 after purchasing an additional 266 shares in the last quarter. Quent Capital LLC raised its stake in shares of NiSource by 44.7% in the first quarter. Quent Capital LLC now owns 1,003 shares of the utilities provider's stock worth $40,000 after purchasing an additional 310 shares during the last quarter. Finally, Optiver Holding B.V. raised its stake in shares of NiSource by 105.0% in the fourth quarter. Optiver Holding B.V. now owns 1,281 shares of the utilities provider's stock worth $47,000 after purchasing an additional 656 shares during the last quarter. Institutional investors and hedge funds own 91.64% of the company's stock.

NiSource Stock Performance

NI traded down $0.11 during trading hours on Friday, hitting $42.26. The stock had a trading volume of 3,851,050 shares, compared to its average volume of 4,560,148. NiSource, Inc has a 1 year low of $30.66 and a 1 year high of $43.51. The company's fifty day simple moving average is $40.38 and its 200 day simple moving average is $39.44. The stock has a market cap of $19.89 billion, a PE ratio of 22.48, a price-to-earnings-growth ratio of 2.83 and a beta of 0.53. The company has a quick ratio of 0.45, a current ratio of 0.59 and a debt-to-equity ratio of 1.32.

NiSource (NYSE:NI - Get Free Report) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. NiSource had a net margin of 14.46% and a return on equity of 8.25%. During the same quarter last year, the business earned $0.21 earnings per share. Equities analysts anticipate that NiSource, Inc will post 1.91 earnings per share for the current year.

NiSource Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.12 dividend on an annualized basis and a yield of 2.7%. NiSource's payout ratio is presently 60.54%.

Insiders Place Their Bets

In other news, Director Michael E. Jesanis sold 6,178 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $37.81, for a total value of $233,590.18. Following the completion of the transaction, the director directly owned 18,541 shares of the company's stock, valued at $701,035.21. This trade represents a 24.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Melanie B. Berman sold 6,227 shares of NiSource stock in a transaction on Friday, May 30th. The shares were sold at an average price of $39.42, for a total value of $245,468.34. Following the completion of the transaction, the executive vice president owned 28,882 shares of the company's stock, valued at approximately $1,138,528.44. This trade represents a 17.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,405 shares of company stock worth $631,939 in the last three months. Insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Guggenheim lifted their target price on NiSource from $42.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. boosted their price target on shares of NiSource from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Barclays reaffirmed an "overweight" rating and set a $44.00 price target (up from $42.00) on shares of NiSource in a research report on Monday. BMO Capital Markets upped their price objective on NiSource from $42.00 to $43.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Finally, Wells Fargo & Company lifted their target price on NiSource from $43.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $41.70.

NiSource Company Profile

NiSource Inc, an energy holding company, operates as a regulated natural gas and electric utility company in the United States. It operates in two segments, Gas Distribution Operations and Electric Operations. The company distributes natural gas to approximately 3.3 million customers through approximately 55,000 miles of distribution main pipeline and the associated individual customer service lines; and 1,000 miles of transmission main pipeline in northern Indiana, Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.