Truist Financial Corp Decreases Stock Position in NiSource, Inc $NI

Key Points

• Truist Financial Corp reduced its stake in NiSource, Inc by 9.1%, owning 62,144 shares valued at approximately $2.5 million after selling 6,255 shares in the second quarter.
• Several institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., have increased their positions in NiSource, suggesting ongoing institutional interest in the company.
• NiSource recently announced a quarterly dividend of $0.28 per share, reflecting an annualized yield of 2.6%, with the dividend to be paid on November 20th, 2023.

Truist Financial Corp lessened its stake in NiSource, Inc (NYSE:NI - Free Report) by 9.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,144 shares of the utilities provider's stock after selling 6,255 shares during the quarter. Truist Financial Corp's holdings in NiSource were worth $2,507,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of NiSource by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 60,844,001 shares of the utilities provider's stock valued at $2,439,236,000 after acquiring an additional 3,050,420 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in NiSource by 12.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 24,020,859 shares of the utilities provider's stock worth $962,997,000 after buying an additional 2,650,827 shares during the period. Jennison Associates LLC increased its holdings in shares of NiSource by 8.0% during the first quarter. Jennison Associates LLC now owns 11,577,832 shares of the utilities provider's stock valued at $464,155,000 after purchasing an additional 857,653 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of NiSource by 88.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,535,924 shares of the utilities provider's stock valued at $221,935,000 after purchasing an additional 2,605,923 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of NiSource by 4.7% during the first quarter. Northern Trust Corp now owns 4,638,973 shares of the utilities provider's stock valued at $185,976,000 after purchasing an additional 206,448 shares during the period. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NI has been the topic of a number of research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of NiSource in a report on Wednesday. BMO Capital Markets increased their price target on NiSource from $46.00 to $47.00 and gave the company an "outperform" rating in a research report on Monday, September 29th. Barclays reiterated an "overweight" rating and issued a $44.00 price target (up previously from $42.00) on shares of NiSource in a research report on Monday, August 4th. Jefferies Financial Group lowered NiSource from a "buy" rating to a "hold" rating and decreased their price target for the company from $48.00 to $44.00 in a research report on Friday, September 5th. Finally, Wall Street Zen lowered NiSource from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.44.

NiSource Stock Down 2.2%

NI opened at $42.94 on Friday. NiSource, Inc has a fifty-two week low of $33.65 and a fifty-two week high of $44.51. The business has a 50-day moving average of $42.03 and a 200-day moving average of $40.40. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.59 and a quick ratio of 0.48. The company has a market capitalization of $20.22 billion, a PE ratio of 22.84, a price-to-earnings-growth ratio of 2.97 and a beta of 0.60.

NiSource (NYSE:NI - Get Free Report) last posted its quarterly 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. NiSource had a return on equity of 8.25% and a net margin of 14.46%.The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business earned $0.21 EPS. Equities research analysts forecast that NiSource, Inc will post 1.91 EPS for the current fiscal year.

NiSource Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Friday, October 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $1.12 dividend on an annualized basis and a yield of 2.6%. NiSource's dividend payout ratio (DPR) is 59.57%.

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.

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