Suntrust Banks Inc. Acquires New Stake in NiSource, Inc (NI)

Suntrust Banks Inc. purchased a new stake in shares of NiSource, Inc (NYSE:NI) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 19,537 shares of the utilities provider’s stock, valued at approximately $495,000.

A number of other hedge funds have also added to or reduced their stakes in NI. Vanguard Group Inc. boosted its position in NiSource by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 33,914,394 shares of the utilities provider’s stock valued at $860,069,000 after buying an additional 802,824 shares during the last quarter. BlackRock Inc. boosted its position in NiSource by 2,428.6% in the 1st quarter. BlackRock Inc. now owns 23,705,566 shares of the utilities provider’s stock valued at $563,954,000 after buying an additional 22,768,084 shares during the last quarter. Alliancebernstein L.P. boosted its position in NiSource by 32.8% in the 2nd quarter. Alliancebernstein L.P. now owns 10,831,595 shares of the utilities provider’s stock valued at $274,689,000 after buying an additional 2,675,042 shares during the last quarter. Neuberger Berman Group LLC boosted its position in NiSource by 59.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,707,119 shares of the utilities provider’s stock valued at $94,013,000 after buying an additional 1,387,190 shares during the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in NiSource by 25.4% in the 2nd quarter. Pictet Asset Management Ltd. now owns 3,264,081 shares of the utilities provider’s stock valued at $85,095,000 after buying an additional 661,840 shares during the last quarter. 81.94% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on NI. KeyCorp reiterated a “buy” rating and issued a $29.50 price objective on shares of NiSource in a research report on Friday. Wells Fargo & Co initiated coverage on NiSource in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target on the stock. J P Morgan Chase & Co raised their price target on NiSource from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, October 12th. Zacks Investment Research upgraded NiSource from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Monday, October 2nd. Finally, Credit Suisse Group upgraded NiSource from an “underperform” rating to an “outperform” rating and raised their price target for the stock from $25.00 to $29.00 in a research report on Monday, August 14th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. NiSource has an average rating of “Buy” and an average target price of $26.75.

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In related news, Director Michael E. Jesanis acquired 2,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was purchased at an average cost of $26.44 per share, with a total value of $52,880.00. Following the completion of the acquisition, the director now directly owns 34,195 shares of the company’s stock, valued at $904,115.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is owned by insiders.

Shares of NiSource, Inc (NYSE:NI) opened at 26.76 on Friday. The firm has a market cap of $8.72 billion, a P/E ratio of 31.04 and a beta of 0.36. The firm has a 50 day moving average price of $26.33 and a 200 day moving average price of $25.66. NiSource, Inc has a 1-year low of $21.17 and a 1-year high of $27.29.

NiSource (NYSE:NI) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. The firm had revenue of $990.70 million for the quarter, compared to the consensus estimate of $934.95 million. NiSource had a net margin of 5.96% and a return on equity of 9.17%. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Analysts anticipate that NiSource, Inc will post $1.19 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Tuesday, October 31st will be issued a dividend of $0.175 per share. The ex-dividend date is Monday, October 30th. This represents a $0.70 annualized dividend and a dividend yield of 2.62%. NiSource’s payout ratio is 81.40%.

About NiSource

NiSource Inc is an energy holding company. The Company is engaged in the distribution of natural gas. The Company operates through two business segments: Gas Distribution Operations and Electric Operations. The Company’s Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana and Massachusetts.

Institutional Ownership by Quarter for NiSource (NYSE:NI)

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