NiSource increases common stock dividend and declares preferred stock dividend

Rhea-AI Summary

The board of directors of NiSource declared a quarterly dividend of 23.5 cents per share, payable on February 18, 2022, to shareholders of record by February 8, 2022. This increase marks an annualized dividend of 94 cents, up nearly 7% from last year's 88 cents. NiSource aims for a payout ratio of 60%-70% while targeting a 7%-9% compound annual growth rate in diluted net operating earnings per share through 2024.

Positive

• Quarterly dividend increased to 23.5 cents per share, representing an annualized amount of 94 cents, reflecting a nearly 7% increase.
• Commitment to a payout ratio of 60%-70% indicates confidence in sustained earnings growth.

Negative

• None.

MERRILLVILLE, Ind., Jan. 26, 2022 /PRNewswire/ -- The board of directors of NiSource Inc. (NYSE: NI) today declared a quarterly common stock dividend payment of 23.5 cents per share, payable February 18, 2022 to stockholders of record at the close of business on February 8, 2022. This represents an annualized common dividend payment of 94 cents per share, an increase of nearly 7% over the 2021 rate of 88 cents.

"This substantial common dividend increase is consistent with our growing earnings and our commitment to sustainably increase shareholder value," said NiSource President and CEO Joe Hamrock. "Growing our dividend is a key part of our overall value proposition. We continue to target a 60% - 70% payout ratio while investing in infrastructure that drives our 7% - 9% diluted net operating earnings per share (non GAAP) compound annual growth rate through 2024."

The board also declared today a dividend of $406.25 per share on the corporation's 6.50% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, equal to $0.40625 per depositary share, each representing a 1/1000th interest in a share of the Series B Preferred Stock, payable March 15, 2022 to stockholders of record at the close of business on February 22, 2022.

About NiSource

NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.2 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's approximately 7,500 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource is a member of the Dow Jones Sustainability - North America Index. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. Follow us at www.facebook.com/nisource, www.linkedin.com/company/nisource or www.twitter.com/nisourceinc. NI-F

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SOURCE NiSource Inc.

FAQ

What is the new dividend amount declared by NiSource (NI)?

NiSource declared a quarterly dividend of 23.5 cents per share.

When is the dividend payment date for NiSource (NI)?

The dividend payment date is February 18, 2022.

What was the annualized dividend for NiSource (NI) before the increase?

The annualized dividend before the increase was 88 cents per share.

What is NiSource's target payout ratio?

NiSource targets a payout ratio of 60% to 70%.

What is NiSource's projected earnings per share growth through 2024?

NiSource aims for a 7% to 9% compound annual growth rate in diluted net operating earnings per share through 2024.