Victory Capital Management Inc. grew its stake in New Jersey Resources Co. (NYSE:NJR – Free Report) by 668.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 341,632 shares of the utilities provider’s stock after acquiring an additional 297,174 shares during the quarter. Victory Capital Management Inc. owned about 0.35% of New Jersey Resources worth $18,175,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Concord Wealth Partners purchased a new position in New Jersey Resources during the 4th quarter worth $26,000. Ameritas Advisory Services LLC purchased a new position in New Jersey Resources during the 1st quarter worth $27,000. Northwestern Mutual Wealth Management Co. grew its stake in New Jersey Resources by 71.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 914 shares of the utilities provider’s stock worth $45,000 after buying an additional 380 shares during the last quarter. Quadrant Capital Group LLC grew its stake in New Jersey Resources by 60.9% during the 4th quarter. Quadrant Capital Group LLC now owns 1,088 shares of the utilities provider’s stock worth $54,000 after buying an additional 412 shares during the last quarter. Finally, Allworth Financial LP grew its stake in New Jersey Resources by 1,351.4% during the 1st quarter. Allworth Financial LP now owns 1,016 shares of the utilities provider’s stock worth $54,000 after buying an additional 946 shares during the last quarter. 75.15% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CEO Stephen D. Westhoven sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $50.04, for a total value of $250,200.00. Following the completion of the sale, the chief executive officer now owns 180,372 shares in the company, valued at $9,025,814.88. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.72% of the company’s stock.
New Jersey Resources Price Performance
New Jersey Resources (NYSE:NJR – Get Free Report) last released its quarterly earnings results on Thursday, May 4th. The utilities provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.04). The firm had revenue of $644.00 million for the quarter, compared to analyst estimates of $954.32 million. New Jersey Resources had a return on equity of 14.22% and a net margin of 10.94%. The firm’s revenue for the quarter was down 29.4% on a year-over-year basis. During the same quarter last year, the company earned $1.36 earnings per share. Equities research analysts anticipate that New Jersey Resources Co. will post 2.63 earnings per share for the current fiscal year.
New Jersey Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Wednesday, September 20th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Tuesday, September 19th. New Jersey Resources’s payout ratio is 51.66%.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on NJR. Guggenheim boosted their target price on New Jersey Resources from $46.00 to $47.00 in a research note on Monday, April 24th. Mizuho lowered their price target on New Jersey Resources from $51.00 to $49.00 in a research report on Thursday. Finally, StockNews.com began coverage on New Jersey Resources in a research report on Thursday, May 18th. They set a “sell” rating for the company. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.00.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 569,300 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.
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