Bank of America Corp DE Invests $22.63 Million in NewJersey Resources Corporation $NJR

Key Points

• Bank of America purchased 403,784 shares of NewJersey Resources during the second quarter, valued at approximately $22.63 million and representing about 0.40% of the company. Institutional investors collectively own 70.98% of NJR.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a consensus price target of $61.50. NJR recently reported quarterly EPS of $0.11, exceeding the $0.06 consensus estimate.
• NewJersey Resources increased its quarterly dividend from $0.47 to $0.50 per share, equivalent to an annualized $2.00 dividend and a 3.8% yield.

Bank of America Corp DE purchased a new stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 403,784 shares of the utilities provider's stock, valued at approximately $22,628,000. Bank of America Corp DE owned approximately 0.40% of NewJersey Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of NJR. BlackRock Inc. bought a new position in shares of NewJersey Resources in the 2nd quarter valued at approximately $1,008,340,000. Dimensional Fund Advisors LP grew its holdings in NewJersey Resources by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,141,330 shares of the utilities provider's stock valued at $227,447,000 after purchasing an additional 207,165 shares during the last quarter. Geode Capital Management LLC grew its holdings in NewJersey Resources by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider's stock valued at $121,285,000 after purchasing an additional 10,448 shares during the last quarter. Energy Income Partners LLC bought a new position in shares of NewJersey Resources in the second quarter valued at approximately $78,592,000. Finally, Norges Bank acquired a new stake in shares of NewJersey Resources in the fourth quarter worth $60,075,000. Institutional investors and hedge funds own 70.98% of the company's stock.

Wall Street Analyst Weigh In

NJR has been the topic of several recent analyst reports. New Street Research set a $68.00 target price on shares of NewJersey Resources in a report on Monday, September 14th. Weiss Ratings cut shares of NewJersey Resources from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Sunday. Wells Fargo & Company lowered NewJersey Resources from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $63.00 to $61.00 in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. cut their price objective on NewJersey Resources from $64.00 to $63.00 and set an "overweight" rating for the company in a research report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $61.50.

NewJersey Resources Stock Performance

NJR opened at $52.18 on Thursday. The stock has a market cap of $5.29 billion, a PE ratio of 14.41, a P/E/G ratio of 2.94 and a beta of 0.50. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. NewJersey Resources Corporation has a 1 year low of $43.46 and a 1 year high of $60.86. The stock's 50 day simple moving average is $55.35 and its 200-day simple moving average is $55.66.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its earnings results on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, topping the consensus estimate of $0.06 by $0.05. NewJersey Resources had a return on equity of 14.46% and a net margin of 16.42%.The firm had revenue of $349.18 million during the quarter, compared to analysts' expectations of $342.13 million. During the same period last year, the business earned ($0.15) earnings per share. NewJersey Resources's quarterly revenue was up 16.8% compared to the same quarter last year. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. Sell-side analysts forecast that NewJersey Resources Corporation will post 3.59 EPS for the current year.

NewJersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Thursday, September 24th. This is a positive change from NewJersey Resources's previous quarterly dividend of $0.47. NewJersey Resources's payout ratio is 52.49%.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the sale, the chief operating officer directly owned 32,202 shares in the company, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.70% of the company's stock.

NewJersey Resources Profile

New Jersey Resources Corporation NYSE: NJR is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.

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