Bank of America Corp DE Cuts Stake in New Jersey Resources Co. (NYSE:NJR)

Bank of America Corp DE decreased its position in New Jersey Resources Co. (NYSE:NJR - Free Report) by 24.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 282,865 shares of the utilities provider's stock after selling 90,569 shares during the period. Bank of America Corp DE owned approximately 0.28% of New Jersey Resources worth $13,196,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Roxbury Financial LLC purchased a new position in New Jersey Resources in the fourth quarter worth about $25,000. UMB Bank n.a. increased its position in shares of New Jersey Resources by 69.8% during the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 345 shares in the last quarter. Halbert Hargrove Global Advisors LLC purchased a new position in New Jersey Resources in the 4th quarter worth approximately $42,000. Newbridge Financial Services Group Inc. purchased a new position in New Jersey Resources in the 4th quarter worth approximately $51,000. Finally, Quarry LP lifted its position in New Jersey Resources by 13,692.3% in the 4th quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock valued at $84,000 after acquiring an additional 1,780 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, January 28th. New Street Research set a $51.00 price objective on New Jersey Resources in a report on Tuesday, April 1st. Wells Fargo & Company upped their target price on shares of New Jersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Mizuho reduced their price target on shares of New Jersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research note on Thursday, May 15th. Finally, Guggenheim boosted their price objective on shares of New Jersey Resources from $53.00 to $54.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $51.83.

Insider Activity

In related news, CFO Roberto Bel sold 1,173 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $50.00, for a total value of $58,650.00. Following the completion of the sale, the chief financial officer now directly owns 22,649 shares of the company's stock, valued at approximately $1,132,450. This represents a 4.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company's stock.

New Jersey Resources Stock Performance

NYSE:NJR traded up $0.44 on Tuesday, hitting $46.18. The stock had a trading volume of 464,625 shares, compared to its average volume of 544,715. The business's 50-day simple moving average is $48.04 and its two-hundred day simple moving average is $47.81. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 13.91 and a beta of 0.66. New Jersey Resources Co. has a 52-week low of $41.58 and a 52-week high of $51.95. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 1.29.

New Jersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.11. The firm had revenue of $913.03 million for the quarter, compared to analysts' expectations of $732.00 million. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. The business's quarterly revenue was up 38.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.41 EPS. As a group, research analysts predict that New Jersey Resources Co. will post 3.15 earnings per share for the current year.

New Jersey Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Tuesday, June 10th. New Jersey Resources's dividend payout ratio is presently 43.69%.

New Jersey Resources Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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.