State Street Corp Acquires 343,537 Shares of NewJersey Resources Corporation $NJR

Key Points

• State Street increased its NewJersey Resources stake by 6.8% in the second quarter, purchasing 343,537 shares and bringing its holdings to 5.42 million shares, or approximately 5.34% of NJR. Institutional investors collectively own 70.98% of the company.
• Analyst sentiment remains broadly positive, with NJR holding a consensus “Buy” rating and an average price target of $61.50, compared with the reported share price of $52.18.
• NewJersey Resources exceeded quarterly earnings and revenue expectations and raised its quarterly dividend to $0.50 per share, equivalent to a $2.00 annualized payout and a 3.8% yield.

State Street Corp grew its holdings in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 6.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,418,885 shares of the utilities provider's stock after purchasing an additional 343,537 shares during the quarter. State Street Corp owned about 5.34% of NewJersey Resources worth $306,134,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in NJR. Sequoia Financial Advisors LLC raised its stake in shares of NewJersey Resources by 13.9% in the second quarter. Sequoia Financial Advisors LLC now owns 7,640 shares of the utilities provider's stock worth $428,000 after acquiring an additional 932 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of NewJersey Resources by 118.4% during the second quarter. NewEdge Advisors LLC now owns 8,085 shares of the utilities provider's stock valued at $453,000 after purchasing an additional 4,383 shares during the last quarter. Allworth Financial LP increased its holdings in shares of NewJersey Resources by 7.9% in the second quarter. Allworth Financial LP now owns 14,805 shares of the utilities provider's stock valued at $830,000 after purchasing an additional 1,081 shares in the last quarter. Nykredit A S acquired a new stake in shares of NewJersey Resources in the second quarter valued at approximately $119,000. Finally, Allianz Asset Management GmbH raised its position in NewJersey Resources by 23.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 199,226 shares of the utilities provider's stock worth $11,165,000 after purchasing an additional 37,408 shares during the last quarter. Institutional investors own 70.98% of the company's stock.

Analyst Ratings Changes

NJR has been the topic of a number of recent research reports. JPMorgan Chase & Co. decreased their price objective on NewJersey Resources from $64.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, September 11th. Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Sunday. New Street Research set a $68.00 price target on NewJersey Resources in a report on Monday, September 14th. Huntington initiated coverage on NewJersey Resources in a report on Monday, September 14th. They set an "outperform" rating and a $68.00 price objective for the company. Finally, Wells Fargo & Company downgraded shares of NewJersey Resources from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $63.00 to $61.00 in a research report on Wednesday, August 5th. 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $61.50.

Insider Transactions at NewJersey Resources

In related news, COO Patrick Migliaccio sold 3,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.63, for a total transaction of $166,890.00. Following the completion of the sale, the chief operating officer directly owned 32,202 shares of the company's stock, valued at approximately $1,791,397.26. This represents a 8.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.70% of the company's stock.

NewJersey Resources Stock Down 1.0%

Shares of NYSE NJR opened at $52.18 on Thursday. NewJersey Resources Corporation has a 52-week low of $43.46 and a 52-week high of $60.86. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.45 and a current ratio of 0.66. The stock has a market cap of $5.29 billion, a P/E ratio of 14.41, a P/E/G ratio of 2.94 and a beta of 0.50. The firm has a 50 day moving average price of $55.35 and a 200 day moving average price of $55.66.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The company had revenue of $349.18 million for the quarter, compared to analysts' expectations of $342.13 million. During the same period last year, the firm posted ($0.15) earnings per share. The business'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. Analysts expect 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. Investors of record on Thursday, September 24th will be given a $0.50 dividend. The ex-dividend date is Thursday, September 24th. This represents a $2.00 annualized dividend and a dividend yield of 3.8%. This is a boost from NewJersey Resources's previous quarterly dividend of $0.47. NewJersey Resources's payout ratio is presently 52.49%.

About NewJersey Resources

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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