Comerica Bank Has $1.82 Million Position in New Jersey Resources Co. (NYSE:NJR)

Comerica Bank lowered its position in New Jersey Resources Co. (NYSE:NJRGet Rating) by 1.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,225 shares of the utilities provider’s stock after selling 690 shares during the quarter. Comerica Bank’s holdings in New Jersey Resources were worth $1,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in NJR. State Street Corp increased its position in New Jersey Resources by 25.7% in the 2nd quarter. State Street Corp now owns 10,205,678 shares of the utilities provider’s stock valued at $458,082,000 after acquiring an additional 2,084,980 shares during the period. Wellington Management Group LLP increased its position in New Jersey Resources by 22.6% in the 1st quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider’s stock valued at $146,897,000 after acquiring an additional 589,747 shares during the period. Invesco Ltd. increased its holdings in New Jersey Resources by 151.1% in the first quarter. Invesco Ltd. now owns 602,011 shares of the utilities provider’s stock valued at $27,609,000 after purchasing an additional 362,282 shares during the period. Millennium Management LLC raised its position in New Jersey Resources by 58.9% during the 2nd quarter. Millennium Management LLC now owns 703,235 shares of the utilities provider’s stock worth $31,315,000 after purchasing an additional 260,564 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in New Jersey Resources by 452.0% during the 1st quarter. Renaissance Technologies LLC now owns 217,500 shares of the utilities provider’s stock worth $9,975,000 after buying an additional 178,100 shares during the period. Institutional investors and hedge funds own 74.09% of the company’s stock.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $49.16, for a total value of $147,480.00. Following the completion of the sale, the chief operating officer now directly owns 40,169 shares in the company, valued at approximately $1,974,708.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.72% of the stock is currently owned by company insiders.

New Jersey Resources Trading Up 0.9 %

NYSE NJR opened at $49.54 on Friday. The business has a 50 day simple moving average of $49.22 and a 200 day simple moving average of $45.70. New Jersey Resources Co. has a one year low of $37.79 and a one year high of $51.59. The stock has a market capitalization of $4.78 billion, a P/E ratio of 17.32, a P/E/G ratio of 3.44 and a beta of 0.63. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.42.

New Jersey Resources (NYSE:NJRGet Rating) last announced its quarterly earnings data on Thursday, November 17th. The utilities provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.46 by $0.04. The company had revenue of $765.49 million during the quarter, compared to the consensus estimate of $602.80 million. New Jersey Resources had a net margin of 9.46% and a return on equity of 13.56%. Research analysts expect that New Jersey Resources Co. will post 2.48 earnings per share for the current year.

New Jersey Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Wednesday, December 14th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.15%. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Tuesday, December 13th. New Jersey Resources’s dividend payout ratio (DPR) is presently 54.55%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NJR shares. Mizuho increased their price target on New Jersey Resources from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Friday, November 18th. Guggenheim lowered their price target on shares of New Jersey Resources from $41.00 to $40.00 in a report on Monday, October 24th. Wells Fargo & Company dropped their price target on shares of New Jersey Resources from $51.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 10th. JPMorgan Chase & Co. increased their price objective on shares of New Jersey Resources from $40.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, January 9th. Finally, StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Friday, January 13th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, New Jersey Resources presently has a consensus rating of “Hold” and a consensus target price of $45.50.

New Jersey Resources Profile

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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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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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