Peapack Gladstone Financial Corp Sells 2,907 Shares of New Jersey Resources Corp (NYSE:NJR)

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Peapack Gladstone Financial Corp lessened its position in shares of New Jersey Resources Corp (NYSE:NJR) by 14.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,741 shares of the utilities provider’s stock after selling 2,907 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in New Jersey Resources were worth $883,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in NJR. Nvwm LLC purchased a new stake in New Jersey Resources during the 1st quarter worth approximately $28,000. Executive Wealth Management LLC purchased a new stake in New Jersey Resources during the 2nd quarter worth approximately $45,000. Coastal Investment Advisors Inc. grew its position in New Jersey Resources by 84.2% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 921 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 421 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in New Jersey Resources during the 2nd quarter worth approximately $55,000. Finally, Point72 Hong Kong Ltd purchased a new stake in New Jersey Resources during the 2nd quarter worth approximately $192,000. 66.92% of the stock is currently owned by institutional investors.

NYSE NJR traded up $0.32 during mid-day trading on Wednesday, reaching $45.33. 25,955 shares of the stock were exchanged, compared to its average volume of 405,554. The business’s 50 day moving average is $45.10 and its 200-day moving average is $48.41. New Jersey Resources Corp has a 1 year low of $43.51 and a 1 year high of $51.83. The company has a market capitalization of $3.99 billion, a P/E ratio of 16.54, a P/E/G ratio of 3.23 and a beta of 0.37. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.62 and a current ratio of 0.88.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.32). The firm had revenue of $434.94 million for the quarter, compared to analysts’ expectations of $592.80 million. New Jersey Resources had a return on equity of 7.93% and a net margin of 4.90%. The business’s quarterly revenue was down 20.0% on a year-over-year basis. During the same period last year, the company posted ($0.09) earnings per share. Equities analysts predict that New Jersey Resources Corp will post 1.96 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 20th will be issued a $0.292 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, September 19th. New Jersey Resources’s dividend payout ratio is currently 45.62%.

In related news, CEO Laurence M. Downes sold 22,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $45.00, for a total value of $990,000.00. Following the completion of the sale, the chief executive officer now owns 405,572 shares of the company’s stock, valued at $18,250,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

Several research firms have recently commented on NJR. Guggenheim raised shares of New Jersey Resources from a “sell” rating to a “neutral” rating in a report on Thursday, July 11th. Zacks Investment Research downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, ValuEngine raised shares of New Jersey Resources from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th.

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 Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

Further Reading: What are Closed-End Mutual Funds?

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

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