Raymond James Financial Inc. Buys New Stake in New Jersey Resources Co. (NYSE:NJR)

Raymond James Financial Inc. bought a new position in shares of New Jersey Resources Co. (NYSE:NJR) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 78,554 shares of the utilities provider’s stock, valued at approximately $3,665,000. Raymond James Financial Inc. owned about 0.08% of New Jersey Resources at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Roxbury Financial LLC bought a new stake in shares of New Jersey Resources in the fourth quarter valued at approximately $25,000. FSA Wealth Management LLC acquired a new position in New Jersey Resources during the 3rd quarter valued at $27,000. Versant Capital Management Inc boosted its holdings in New Jersey Resources by 9,400.0% in the 4th quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 658 shares during the period. UMB Bank n.a. grew its position in New Jersey Resources by 69.8% in the 4th quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 345 shares during the last quarter. Finally, Halbert Hargrove Global Advisors LLC bought a new position in shares of New Jersey Resources during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey Resources Stock Performance

NYSE:NJR opened at $48.41 on Friday. The firm has a market capitalization of $4.85 billion, a PE ratio of 14.58 and a beta of 0.57. 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 Co. has a 12-month low of $40.62 and a 12-month high of $51.95. The firm has a 50-day moving average price of $47.55 and a 200 day moving average price of $47.35.

New Jersey Resources (NYSE:NJR) last issued its earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same period in the previous year, the firm posted $0.74 earnings per share. Research analysts anticipate that New Jersey Resources Co. will post 3.15 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 11th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio (DPR) is currently 54.22%.

Analyst Ratings Changes

Several research firms recently weighed in on NJR. JPMorgan Chase & Co. reduced their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Guggenheim raised their price objective on New Jersey Resources from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Insider Activity at New Jersey Resources

In related news, CFO Roberto Bel sold 2,346 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $48.58, for a total transaction of $113,968.68. Following the completion of the sale, the chief financial officer now directly owns 23,822 shares of the company’s stock, valued at $1,157,272.76. This trade represents a 8.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.72% of the stock is currently owned by insiders.

About New Jersey Resources

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.