Peapack Gladstone Financial Corp Raises Stock Holdings in NewJersey Resources Corporation $NJR

Peapack Gladstone Financial Corp increased its stake in shares of NewJersey Resources Corporation (NYSE:NJR) by 89.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,941 shares of the utilities provider’s stock after purchasing an additional 17,437 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in NewJersey Resources were worth $1,703,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Measured Wealth Private Client Group LLC purchased a new stake in shares of NewJersey Resources during the 3rd quarter worth $28,000. Bessemer Group Inc. lifted its stake in shares of NewJersey Resources by 60.1% during the 3rd quarter. Bessemer Group Inc. now owns 613 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 230 shares during the last quarter. Torren Management LLC purchased a new stake in shares of NewJersey Resources during the 4th quarter worth $35,000. Parallel Advisors LLC lifted its stake in shares of NewJersey Resources by 56.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,001 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 363 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in shares of NewJersey Resources during the 3rd quarter worth $48,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $55.84, for a total value of $167,520.00. Following the completion of the sale, the chief operating officer directly owned 35,202 shares in the company, valued at approximately $1,965,679.68. This trade represents a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jane M. Kenny sold 8,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $56.10, for a total value of $448,800.00. Following the completion of the transaction, the director owned 21,998 shares of the company’s stock, valued at approximately $1,234,087.80. The trade was a 26.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 23,704 shares of company stock valued at $1,307,389 in the last 90 days. 0.70% of the stock is owned by insiders.

Analysts Set New Price Targets

NJR has been the subject of a number of analyst reports. Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday, February 7th. Wells Fargo & Company initiated coverage on NewJersey Resources in a research note on Tuesday, May 12th. They set an “overweight” rating and a $63.00 price objective for the company. Weiss Ratings upgraded NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 27th. Mizuho upped their price objective on NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 21st. Finally, Argus set a $63.00 price objective on NewJersey Resources in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat, NewJersey Resources currently has an average rating of “Buy” and a consensus price target of $58.17.

NewJersey Resources Trading Down 0.2%

NewJersey Resources stock opened at $53.94 on Thursday. The stock has a 50-day moving average of $55.97 and a two-hundred day moving average of $51.79. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.80 and a current ratio of 0.94. NewJersey Resources Corporation has a one year low of $43.46 and a one year high of $58.57. The stock has a market cap of $5.44 billion, a PE ratio of 16.01 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. NewJersey Resources had a return on equity of 14.58% and a net margin of 15.67%.The company had revenue of $939.40 million during the quarter, compared to analysts’ expectations of $849.95 million. During the same period last year, the business posted $1.78 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, research analysts anticipate that NewJersey Resources Corporation will post 3.5 EPS for the current fiscal year.

NewJersey Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 10th will be paid a $0.475 dividend. The ex-dividend date is Wednesday, June 10th. This represents a $1.90 dividend on an annualized basis and a yield of 3.5%. NewJersey Resources’s dividend payout ratio (DPR) is 56.38%.

NewJersey Resources Company Profile

New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm’s primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.

The company’s principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.