NEW JERSEY RES CORP

New Jersey Resources Corporation's tracked institutional book is small — $26.1 million across 19 filers — and almost entirely inert. Thirteen of those nineteen holders reported the exact same share count as last quarter, the unmistakable signature of buy-and-hold income accounts parking a utility stock for its dividend, not trading it. The one filer that did move the needle is Confluence Investment Management LLC, which holds $21.7 million of the $26.1 million total — 83% of the entire tracked book — and trimmed its position by 29,349 shares (7.0%) this quarter, a sale worth $1.18 million. That single sale is larger than the other eighteen holders' entire combined activity: Hennion & Walsh Asset Management cut a modest 4.6%, Hobart Private Capital shed a token 2%, and the only real buying came from three small accounts — GAMMA Investing LLC (+19.6% shares), Roxbury Financial LLC (+72.9%), and JFS Wealth Advisors, which more than doubled its stake (+105%) — whose combined dollar increase, about $71,000, doesn't register against Confluence's exit. No filer opened a brand-new position this quarter. For a utility name this sleepy, that concentration is the whole story: NJR's institutional book isn't nineteen independent opinions, it's one large holder trimming on top of eighteen accounts that mostly didn't touch their positions at all.