BlackRock Inc. Makes New Investment in St. Joe Company (The) $JOE

Key Points

• BlackRock acquired 6.15 million shares of St. Joe in the second quarter, worth approximately $385.1 million, giving it a 10.8% stake. Institutional investors collectively own 86.67% of the company.
• St. Joe reported quarterly EPS of $0.71 on revenue of $158.86 million, while declaring a $0.16 quarterly dividend, or $0.64 annually, yielding about 0.9%.
• Major shareholder Bruce R. Berkowitz sold 140,400 shares for approximately $9.2 million; insiders sold 506,500 shares worth $33.1 million over the past three months. The stock had a “Buy” consensus rating after Weiss Ratings upgraded it.

BlackRock Inc. bought a new stake in St. Joe Company (The) (NYSE:JOE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,148,018 shares of the financial services provider's stock, valued at approximately $385,050,000. BlackRock Inc. owned 10.80% of St. Joe as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Horizon Investments LLC acquired a new stake in shares of St. Joe in the 4th quarter valued at about $1,653,000. Principal Financial Group Inc. increased its position in St. Joe by 17.0% in the 1st quarter. Principal Financial Group Inc. now owns 222,891 shares of the financial services provider's stock valued at $13,998,000 after buying an additional 32,457 shares in the last quarter. First Trust Advisors LP raised its stake in St. Joe by 277.2% during the 1st quarter. First Trust Advisors LP now owns 127,557 shares of the financial services provider's stock worth $8,011,000 after buying an additional 93,736 shares during the period. Renaissance Technologies LLC raised its stake in St. Joe by 516.9% during the 1st quarter. Renaissance Technologies LLC now owns 54,900 shares of the financial services provider's stock worth $3,448,000 after buying an additional 46,000 shares during the period. Finally, Emmett Investment Management LP bought a new position in St. Joe in the first quarter worth approximately $1,713,000. Institutional investors own 86.67% of the company's stock.

Insider Transactions at St. Joe

In other St. Joe news, major shareholder Bruce R. Berkowitz sold 140,400 shares of St. Joe stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $65.71, for a total transaction of $9,225,684.00. Following the completion of the transaction, the insider owned 15,073,624 shares in the company, valued at approximately $990,487,833.04. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 506,500 shares of company stock worth $33,116,206. 0.35% of the stock is currently owned by insiders.

St. Joe Stock Performance

JOE opened at $69.57 on Wednesday. St. Joe Company has a 1-year low of $46.37 and a 1-year high of $73.54. The company has a market cap of $3.96 billion, a price-to-earnings ratio of 32.51 and a beta of 1.29. The company's fifty day moving average price is $64.26 and its two-hundred day moving average price is $65.98. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.71.

St. Joe (NYSE:JOE - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter. The firm had revenue of $158.86 million during the quarter. St. Joe had a net margin of 22.45% and a return on equity of 15.90%.

St. Joe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 21st will be given a $0.16 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $0.64 annualized dividend and a yield of 0.9%. St. Joe's dividend payout ratio (DPR) is presently 29.91%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised St. Joe from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy".

St. Joe Profile

The St. Joe Company NYSE: JOE is a leading real estate development and asset management firm focused on Northwest Florida. Headquartered in Jacksonville, the company owns and manages approximately 171,000 acres of land across Bay, Gulf, Franklin and Walton counties. St. Joe's core businesses include residential community development, commercial real estate, and hospitality, with an emphasis on master-planned neighborhoods, office and retail campuses, resort hotels and mixed-use town centers.

Founded in 1936 as a paper manufacturing company, St.

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