Jones Lang LaSalle Incorporated $JLL Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Jones Lang LaSalle by 2.4%, selling 1,289 shares, and now holds approximately 0.11% of the company valued at $13 million.
• Various institutional investors have significantly increased their positions in Jones Lang LaSalle, with Allianz Asset Management boosting its stake by 194% during the first quarter.
• Jones Lang LaSalle's stock increased by 0.4% and the company reported $3.30 EPS for the last quarter, surpassing the estimated $3.20 EPS.

Corebridge Financial Inc. decreased its holdings in shares of Jones Lang LaSalle Incorporated (NYSE:JLL - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 52,564 shares of the financial services provider's stock after selling 1,289 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Jones Lang LaSalle worth $13,031,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Freedom Investment Management Inc. purchased a new stake in shares of Jones Lang LaSalle during the first quarter worth about $228,000. Campbell & CO Investment Adviser LLC lifted its holdings in Jones Lang LaSalle by 84.4% in the first quarter. Campbell & CO Investment Adviser LLC now owns 5,358 shares of the financial services provider's stock valued at $1,328,000 after acquiring an additional 2,453 shares during the period. Southeast Asset Advisors LLC acquired a new position in Jones Lang LaSalle in the first quarter valued at approximately $1,361,000. Oliver Luxxe Assets LLC lifted its holdings in Jones Lang LaSalle by 4.0% in the first quarter. Oliver Luxxe Assets LLC now owns 24,137 shares of the financial services provider's stock valued at $5,984,000 after acquiring an additional 931 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings in Jones Lang LaSalle by 0.3% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 307,632 shares of the financial services provider's stock valued at $76,265,000 after acquiring an additional 1,055 shares during the period. Hedge funds and other institutional investors own 94.80% of the company's stock.

Jones Lang LaSalle Price Performance

JLL stock traded up $1.04 on Friday, reaching $305.70. 325,454 shares of the company's stock were exchanged, compared to its average volume of 483,262. The stock has a fifty day moving average of $271.49 and a 200-day moving average of $249.90. The firm has a market cap of $14.48 billion, a PE ratio of 26.29 and a beta of 1.38. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.16. Jones Lang LaSalle Incorporated has a twelve month low of $194.36 and a twelve month high of $308.61.

Jones Lang LaSalle (NYSE:JLL - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $3.30 EPS for the quarter, beating analysts' consensus estimates of $3.20 by $0.10. The company had revenue of $6.25 billion during the quarter, compared to the consensus estimate of $6.17 billion. Jones Lang LaSalle had a return on equity of 10.63% and a net margin of 2.28%.Jones Lang LaSalle's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.55 earnings per share. As a group, equities analysts predict that Jones Lang LaSalle Incorporated will post 16.45 EPS for the current fiscal year.

Analysts Set New Price Targets

JLL has been the subject of a number of analyst reports. JMP Securities initiated coverage on Jones Lang LaSalle in a report on Monday, July 21st. They issued a "market perform" rating for the company. JPMorgan Chase & Co. upped their target price on Jones Lang LaSalle from $285.00 to $372.00 and gave the company an "overweight" rating in a report on Tuesday. Citigroup lowered their price target on Jones Lang LaSalle from $275.00 to $240.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Wall Street Zen lowered Jones Lang LaSalle from a "buy" rating to a "hold" rating in a research report on Saturday, August 23rd. Finally, Keefe, Bruyette & Woods increased their price target on Jones Lang LaSalle from $280.00 to $297.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $328.57.

Insider Activity

In other news, CEO Andrew W. Poppink sold 275 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $237.97, for a total value of $65,441.75. Following the completion of the transaction, the chief executive officer owned 10,297 shares in the company, valued at $2,450,377.09. This trade represents a 2.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.91% of the stock is owned by corporate insiders.

Jones Lang LaSalle Company Profile

Jones Lang LaSalle Incorporated operates as a commercial real estate and investment management company. It engages in the buying, building, occupying, managing, and investing in a commercial, industrial, hotel, residential, and retail properties in Americas, Europe, the Middle East, Africa, and the Asia Pacific.