Gabelli Funds LLC Trims Stock Position in St. Joe Company (The) $JOE

Key Points

• Gabelli Funds LLC reduced its St. Joe stake by 13.3% in the first quarter, selling 80,100 shares and leaving it with 520,400 shares worth about $32.7 million.
• Institutional ownership remains high, with hedge funds and other large investors accounting for 86.67% of St. Joe’s stock, though several firms increased their positions while others trimmed them.
• St. Joe’s latest fundamentals and shareholder actions were mixed: the company reported $0.24 EPS on $99.04 million in revenue, paid a $0.16 quarterly dividend, and saw insider Bruce R. Berkowitz sell 140,400 shares in June.

Gabelli Funds LLC cut its stake in shares of St. Joe Company (The) (NYSE:JOE - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 520,400 shares of the financial services provider's stock after selling 80,100 shares during the period. Gabelli Funds LLC owned approximately 0.91% of St. Joe worth $32,681,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of St. Joe by 4.9% in the 1st quarter. Royal Bank of Canada now owns 29,915 shares of the financial services provider's stock valued at $1,404,000 after purchasing an additional 1,384 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of St. Joe by 152.4% during the first quarter. AQR Capital Management LLC now owns 76,084 shares of the financial services provider's stock worth $3,572,000 after purchasing an additional 45,939 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of St. Joe by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,459 shares of the financial services provider's stock worth $1,008,000 after purchasing an additional 951 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of St. Joe by 29.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,606 shares of the financial services provider's stock worth $4,113,000 after purchasing an additional 19,879 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in shares of St. Joe by 45.8% during the first quarter. Intech Investment Management LLC now owns 26,218 shares of the financial services provider's stock worth $1,231,000 after purchasing an additional 8,235 shares during the period. 86.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of St. Joe from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, St. Joe presently has an average rating of "Hold".

St. Joe Trading Up 0.1%

NYSE JOE opened at $62.20 on Friday. The stock has a market capitalization of $3.57 billion, a P/E ratio of 32.06 and a beta of 1.29. St. Joe Company has a 52-week low of $46.37 and a 52-week high of $73.54. The firm has a 50-day moving average price of $63.30 and a 200 day moving average price of $65.68. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 0.72.

St. Joe (NYSE:JOE - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.24 EPS for the quarter. St. Joe had a net margin of 21.61% and a return on equity of 14.59%. The firm had revenue of $99.04 million during the quarter.

St. Joe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Tuesday, June 9th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, June 9th. St. Joe's dividend payout ratio is 32.99%.

Insider Activity at St. Joe

In related news, major shareholder Bruce R. Berkowitz sold 140,400 shares of St. Joe stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $65.71, for a total value of $9,225,684.00. Following the sale, the insider directly owned 15,073,624 shares in the company, valued at $990,487,833.04. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 1,000,000 shares of company stock valued at $65,585,733. 0.35% of the stock is owned by company insiders.

About St. Joe

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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