Jones Lang LaSalle Incorporated $JLL Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its JLL stake by 52.9% in the third quarter, selling 32,477 shares and retaining 28,956 shares valued at approximately $8.85 million.
• Institutional ownership remains high at 94.8%, with BlackRock initiating a stake worth roughly $1.45 billion and several other major investors increasing their holdings.
• JLL reported quarterly EPS of $5.26, exceeding the $4.56 consensus estimate, while revenue rose 10.8% year over year to $6.93 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $427.60.

Assenagon Asset Management S.A. decreased its position in shares of Jones Lang LaSalle Incorporated (NYSE:JLL - Free Report) by 52.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,956 shares of the financial services provider's stock after selling 32,477 shares during the period. Assenagon Asset Management S.A. owned 0.06% of Jones Lang LaSalle worth $8,847,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Jones Lang LaSalle in the second quarter valued at about $1,446,414,000. Artemis Investment Management LLP raised its holdings in Jones Lang LaSalle by 23.2% during the third quarter. Artemis Investment Management LLP now owns 460,389 shares of the financial services provider's stock worth $140,658,000 after purchasing an additional 86,563 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Jones Lang LaSalle by 279.6% during the first quarter. Principal Financial Group Inc. now owns 429,418 shares of the financial services provider's stock worth $130,683,000 after purchasing an additional 316,299 shares in the last quarter. Bank of America Corp DE lifted its position in Jones Lang LaSalle by 1.3% in the first quarter. Bank of America Corp DE now owns 303,446 shares of the financial services provider's stock valued at $92,345,000 after purchasing an additional 3,985 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in Jones Lang LaSalle in the second quarter valued at about $87,669,000. Hedge funds and other institutional investors own 94.80% of the company's stock.

Jones Lang LaSalle Stock Performance

Shares of JLL opened at $302.75 on Tuesday. Jones Lang LaSalle Incorporated has a 1 year low of $259.83 and a 1 year high of $393.84. The company's 50 day simple moving average is $340.89 and its 200 day simple moving average is $326.50. The company has a market capitalization of $13.87 billion, a price-to-earnings ratio of 14.51 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 2.40.

Jones Lang LaSalle (NYSE:JLL - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.26 EPS for the quarter, beating the consensus estimate of $4.56 by $0.70. Jones Lang LaSalle had a return on equity of 13.99% and a net margin of 3.64%. The company had revenue of $6.93 billion during the quarter, compared to analysts' expectations of $6.88 billion. During the same quarter in the previous year, the business earned $3.30 EPS. The firm's revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts predict that Jones Lang LaSalle Incorporated will post 25.07 EPS for the current year.

Analysts Set New Price Targets

JLL has been the subject of several recent analyst reports. Raymond James Financial reissued a "strong-buy" rating and issued a $500.00 price target on shares of Jones Lang LaSalle in a report on Thursday, July 30th. Zacks Research lowered Jones Lang LaSalle from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 23rd. Barclays increased their price objective on Jones Lang LaSalle from $368.00 to $401.00 and gave the stock an "equal weight" rating in a research report on Monday, August 17th. Weiss Ratings raised Jones Lang LaSalle from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 18th. Finally, Citigroup restated a "market perform" rating on shares of Jones Lang LaSalle in a research report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Jones Lang LaSalle has an average rating of "Moderate Buy" and an average price target of $427.60.

Insider Buying and Selling

In other news, CEO Christian Ulbrich sold 2,000 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $385.53, for a total value of $771,060.00. Following the completion of the sale, the chief executive officer owned 138,418 shares of the company's stock, valued at $53,364,291.54. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,000 shares of company stock valued at $2,271,060 in the last 90 days. Company insiders own 0.91% of the company's stock.

Jones Lang LaSalle Company Profile

Jones Lang LaSalle Incorporated, doing business as JLL, is a global commercial real estate services and investment management company. It serves property owners, occupiers, investors and developers across a broad range of real estate sectors, including office, industrial, retail, residential, hospitality and specialized properties.

JLL's services include leasing, capital markets and investment sales, property and facilities management, project and development management, valuation and advisory services, workplace strategy, sustainability consulting and real estate technology solutions.

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