Punch & Associates Investment Management Inc. Invests $23.60 Million in St. Joe Company (The) $JOE

Key Points

• Punch & Associates initiated a $23.6 million stake in St. Joe, purchasing 376,859 shares and making the company its 25th-largest holding. Institutional investors collectively own 86.67% of St. Joe’s shares.
• Major shareholder Bruce R. Berkowitz sold 140,400 shares for approximately $9.2 million; insiders have sold 506,500 shares worth $33.1 million over the past three months.
• Weiss Ratings upgraded St. Joe to “buy,” while the company reported quarterly revenue of $158.86 million and earnings of $0.71 per share. St. Joe also declared a quarterly dividend of $0.16, implying a 0.9% annualized yield.

Punch & Associates Investment Management Inc. purchased a new stake in shares of St. Joe Company (The) (NYSE:JOE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 376,859 shares of the financial services provider's stock, valued at approximately $23,603,000. St. Joe comprises approximately 1.2% of Punch & Associates Investment Management Inc.'s portfolio, making the stock its 25th biggest holding. Punch & Associates Investment Management Inc. owned approximately 0.66% of St. Joe as of its most recent filing with the SEC.

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

Insider Buying and Selling 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 shares were sold at an average price of $65.71, for a total value of $9,225,684.00. Following the completion of the sale, the insider owned 15,073,624 shares in the company, valued at approximately $990,487,833.04. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 506,500 shares of company stock worth $33,116,206. Company insiders own 0.35% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded St. Joe from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy".

St. Joe Stock Down 0.6%

Shares of JOE opened at $69.06 on Thursday. The firm has a market cap of $3.93 billion, a P/E ratio of 32.27 and a beta of 1.29. St. Joe Company has a 12-month low of $46.37 and a 12-month high of $73.54. The company's 50-day moving average price is $64.38 and its 200 day moving average price is $65.99. 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 announced its earnings results on Wednesday, July 29th. The financial services provider reported $0.71 earnings per share for the quarter. St. Joe had a net margin of 22.45% and a return on equity of 15.90%. The company had revenue of $158.86 million during the quarter.

St. Joe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 21st will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, August 21st. St. Joe's dividend payout ratio is currently 29.91%.

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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