Raymond James Financial Inc. Cuts Position in St. Joe Company (The) $JOE

Key Points

• Raymond James Financial Inc. has reduced its stake in St. Joe Company by 8.2%, now owning 95,122 shares valued at approximately $4.47 million.
• St. Joe recently announced a quarterly dividend of $0.14 per share, representing a 1.1% yield, to be paid on September 19th.
• Insider transactions saw major shareholder Bruce R. Berkowitz sell 167,500 shares for about $8.6 million, indicating significant shifts in ownership.

Raymond James Financial Inc. decreased its holdings in shares of St. Joe Company (The) (NYSE:JOE - Free Report) by 8.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,122 shares of the financial services provider's stock after selling 8,517 shares during the quarter. Raymond James Financial Inc. owned about 0.16% of St. Joe worth $4,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of JOE. Lazard Asset Management LLC bought a new stake in St. Joe during the 4th quarter valued at $38,000. CWM LLC raised its holdings in St. Joe by 472.4% during the 1st quarter. CWM LLC now owns 3,709 shares of the financial services provider's stock valued at $174,000 after acquiring an additional 3,061 shares during the period. Entropy Technologies LP bought a new stake in St. Joe during the 1st quarter valued at $222,000. Bridgefront Capital LLC bought a new position in shares of St. Joe in the fourth quarter worth $225,000. Finally, Sherbrooke Park Advisers LLC bought a new position in shares of St. Joe in the fourth quarter worth $228,000. Institutional investors own 86.67% of the company's stock.

Insider Transactions at St. Joe

In related news, major shareholder Bruce R. Berkowitz sold 167,500 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $51.44, for a total value of $8,616,200.00. Following the completion of the transaction, the insider directly owned 16,634,024 shares in the company, valued at approximately $855,654,194.56. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 616,000 shares of company stock valued at $31,340,145 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of St. Joe from a "buy" rating to a "hold" rating in a report on Sunday, June 8th.

St. Joe Price Performance

Shares of St. Joe stock traded up $2.34 during trading on Thursday, hitting $52.56. The stock had a trading volume of 266,842 shares, compared to its average volume of 218,474. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 37.01 and a beta of 1.35. St. Joe Company has a 12 month low of $40.19 and a 12 month high of $62.49. The business's 50-day moving average is $50.48 and its 200 day moving average is $47.05. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.81.

St. Joe (NYSE:JOE - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.51 earnings per share for the quarter. The firm had revenue of $129.10 million for the quarter. St. Joe had a net margin of 19.39% and a return on equity of 11.19%.

St. Joe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 22nd will be given a $0.14 dividend. The ex-dividend date is Friday, August 22nd. This represents a $0.56 annualized dividend and a yield of 1.1%. St. Joe's payout ratio is 39.44%.

St. Joe Profile

The St. Joe Company, together with its subsidiaries, operates as a real estate development, asset management, and operating company in Northwest Florida. It operates through three segments: Residential, Hospitality, and Commercial. The Residential segment engages in the development of communities into homesites for sale to homebuilders and on a limited basis to retail customers.