Jones Lang LaSalle (NYSE:JLL) Shares Gap Up After Better-Than-Expected Earnings

Key Points

• JLL shares surged after a strong earnings report, opening at $314.99 versus the prior close of $299.93 and later trading near $327.36. Quarterly EPS was $6.76, beating estimates by $0.61, while revenue reached $7.28 billion and rose 11.8% year over year.
• Analyst sentiment remains generally positive, with JLL carrying a consensus “Moderate Buy” rating and an average price target of $427.60, despite some recent target reductions and a hold rating from Zacks Research.
• Institutional investors own 94.8% of JLL, while insiders have sold 6,000 shares worth approximately $2.27 million over the past 90 days; CEO Christian Ulbrich’s sale was conducted under a pre-arranged Rule 10b5-1 plan.

Jones Lang LaSalle Incorporated (NYSE:JLL - Get Free Report)'s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $299.93, but opened at $314.99. Jones Lang LaSalle shares last traded at $327.3550, with a volume of 111,055 shares traded.

The financial services provider reported $6.76 earnings per share for the quarter, beating analysts' consensus estimates of $6.15 by $0.61. The company had revenue of $7.28 billion for the quarter, compared to the consensus estimate of $7.24 billion. Jones Lang LaSalle's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.50 earnings per share.

Wall Street Analyst Weigh In

JLL has been the topic of a number of recent analyst reports. Citigroup restated a "market perform" rating on shares of Jones Lang LaSalle in a research report on Thursday, September 17th. Weiss Ratings upgraded shares of Jones Lang LaSalle from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 18th. Raymond James Financial reissued a "strong-buy" rating and set a $500.00 target price 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 research note on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods lowered their price target on Jones Lang LaSalle from $415.00 to $385.00 and set an "outperform" rating on the stock in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $427.60.

Insider Buying and Selling

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

Institutional Investors Weigh In On Jones Lang LaSalle

A number of institutional investors and hedge funds have recently modified their holdings of JLL. Deutsche Bank AG purchased a new position in Jones Lang LaSalle during the 2nd quarter worth approximately $6,504,000. Tidal Investments LLC lifted its holdings in shares of Jones Lang LaSalle by 47.9% in the second quarter. Tidal Investments LLC now owns 78,419 shares of the financial services provider's stock valued at $24,306,000 after purchasing an additional 25,413 shares in the last quarter. Moran Wealth Management LLC purchased a new stake in shares of Jones Lang LaSalle in the first quarter valued at $4,405,000. Principal Financial Group Inc. boosted its position in shares of Jones Lang LaSalle by 279.6% in the first quarter. Principal Financial Group Inc. now owns 429,418 shares of the financial services provider's stock worth $130,683,000 after buying an additional 316,299 shares during the period. Finally, Lazard Asset Management LLC boosted its position in shares of Jones Lang LaSalle by 36.3% in the first quarter. Lazard Asset Management LLC now owns 11,087 shares of the financial services provider's stock worth $3,374,000 after buying an additional 2,955 shares during the period. 94.80% of the stock is owned by institutional investors and hedge funds.

Jones Lang LaSalle Price Performance

The firm has a market cap of $15.07 billion, a PE ratio of 15.77 and a beta of 1.30. The business has a fifty day moving average price of $333.42 and a two-hundred day moving average price of $324.52.

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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