St. Joe Company (The) (JOE) Raised to “Buy” at Zacks Investment Research
St. Joe Company (The) (NYSE:JOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $20.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.19% from the stock’s current price.
According to Zacks, “Shares of St. Joe have underperformed its industry, year to date. However, the stock has seen the Zacks Consensus Estimate for third-quarter and current-year earnings remaining unchanged in a month’s time. Notably, St. Joe has been making strategic efforts to enhance its leasing portfolio, while opting to sell commercial property selectively. As part of such efforts, during the first half of 2017, it increased its rentable space by 67,000 square feet with an additional 144,000 square feet of build-to-suit space under construction. Further, the company is aimed at growing its resorts and leisure business. These portfolio rebalancing efforts are likely to help the company bolster its revenues and provide a more stable source of earnings. However, regional business concentration and revenue volatility in certain segments remain concerns.”
Separately, BidaskClub cut shares of St. Joe Company (The) from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th.
St. Joe Company (NYSE JOE) traded down 1.65% during trading on Monday, reaching $17.85. 382,446 shares of the company traded hands. St. Joe Company has a 52 week low of $16.30 and a 52 week high of $21.90. The firm has a 50-day moving average price of $18.65 and a 200-day moving average price of $18.24. The company has a market capitalization of $1.26 billion, a P/E ratio of 63.98 and a beta of 0.87.
St. Joe Company (The) (NYSE:JOE) last posted its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.11. The company had revenue of $30.40 million during the quarter. St. Joe Company (The) had a net margin of 23.02% and a return on equity of 3.08%. Analysts forecast that St. Joe Company will post $0.25 earnings per share for the current fiscal year.
St. Joe Company (The) announced that its Board of Directors has approved a share buyback plan on Thursday, September 21st that allows the company to repurchase $66.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 5.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Fairholme Capital Management LLC raised its position in shares of St. Joe Company (The) by 4.4% in the second quarter. Fairholme Capital Management LLC now owns 25,484,557 shares of the financial services provider’s stock valued at $477,835,000 after buying an additional 1,083,400 shares during the last quarter. BlackRock Inc. raised its position in shares of St. Joe Company (The) by 12,179.7% in the first quarter. BlackRock Inc. now owns 14,342,066 shares of the financial services provider’s stock valued at $244,531,000 after buying an additional 14,225,271 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in shares of St. Joe Company (The) in the second quarter valued at about $184,654,000. Vanguard Group Inc. raised its position in shares of St. Joe Company (The) by 2.3% in the first quarter. Vanguard Group Inc. now owns 4,193,126 shares of the financial services provider’s stock valued at $71,493,000 after buying an additional 95,162 shares during the last quarter. Finally, Brandes Investment Partners LP raised its position in shares of St. Joe Company (The) by 9.4% in the second quarter. Brandes Investment Partners LP now owns 2,034,434 shares of the financial services provider’s stock valued at $38,153,000 after buying an additional 175,221 shares during the last quarter. Institutional investors and hedge funds own 96.70% of the company’s stock.
St. Joe Company (The) Company Profile
The St. Joe Company is a real estate development, asset management and operating company. The Company operates through five segments: residential real estate; commercial real estate; resorts and leisure; leasing operations, and forestry. Its residential real estate segment plans and develops primary residential and resort residential communities of various sizes on its existing land.
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