Zacks Investment Research upgraded shares of St. Joe Company (The) (NYSE:JOE) from a hold rating to a buy rating in a research report report published on Friday morning. Zacks Investment Research currently has $21.00 price target on the financial services provider’s stock.
According to Zacks, “Shares of St. Joe outperformed the Zacks categorized Real Estate Development industry over the past three months. Estimates have been stable lately ahead of the company’s second-quarter earnings release. The company has positive record of earnings surprises in recent quarters. Notably, the company is making strategic efforts to enhance the size of its leasing portfolio while opting to sell commercial property selectively. As part of such efforts, following first-quarter 2017, the company accomplished purchase of two office buildings in Panama City Beach, FL, aggregating more than 67,000 rentable square feet. Also, the joint venture with HomeCorp for 240 apartment units is in sync with this strategy. Further, St. Joe is aiming for growth of its resorts and leisure business. However, volatility in sales revenues at real estate and timber lines remain a concern. Also, regional business concentration increases its risks.”
Separately, BidaskClub raised St. Joe Company (The) from a buy rating to a strong-buy rating in a research report on Thursday, June 22nd.
Shares of St. Joe Company (JOE) traded up 0.54% on Friday, hitting $18.65. 184,059 shares of the stock traded hands. The stock has a 50 day moving average of $17.96 and a 200-day moving average of $17.69. The stock has a market cap of $1.34 billion, a PE ratio of 119.55 and a beta of 0.92. St. Joe Company has a 1-year low of $16.30 and a 1-year high of $21.90.
St. Joe Company (The) (NYSE:JOE) last announced its earnings results on Thursday, May 4th. The financial services provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.09. St. Joe Company (The) had a return on equity of 1.73% and a net margin of 13.09%. The firm had revenue of $13.20 million during the quarter. On average, equities research analysts expect that St. Joe Company will post $0.03 EPS for the current year.
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Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in 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. Norges Bank purchased a new position in St. Joe Company (The) during the fourth quarter valued at $11,902,000. Dimensional Fund Advisors LP increased its position in St. Joe Company (The) by 20.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 694,061 shares of the financial services provider’s stock valued at $13,188,000 after buying an additional 116,453 shares during the last quarter. Brandes Investment Partners LP increased its position in St. Joe Company (The) by 6.2% in the first quarter. Brandes Investment Partners LP now owns 1,859,213 shares of the financial services provider’s stock valued at $31,706,000 after buying an additional 108,804 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in 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. 94.18% of the stock is owned by hedge funds and other institutional investors.
About St. Joe Company (The)
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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