St. Joe (JOE) Upgraded to Buy at Zacks Investment Research

St. Joe (NYSE:JOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $20.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.42% from the company’s current price.

According to Zacks, “Shares of St. Joe have outperformed its industry in the past six months. Moreover, the trend in earnings estimate revisions indicates solid earnings outlook for the company. In May 2018, the company announced a partnership for a new adult community project, situated in its Bay-Walton Sector Plan. This marks St. Joe’s first adult community of this kind in the area. Notably, St. Joe’s strategy to expand the size and scope of its leasing portfolio as well as resorts and leisure business will likely provide cushion from revenue volatility in other segments. In fact, the company’s continued efforts to enhance its leasing portfolio have enabled it to record encouraging growth in this segment for several consecutive quarters. Nonetheless, inconsistent revenue performance in a number of segments and regional business concentration remain concerns for the company.”

Shares of St. Joe opened at $17.95 on Tuesday, according to Marketbeat Ratings. St. Joe has a twelve month low of $16.75 and a twelve month high of $20.00. The company has a market capitalization of $1.16 billion, a PE ratio of -119.67 and a beta of 0.94.

St. Joe (NYSE:JOE) last issued its quarterly earnings results on Wednesday, April 25th. The financial services provider reported $0.01 earnings per share for the quarter. St. Joe had a return on equity of 2.10% and a net margin of 53.04%. The business had revenue of $19.90 million during the quarter. sell-side analysts predict that St. Joe will post 0.09 earnings per share for the current fiscal year.

In other news, CEO Jorge Luis Gonzalez purchased 2,920 shares of the stock in a transaction dated Monday, April 30th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $49,640.00. Following the acquisition, the chief executive officer now owns 11,085 shares of the company’s stock, valued at $188,445. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Howard S. Frank purchased 10,000 shares of the stock in a transaction dated Wednesday, May 2nd. The stock was purchased at an average price of $17.50 per share, with a total value of $175,000.00. Following the completion of the acquisition, the director now directly owns 30,000 shares in the company, valued at approximately $525,000. The disclosure for this purchase can be found here. Insiders bought a total of 14,508 shares of company stock valued at $251,283 over the last quarter. Company insiders own 43.05% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of St. Joe in the 1st quarter valued at approximately $111,000. Xact Kapitalforvaltning AB bought a new stake in shares of St. Joe in the 4th quarter valued at approximately $184,000. Verition Fund Management LLC bought a new stake in shares of St. Joe in the 1st quarter valued at approximately $226,000. Jefferies Group LLC acquired a new position in St. Joe during the 4th quarter valued at approximately $296,000. Finally, Trexquant Investment LP boosted its position in St. Joe by 25.8% during the 1st quarter. Trexquant Investment LP now owns 15,833 shares of the financial services provider’s stock valued at $298,000 after purchasing an additional 3,248 shares during the period. Institutional investors and hedge funds own 94.03% of the company’s stock.

About St. Joe

The St. Joe Company, together with its subsidiaries, operates as a real estate development, asset management, and operating company in Florida, the United States. It operates through four segments: Residential Real Estate, Resorts and Leisure, Commercial Leasing and Sales, and Forestry. The Residential Real Estate segment plans and develops residential communities of various sizes.

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