Front Street Capital Management Inc. Cuts Stake in St. Joe Company (The) $JOE

Front Street Capital Management Inc. reduced its holdings in shares of St. Joe Company (The) (NYSE:JOE) by 16.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 357,053 shares of the financial services provider’s stock after selling 68,556 shares during the period. St. Joe accounts for about 3.2% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 11th biggest holding. Front Street Capital Management Inc.’s holdings in St. Joe were worth $16,764,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Petrus Trust Company LTA increased its stake in St. Joe by 69.3% during the 1st quarter. Petrus Trust Company LTA now owns 8,927 shares of the financial services provider’s stock worth $419,000 after buying an additional 3,655 shares during the period. Mountain Lake Investment Management LLC acquired a new position in St. Joe during the 1st quarter worth approximately $878,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in St. Joe by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,459 shares of the financial services provider’s stock worth $1,008,000 after acquiring an additional 951 shares in the last quarter. AQR Capital Management LLC grew its holdings in St. Joe by 152.4% during the 1st quarter. AQR Capital Management LLC now owns 76,084 shares of the financial services provider’s stock worth $3,572,000 after acquiring an additional 45,939 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in St. Joe by 67.4% during the 1st quarter. Cubist Systematic Strategies LLC now owns 100,951 shares of the financial services provider’s stock worth $4,740,000 after acquiring an additional 40,634 shares in the last quarter. 86.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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 Trading Up 1.9%

Shares of St. Joe stock opened at $51.13 on Friday. The company has a fifty day simple moving average of $50.24 and a 200-day simple moving average of $46.91. St. Joe Company has a 12-month low of $40.19 and a 12-month high of $62.49. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.81. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 36.01 and a beta of 1.35.

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

St. Joe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 22nd will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, August 22nd. This represents a $0.56 dividend on an annualized basis and a yield of 1.1%. St. Joe’s dividend payout ratio is currently 39.44%.

Insiders Place Their Bets

In related news, major shareholder Bruce R. Berkowitz sold 25,300 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $51.00, for a total transaction of $1,290,300.00. Following the completion of the sale, the insider owned 16,428,724 shares in the company, valued at $837,864,924. This represents a 0.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 511,900 shares of company stock worth $26,022,717. 0.32% of the stock is owned by corporate insiders.

St. Joe Company 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.