Zacks Investment Research lowered shares of St. Joe Co (NYSE:JOE) from a strong-buy rating to a hold rating in a research note released on Monday.

According to Zacks, “Shares of St. Joe have underperformed its industry in the past three months. However, the stock has seen the Zacks Consensus Estimate for third-quarter and current-year earnings remaining unchanged in two months’ time. Notably, the company 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, St. Joe 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 downgraded St. Joe from a buy rating to a hold rating in a research report on Wednesday, August 16th.

Shares of St. Joe (NYSE:JOE) opened at 18.90 on Monday. The company’s 50-day moving average price is $18.71 and its 200 day moving average price is $18.20. The firm has a market capitalization of $1.33 billion, a PE ratio of 67.74 and a beta of 0.87. St. Joe has a 12-month low of $16.30 and a 12-month high of $21.90.

St. Joe (NYSE:JOE) last announced its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.11. St. Joe had a return on equity of 6.74% and a net margin of 34.93%. The business had revenue of $30.40 million during the quarter. On average, equities analysts forecast that St. Joe will post $0.25 earnings per share for the current year.

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St. Joe announced that its board has initiated a stock repurchase program on Thursday, September 21st that authorizes the company to buyback $66.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 5.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Several large investors have recently bought and sold shares of the business. Fairholme Capital Management LLC lifted its position in shares of St. Joe by 4.4% during the second quarter. Fairholme Capital Management LLC now owns 25,484,557 shares of the financial services provider’s stock worth $477,835,000 after acquiring an additional 1,083,400 shares in the last quarter. BlackRock Inc. lifted its position in shares of St. Joe by 12,179.7% during the first quarter. BlackRock Inc. now owns 14,342,066 shares of the financial services provider’s stock worth $244,531,000 after acquiring an additional 14,225,271 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of St. Joe during the second quarter worth $184,654,000. Vanguard Group Inc. lifted its position in shares of St. Joe by 2.3% during the first quarter. Vanguard Group Inc. now owns 4,193,126 shares of the financial services provider’s stock worth $71,493,000 after acquiring an additional 95,162 shares in the last quarter. Finally, Brandes Investment Partners LP lifted its position in shares of St. Joe by 9.4% during the second quarter. Brandes Investment Partners LP now owns 2,034,434 shares of the financial services provider’s stock worth $38,153,000 after acquiring an additional 175,221 shares in the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.

About St. Joe

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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