Bruce R. Berkowitz, a significant shareholder of St Joe Co (NYSE:JOE) through Fairholme Funds Inc, sold a substantial number of shares recently. According to a filing with the Securities and Exchange Commission, Fairholme Funds sold a total of 91,800 shares of St Joe Co common stock over three days, from October 28 to October 30, 2024. The shares were sold at prices ranging from $53.05 to $53.14, amounting to a total transaction value of approximately $4.93 million.
Following these transactions, Fairholme Funds now holds 17,785,024 shares of St Joe Co. Additionally, Bruce R. Berkowitz directly owns 606,866 shares of the company. The transactions reflect the ongoing management of Fairholme Funds' investment in St Joe Co, a real estate development company based in Florida.
InvestingPro Insights
Recent data from InvestingPro sheds light on St. Joe Co's (NYSE:JOE) current financial position and market performance, providing context to Bruce R. Berkowitz's recent share sales. The company's market capitalization stands at $3.05 billion, reflecting its significant presence in the real estate development sector.
St. Joe Co's stock has experienced some volatility recently, with InvestingPro data showing a 16.15% decline in price over the past three months. This downturn aligns with an InvestingPro Tip indicating that the stock "has taken a big hit over the last week." The current Relative Strength Index (RSI) suggests the stock may be in oversold territory, potentially signaling a buying opportunity for some investors.
Despite the recent price decline, St. Joe Co maintains a high valuation multiple, with a P/E ratio of 44.81. This elevated multiple could explain Berkowitz's decision to reduce his position, as it might indicate the stock is priced at a premium compared to its earnings.
On a positive note, St. Joe Co has demonstrated a commitment to shareholder returns, with an InvestingPro Tip highlighting that the company "has raised its dividend for 5 consecutive years." The current dividend yield stands at 1.08%, with a notable dividend growth of 16.67% over the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for St. Joe Co, providing a deeper understanding of the company's financial health and market position.
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