company background image
JOE

St. Joe NYSE:JOE Stock Report

Last Price

US$32.03

Market Cap

US$1.9b

7D

-1.0%

1Y

-26.5%

Updated

01 Oct, 2022

Data

Company Financials
JOE fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance4/6
Financial Health2/6
Dividends2/6

JOE Stock Overview

The St. Joe Company, together with its subsidiaries, operates as a real estate development, asset management, and operating company in Northwest Florida.

St. Joe Competitors

Price History & Performance

Summary of all time highs, changes and price drops for St. Joe
Historical stock prices
Current Share PriceUS$32.03
52 Week HighUS$62.21
52 Week LowUS$31.19
Beta1.19
1 Month Change-15.53%
3 Month Change-20.09%
1 Year Change-26.54%
3 Year Change88.52%
5 Year Change66.39%
Change since IPO112.35%

Recent News & Updates

Aug 24
Estimating The Intrinsic Value Of The St. Joe Company (NYSE:JOE)

Estimating The Intrinsic Value Of The St. Joe Company (NYSE:JOE)

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of The St. Joe Company...

Aug 05

The St. Joe Company: Long Term Beneficiary Of The Interstate Exodus

The St. Joe Company has benefited from the exodus out of the Northeast and places like Chicago since the pandemic, given its large land holdings in Florida. However, the shares have lost a third of their value as the housing market has cooled substantially as mortgage rates have spiked. There was small insider buying in the stock in May and June. Signs of a rebound? An investment analysis follows in the paragraphs below. "Desperation is the raw material of drastic change. Only those who can leave behind everything they have ever believed in can hope to escape." - William S. Burroughs Today, we take a look at The St. Joe Company (JOE). The company has been the beneficiary of the large-scale migration from the northeast as well as places like Chicago, where people have sent an influx of emigres to the Sunshine State over the past decade. This migration accelerated during the pandemic. Through its large land holdings in Northwest Florida, the company has reaped the benefits of increased land prices this exodus has driven. The shares have been weak this year thanks to the slowdown of the housing market thanks to much higher interest rates. However, the company is well positioned to continue to profit from this intrastate migration. The shares attracted some small insider buying in June as well on the equity's pull back. An analysis follows below. Seeking Alpha Company Overview: The St. Joe Company is based in Panama City, FL. The company owns approximately 170,000 acres of land in Northwest Florida. St. Joe has three business segments. The first 'Residential' plans and develops residential communities of various sizes for homebuilders or retail consumers by primarily sells developed homesites and parcels of entitled or undeveloped land. The second 'Hospitality' owns and operates a private membership club, golf courses, beach clubs, retail outlets, marinas, and other entertainment assets. The final segment 'Commercial' engages in leasing of commercial property, multi-family, a senior living community, and other assets as well as grow and sell pulpwood, sawtimber, and other forest products. The stock currently trades just above forty bucks a share and sports an approximate market capitalization of $2.4 billion. The company's multi-family and senior living portfolio now has over 1,000 units, with a current occupancy rate of 93%. Three more multi-family and senior living projects under construction. Its commercial leasing portfolio consists of approximately 981,000 square feet, which also is 93% leased currently. New village centers under construction could add an additional one million square feet to that portion of the company's portfolio. The company opened a Homewood Suites hotel in March and has six other hotels under construction. Most of the value of the company is via its land bank holdings and that is what we primarily concentrate on in this article. May 2018 Company Presentation Second Quarter Results: On July 27th, the company posted second quarter results. The company had GAAP earnings of 29 cents a share as revenues slipped just over five percent from the same period a year ago to $68.2 million. It is important to note because the bulk of revenue is due to the timing of homesite sales and a mix of sales from different residential communities, it can be 'lumpy.' In the first quarter, the company had just under $65 million worth of revenues, which was up 57% from 1Q2021. Leasing revenue increased by 45% and hospitality revenue increased by 31% from 2Q2021. In the first six months of this year, revenues have increased 17% from the same period a year ago to $133.1 million. Analyst Commentary & Balance Sheet: The company gets next to no analyst coverage, and I cannot find one analyst firm rating on the stock over the last year. Only approximately four percent of the outstanding shares are currently held short. The CEO bought 3,200 shares worth of stock in three transactions in May and June. These were the first insider buys in the stock in over a year. Via the last balance sheet snapshot from Seeking Alpha, the company ended the second quarter with approximately $135 million of cash and marketable securities against roughly $470 million worth of long-term debt on its balance sheet. Verdict: The hardest part of the St. Joe story is management doesn't make a lot of data available. The last investor presentation was in 2018, and other than the quarterly earnings press release, there are no conference call transcripts to dig into. One can't value the company via its sales or earnings as its core asset is its 170,000 acres as well as building and facility holdings. Dividing the stock's market cap by its acreage puts a value on each acre of just over $14,000. All acreage is not created the same, and an acre can yield multiple home sites. In the second quarter of this year, each homesite averaged $83,000 whereas each homesite in the same quarter a year ago yielded an average of $164,000 per homesite. In 2020, the company depleted only 2% of its land bank to generate $143 million of revenue, and land values have gone up substantially since then. Some 280,000 net New Yorkers migrated to Florida over the decade that ended prior to the pandemic. They were joined by their brethren from the Northeast looking for warmer weather, a lower cost of living and no state income tax. The Midwest and other parts of the country have also migrated to the Sunshine State over the past decade.

Shareholder Returns

JOEUS Real EstateUS Market
7D-1.0%-0.9%-2.5%
1Y-26.5%-47.1%-23.2%

Return vs Industry: JOE exceeded the US Real Estate industry which returned -47.1% over the past year.

Return vs Market: JOE underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is JOE's price volatile compared to industry and market?
JOE volatility
JOE Average Weekly Movement4.6%
Real Estate Industry Average Movement7.5%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: JOE is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: JOE's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1936622Jorge Gonzalezhttps://www.joe.com

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 plans and develops residential communities of various sizes for homebuilders or retail consumers.

St. Joe Fundamentals Summary

How do St. Joe's earnings and revenue compare to its market cap?
JOE fundamental statistics
Market CapUS$1.89b
Earnings (TTM)US$77.58m
Revenue (TTM)US$286.57m

24.3x

P/E Ratio

6.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
JOE income statement (TTM)
RevenueUS$286.57m
Cost of RevenueUS$146.94m
Gross ProfitUS$139.63m
Other ExpensesUS$62.05m
EarningsUS$77.58m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.32
Gross Margin48.73%
Net Profit Margin27.07%
Debt/Equity Ratio72.5%

How did JOE perform over the long term?

See historical performance and comparison

Dividends

1.2%

Current Dividend Yield

27%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is JOE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for JOE?

Other financial metrics that can be useful for relative valuation.

JOE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue7.8x
Enterprise Value/EBITDA19.1x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does JOE's PE Ratio compare to its peers?

JOE PE Ratio vs Peers
The above table shows the PE ratio for JOE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average24.3x
RMR RMR Group
11.1x7.4%US$746.3m
TRC Tejon Ranch
52.8xn/aUS$381.5m
BBXI.A BBX Capital
3.7xn/aUS$122.7m
EXPI eXp World Holdings
29.6x42.4%US$1.7b
JOE St. Joe
24.3xn/aUS$1.9b

Price-To-Earnings vs Peers: JOE is expensive based on its Price-To-Earnings Ratio (24.3x) compared to the peer average (24.3x).


Price to Earnings Ratio vs Industry

How does JOE's PE Ratio compare vs other companies in the US Real Estate Industry?

Price-To-Earnings vs Industry: JOE is expensive based on its Price-To-Earnings Ratio (24.3x) compared to the US Real Estate industry average (7.5x)


Price to Earnings Ratio vs Fair Ratio

What is JOE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

JOE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.3x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate JOE's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of JOE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: JOE ($32.03) is trading below our estimate of fair value ($49.81)

Significantly Below Fair Value: JOE is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is St. Joe forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


40.3%

Forecasted Real Estate industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as St. Joe has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Discover growth companies

  • Check out St. Joe's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
  • St. Joe competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has St. Joe performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


13.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: JOE has high quality earnings.

Growing Profit Margin: JOE's current net profit margins (27.1%) are higher than last year (25%).


Past Earnings Growth Analysis

Earnings Trend: JOE's earnings have grown by 13.1% per year over the past 5 years.

Accelerating Growth: JOE's earnings growth over the past year (41.2%) exceeds its 5-year average (13.1% per year).

Earnings vs Industry: JOE earnings growth over the past year (41.2%) underperformed the Real Estate industry 41.2%.


Return on Equity

High ROE: JOE's Return on Equity (11.9%) is considered low.


Discover strong past performing companies

Financial Health

How is St. Joe's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: JOE's short term assets ($192.4M) exceed its short term liabilities ($77.2M).

Long Term Liabilities: JOE's short term assets ($192.4M) do not cover its long term liabilities ($595.2M).


Debt to Equity History and Analysis

Debt Level: JOE's net debt to equity ratio (51.5%) is considered high.

Reducing Debt: JOE's debt to equity ratio has increased from 35.3% to 72.5% over the past 5 years.

Debt Coverage: JOE's debt is not well covered by operating cash flow (20%).

Interest Coverage: JOE's interest payments on its debt are well covered by EBIT (13.9x coverage).


Balance Sheet


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Dividend

What is St. Joe current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.25%

Current Dividend Yield

Dividend Yield vs Market

St. Joe Dividend Yield vs Market
How does St. Joe dividend yield compare to the market?
SegmentDividend Yield
Company (St. Joe)1.2%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Real Estate)2.8%
Analyst forecast in 3 Years (St. Joe)n/a

Notable Dividend: JOE's dividend (1.25%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: JOE's dividend (1.25%) is low compared to the top 25% of dividend payers in the US market (4.73%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, JOE has been paying a dividend for less than 10 years.

Growing Dividend: JOE's dividend payments have increased, but the company has only paid a dividend for 2 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (27.3%), JOE's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (26.7%), JOE's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

7.5yrs

Average management tenure


CEO

Jorge Gonzalez (57 yo)

6.83yrs

Tenure

US$1,383,478

Compensation

Mr. Jorge Luis Gonzalez has been the Chief Executive Officer and President of The St. Joe Company since November 2015 and serves as its Chief Operating Officer. Mr. Gonzalez served as Senior Vice President...


CEO Compensation Analysis

Jorge Gonzalez's Compensation vs St. Joe Earnings
How has Jorge Gonzalez's remuneration changed compared to St. Joe's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$78m

Mar 31 2022n/an/a

US$85m

Dec 31 2021US$1mUS$446k

US$75m

Sep 30 2021n/an/a

US$62m

Jun 30 2021n/an/a

US$55m

Mar 31 2021n/an/a

US$50m

Dec 31 2020US$1mUS$381k

US$45m

Sep 30 2020n/an/a

US$34m

Jun 30 2020n/an/a

US$32m

Mar 31 2020n/an/a

US$23m

Dec 31 2019US$1mUS$400k

US$27m

Sep 30 2019n/an/a

US$18m

Jun 30 2019n/an/a

US$18m

Mar 31 2019n/an/a

US$34m

Dec 31 2018US$906kUS$400k

US$32m

Sep 30 2018n/an/a

US$71m

Jun 30 2018n/an/a

US$71m

Mar 31 2018n/an/a

US$56m

Dec 31 2017US$895kUS$390k

US$60m

Sep 30 2017n/an/a

US$24m

Jun 30 2017n/an/a

US$21m

Mar 31 2017n/an/a

US$12m

Dec 31 2016US$850kUS$346k

US$16m

Sep 30 2016n/an/a

US$11m

Jun 30 2016n/an/a

US$11m

Mar 31 2016n/an/a

US$9m

Dec 31 2015US$1mUS$250k

-US$2m

Compensation vs Market: Jorge's total compensation ($USD1.38M) is below average for companies of similar size in the US market ($USD5.58M).

Compensation vs Earnings: Jorge's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: JOE's management team is seasoned and experienced (7.5 years average tenure).


Board Members

Experienced Board: JOE's board of directors are seasoned and experienced ( 11.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:JOE Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
14 Jun 22BuyUS$49,584Jorge GonzalezIndividual1,200US$41.32
12 May 22BuyUS$46,150Jorge GonzalezIndividual1,000US$46.15
05 May 22BuyUS$50,710Jorge GonzalezIndividual1,000US$50.71
05 May 22SellUS$5,294,065Fairholme Capital Management, L.L.C.Company100,500US$52.68
03 May 22SellUS$2,472,830Fairholme Capital Management, L.L.C.Company46,300US$55.00

Ownership Breakdown

What is the ownership structure of JOE?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,684,2822.9%
General Public5,296,2189.0%
Hedge Funds24,469,79041.5%
Institutions27,457,45446.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 84.92% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
41.54%
Fairholme Capital Management, L.L.C.
24,469,790$783.8m-0.6%73.59%
9.5%
The Vanguard Group, Inc.
5,598,646$179.3m6.68%no data
8.63%
BlackRock, Inc.
5,085,997$162.9m0.64%no data
6.03%
T. Rowe Price Group, Inc.
3,549,405$113.7m-9.74%0.01%
3.19%
GAMCO Investors, Inc.
1,880,200$60.2m-0.71%0.27%
2.65%
Bruce Berkowitz
1,561,700$50.0m0%no data
2.53%
Dimensional Fund Advisors LP
1,492,359$47.8m-0.09%0.01%
1.83%
State Street Global Advisors, Inc.
1,078,917$34.6m1.81%no data
1.23%
Front Street Capital Management, Inc.
724,022$23.2m-6.14%6.1%
1.1%
Geode Capital Management, LLC
645,844$20.7m-0.64%no data
1.01%
Horizon Kinetics LLC
592,397$19.0m11.44%0.36%
0.81%
Northern Trust Global Investments
477,924$15.3m3.06%no data
0.55%
Norges Bank Investment Management
322,155$10.3m0%no data
0.54%
BNY Mellon Asset Management
319,520$10.2m-6.5%no data
0.5%
Diversified Investment Strategies, LLC
295,771$9.5m-0.73%7.64%
0.49%
Morgan Stanley, Investment Banking and Brokerage Investments
288,083$9.2m-6.26%no data
0.4%
Charles Schwab Investment Management, Inc.
236,241$7.6m-1.57%no data
0.37%
Goldman Sachs Asset Management, L.P.
219,980$7.0m115.18%no data
0.37%
Principal Global Investors, LLC
218,087$7.0m-2.55%no data
0.32%
Toronto-Dominion Bank, Banking Investments
187,798$6.0m0%0.01%
0.31%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
185,051$5.9m1.74%no data
0.28%
Wells Fargo & Company, Securities and Brokerage Investments
164,043$5.3m21.89%no data
0.26%
Intrinsic Value Partners, LLC
153,035$4.9m-1.73%6.77%
0.24%
Columbia Management Investment Advisers, LLC
140,311$4.5m-1.62%no data
0.23%
Eaton Vance Management
135,416$4.3m-3.95%no data

Company Information

The St. Joe Company's employee growth, exchange listings and data sources


Key Information

  • Name: The St. Joe Company
  • Ticker: JOE
  • Exchange: NYSE
  • Founded: 1936
  • Industry: Diversified Real Estate Activities
  • Sector: Real Estate
  • Implied Market Cap: US$1.887b
  • Shares outstanding: 58.91m
  • Website: https://www.joe.com

Number of Employees


Location

  • The St. Joe Company
  • 130 Richard Jackson Boulevard
  • Suite 200
  • Panama City Beach
  • Florida
  • 32407
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
JOENYSE (New York Stock Exchange)YesCommon StockUSUSDMar 1976
JOEDB (Deutsche Boerse AG)YesCommon StockDEEURMar 1976
0A7ULSE (London Stock Exchange)YesCommon StockGBUSDMar 1976

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.