St. Joe is contracting with its largest stockholder, the Alfred I. DuPont Testamentary Trust and its primary beneficiary, the Nemours Foundation, in a weekly stock repurchase program that will total one million shares per quarter.
The buy-back of the company's common will increase the stock's per-share value by spreading increased earnings over fewer shares, St. Joe chairman/CEO Peter S. Rummell Sr. says in a prepared statement. "We feel the company's value is not fully reflected in our current stock price," he says.
The Trust will continue to own about the same percentage of St. Joe. Through Dec. 5, the company repurchased 945,700 shares at an average price of $20.04 per share. The stock was at 19-15/16 in early trading today.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
