Florida real estate developer St Joe Co (JOE.N) said on Friday it reached an agreement allowing its largest shareholder, Bruce Berkowitz's Fairholme Capital, to purchase up to 50 percent of its shares. Shares of St. Joe, based in Watersound, Florida, were up 7.3 percent at $18.33 on Friday morning. The shares have lost 30 percent since the end of April. Berkowitz, named Morningstar's equity fund manager of the decade in 2010, has been increasingly drawn into St Joe's turnaround efforts after hedge fund manager David Einhorn blasted the company as overvalued last October. Earlier this year, Berkowitz quit St Joe's board of directors only to return weeks later as chairman.
The St. Joe Company (St. Joe), is a real estate development company. Shares of JOE traded higher by 7.38% or $1.26/share to $18.34. In the past year, the shares have traded as low as $14.80 and as high as $30.34. On average, 613202 shares of JOE exchange hands on a given day and today's volume is recorded at 537804.
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