Insider Sales of St. Joe Co‑The: Bruce Berkowitz Trim‑sells Amid Strong Rally, But Holds Big Stake

Insider Selling in a Bullish Market

On February 18, 2026, Bruce R. Berkowitz, a key figure in the Fairholme Fund, sold 11,100 shares of St. Joe Co‑The at $71.27, slightly below the prevailing market price of $70.93. This transaction comes at a time when the stock has enjoyed a 10.06 % monthly gain and a 56.82 % year‑to‑date rally. While the price differential is modest, the sale adds to a string of recent divestitures that have been executed at or near market value. For investors, the key question is whether these outflows signal a shift in sentiment or simply reflect a portfolio rebalancing strategy.

Patterns of Activity and What They Mean for the Share Price

Berkowitz has been active in selling St. Joe stock throughout 2025 and into early 2026, with transactions ranging from a few thousand to over 170,000 shares. The most recent sell on February 19 (3,900 shares) and February 20 (1,000 share) suggest a gradual reduction rather than a dramatic exit. The volume of shares held by him, however, remains substantial at 606,866, indicating that he still maintains a significant stake. The steadiness of these sales—executed at prices close to the market average—points to a disciplined, possibly long‑term, investment approach rather than a panic sale.

For the market, such insider activity can have a dual impact. On one hand, consistent selling could be interpreted as a lack of confidence in near‑term upside. On the other, the fact that the sales are at or near market price, coupled with a high sentiment score (+22) and moderate buzz (27.42 %), suggests that the market is not reacting strongly. The high P/E ratio of 39.19 and a solid 52‑week high of $71.90 provide a cushion for the stock to absorb these outflows without a sharp price correction.

Implications for Investors and Strategic Outlook

From an investment perspective, the insider selling cycle offers a window for opportunistic buying. The shares are being sold at prices that reflect the current valuation, meaning that a contrarian could take a position while the stock remains over‑valued relative to its earnings potential. Moreover, the continued ownership stake indicates that Berkowitz maintains a long‑term view, which could be reassuring for other shareholders.

Strategically, St. Joe’s real‑estate focus and timber interests remain insulated from broader macroeconomic pressures, and the company’s recent performance—over 56 % YTD gain—demonstrates resilience. If the company can maintain its development pipeline and capitalize on favorable commodity cycles, the insider selling may simply be a routine portfolio adjustment rather than a red flag.

A Profile of Bruce R. Berkowitz

Berkowitz’s trading history reveals a pattern of gradual, regular divestments rather than abrupt sell‑offs. Over the past six months, his average sell order has been in the range of 50,000–70,000 shares, executed at prices that track closely with the market. This disciplined approach suggests that he is managing risk through systematic rebalancing. His holdings in St. Joe remain significant, indicating that he is not disengaging from the company. Historically, such patterns are often associated with investors who are comfortable with long‑term holdings yet are keen to lock in periodic gains and manage exposure to sector‑specific volatility.

Takeaway for Investors

In summary, the recent insider sales by Berkowitz are part of a broader, methodical divestment strategy that aligns with the company’s robust performance metrics. While the sales reduce his stake, they do not necessarily signal a downturn for St. Joe Co‑The. For investors, the current market conditions—strong year‑to‑date gains, high market cap, and a high P/E ratio—provide a backdrop where careful entry points could be identified without fearing an immediate price collapse.