Cerity Partners Boosts Jones Lang LaSalle Stake by 6.8% as Analysts Raise Targets
Cerity Partners LLC increased its JLL holding by 6.8%, acquiring 2,488 shares to reach a 0.08% stake of 38,878 shares worth $11.6M. Goldman Sachs lifted its JLL price target from $361 to $407, and Keefe, Bruyette & Woods raised its target to $405, reinforcing a Moderate Buy consensus.
1. Institutional Stake Increase
In its latest Form 13F filing for the third quarter, Cerity Partners LLC boosted its holdings in Jones Lang LaSalle Incorporated by purchasing 2,488 additional shares, bringing its total to 38,878 shares. This stake represents 0.08% of JLL’s outstanding shares and was valued at approximately $11.6 million at the time of filing. Overall institutional ownership of JLL stands at 94.8%, with other notable additions including Chilton Capital Management’s new small position and Thurston Springer Miller Herd & Titak Inc. increasing its stake by over 320% during the second quarter.
2. Insider Transactions
Chief Executive Officer Christian Ulbrich sold 5,000 shares on November 25, reducing his personal holdings to 134,685 shares, valued at roughly $44.5 million. This sale marks a 3.58% decline in his ownership. Over the past 90 days, company insiders have collectively sold 20,000 shares, equal to 0.91% of total shares outstanding. These transactions were disclosed through SEC filings and suggest a recent shift in insider sentiment despite the company’s strong fundamentals.
3. Analyst Ratings and Outlook
Wall Street analysts remain constructive on JLL, with one firm upgrading the stock to a “strong-buy” and several others increasing their ratings to “buy” or “outperform” during the past quarter. In total, one analyst holds a strong-buy, four hold buy ratings and five maintain hold ratings, resulting in a consensus rating of Moderate Buy. The average analyst target price stands at $350.71, reflecting modest upside potential based on current consensus estimates.
4. Third-Quarter Financial Results
For the quarter ended September 30, JLL reported adjusted earnings per share of $4.50, surpassing consensus estimates by $0.26. Revenue climbed 10.9% year-over-year to $6.51 billion, narrowly exceeding analyst forecasts. The company delivered a return on equity of 11.10% and maintained a net margin of 2.49%. With a conservative debt-to-equity ratio of 0.13 and strong liquidity metrics—both quick and current ratios at 2.31—JLL’s balance sheet remains robust, underpinning its market cap of $16.5 billion and a P/E ratio of 26.8.