With its shares trading near a 52-week high, Florida real estate outfit

St. Joe

(JOE) - Get Report

rolled out plans for a $150 million stock buyback.

Shares of the company slipped 16 cents to $40.91 in early trading. St. Joe, which has rallied some 50% over the last 12 months, hit its yearly high of $41.36 in early trading Tuesday before sliding on news of the stock buyback plan.

The company, based in Jacksonville, Fla., also said it would pay a 12-cent quarterly dividend. St. Joe has 76 million shares outstanding, meaning that a $150 million buyback at recent prices would retire about 4.8% of its shares. The company didn't offer further details on the buyback.

St. Joe develops community, commercial, industrial and resort properties. It also offers commercial real estate services and has significant interests in timber.