Bank of America Corp DE Acquires Shares of 294,179 Howard Hughes Holdings Inc. $HHH

Key Points

• Bank of America acquired 294,179 shares of Howard Hughes Holdings, valued at approximately $21.0 million, representing about 0.49% of the company. Other institutions also initiated positions, and institutional investors collectively own 93.83% of HHH.
• Howard Hughes reported quarterly EPS of $2.68, significantly above the $0.49 analyst consensus, while revenue rose 330.2% year over year to $1.12 billion.
• HHH shares opened at $63.81, near the lower end of their 52-week range, while analysts maintain a consensus “Hold” rating with a $79.00 target price. Director Mary Tighe separately sold 13,495 shares for about $907,539.

Bank of America Corp DE bought a new stake in shares of Howard Hughes Holdings Inc. (NYSE:HHH - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 294,179 shares of the company's stock, valued at approximately $21,031,000. Bank of America Corp DE owned approximately 0.49% of Howard Hughes at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Odyssean LLC acquired a new position in shares of Howard Hughes in the 2nd quarter valued at approximately $496,000. Jupiter Topco LLC acquired a new position in Howard Hughes during the 2nd quarter worth $1,056,000. Flat Footed LLC bought a new stake in shares of Howard Hughes in the 2nd quarter worth about $44,353,683. EFG International AG acquired a new stake in shares of Howard Hughes in the 2nd quarter valued at about $199,000. Finally, Ancora Advisors LLC acquired a new stake in shares of Howard Hughes in the 2nd quarter valued at about $499,000. Institutional investors and hedge funds own 93.83% of the company's stock.

Insiders Place Their Bets

In related news, Director Mary Tighe sold 13,495 shares of Howard Hughes stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $67.25, for a total transaction of $907,538.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 47.70% of the stock is owned by corporate insiders.

Howard Hughes Stock Down 3.4%

Howard Hughes stock opened at $63.81 on Thursday. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of 12.92 and a beta of 1.14. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 1.35. The company's 50-day moving average price is $65.41 and its two-hundred day moving average price is $65.67. Howard Hughes Holdings Inc. has a 52 week low of $60.09 and a 52 week high of $91.07.

Howard Hughes (NYSE:HHH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.49 by $2.19. Howard Hughes had a return on equity of 7.51% and a net margin of 12.31%.The firm had revenue of $1.12 billion during the quarter. During the same period in the previous year, the business posted ($0.22) earnings per share. The business's revenue for the quarter was up 330.2% compared to the same quarter last year. On average, analysts expect that Howard Hughes Holdings Inc. will post 4.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HHH has been the subject of several research analyst reports. Weiss Ratings raised Howard Hughes from a "sell (d)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. increased their target price on Howard Hughes from $76.00 to $79.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Finally, Zacks Research upgraded Howard Hughes from a "strong sell" rating to a "hold" rating in a research report on Monday, September 14th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $79.00.

Howard Hughes Profile

Howard Hughes Holdings Inc is a real estate development and management company that creates and operates large-scale master planned communities, mixed-use properties and strategic real estate developments. Its activities include land development, homebuilder lot sales, commercial and multifamily development, retail operations and the management of community amenities and infrastructure.

The company's master planned communities include Summerlin in the Las Vegas area, The Woodlands and Bridgeland in the Houston area, The Woodlands Hills in Texas, Teravalis in the Phoenix area and Ward Village in Honolulu.

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