Howard Hughes Holdings Inc. $HHH Position Boosted by Bank of America Corp DE

Key Points

• Bank of America increased its Howard Hughes stake by 14.8% in the first quarter, acquiring 39,246 additional shares and bringing its holdings to 304,520 shares, valued at approximately $19.3 million.
• Institutional investors and hedge funds own 93.83% of Howard Hughes, while company insiders own 48.0%; director Mary Ann Tighe recently sold shares worth about $907,539.
• Howard Hughes reported strong quarterly results, with EPS of $2.68 versus expectations of $0.49 and revenue of $1.12 billion, up 330.2% year over year. Despite the earnings beat, analysts maintain a “Reduce” consensus rating with a $79 target price.

Bank of America Corp DE raised its stake in shares of Howard Hughes Holdings Inc. (NYSE:HHH - Free Report) by 14.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 304,520 shares of the company's stock after buying an additional 39,246 shares during the period. Bank of America Corp DE owned approximately 0.51% of Howard Hughes worth $19,264,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its stake in Howard Hughes by 0.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 27,193 shares of the company's stock worth $2,169,000 after purchasing an additional 147 shares in the last quarter. Fifth Third Bancorp increased its position in Howard Hughes by 37.2% in the 4th quarter. Fifth Third Bancorp now owns 572 shares of the company's stock worth $46,000 after purchasing an additional 155 shares during the last quarter. &PARTNERS increased its holdings in Howard Hughes by 3.9% in the fourth quarter. &PARTNERS now owns 5,407 shares of the company's stock worth $431,000 after buying an additional 204 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Howard Hughes by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 30,098 shares of the company's stock valued at $2,032,000 after purchasing an additional 217 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Howard Hughes by 56.1% during the fourth quarter. Allworth Financial LP now owns 662 shares of the company's stock valued at $53,000 after buying an additional 238 shares in the last quarter. 93.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Howard Hughes news, Director Mary Ann Tighe sold 13,495 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $67.25, for a total value of $907,538.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 48.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on HHH shares. Wall Street Zen upgraded Howard Hughes from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Zacks Research downgraded shares of Howard Hughes from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. raised their target price on Howard Hughes from $76.00 to $79.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of Howard Hughes from a "sell (d)" rating to a "hold (c-)" rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Howard Hughes has a consensus rating of "Reduce" and a consensus target price of $79.00.

Howard Hughes Stock Up 3.6%

Shares of Howard Hughes stock opened at $68.16 on Thursday. The business has a 50-day moving average of $68.63 and a two-hundred day moving average of $68.17. Howard Hughes Holdings Inc. has a 1 year low of $61.01 and a 1 year high of $91.07. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.58 and a quick ratio of 1.58. The company has a market capitalization of $4.06 billion, a P/E ratio of 13.80 and a beta of 1.14.

Howard Hughes (NYSE:HHH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.49 by $2.19. Howard Hughes had a return on equity of 10.19% and a net margin of 12.31%.The business had revenue of $1.12 billion during the quarter. During the same quarter in the previous year, the business posted ($0.22) earnings per share. The firm's quarterly revenue was up 330.2% compared to the same quarter last year. As a group, equities analysts predict that Howard Hughes Holdings Inc. will post 2.77 EPS for the current year.

Howard Hughes Company Profile

Howard Hughes Holdings Inc, together with its subsidiaries, operates as a real estate development company in the United States. It operates in four segments: Operating Assets; Master Planned Communities (MPCs); Seaport; and Strategic Developments. The Operating Assets segment consists of developed or acquired retail, office, and multi-family properties along with other retail investments. Its MPCs segment develops, sells, and leases residential and commercial land designated for long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona.

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