Zacks Investment Research Upgrades Howard Hughes (NYSE:HHC) to “Buy”

Zacks Investment Research upgraded shares of Howard Hughes (NYSE:HHCGet Rating) from a hold rating to a buy rating in a report published on Friday morning, reports. They currently have $112.00 target price on the financial services provider’s stock.

According to Zacks, “Howard Hughes Corporation operates as a real estate company engaged in the development of master planned communities and other strategic real estate development opportunities across the United States. The Company operates its business in two lines of business: Master Planned Communities and Strategic Development. Its Master Planned Communities segment consists of the development and sale of residential and commercial land, primarily in large-scale projects in and around Columbia, Maryland; Houston, Texas; and Las Vegas, Nevada. Its Strategic Development segment is made up of near, medium and long-term real estate properties and development projects. Howard Hughes Corporation is headquartered in Wacker Drive, Chicago. “

HHC has been the subject of a number of other research reports. Piper Sandler upped their price objective on Howard Hughes from $115.00 to $120.00 and gave the company an overweight rating in a research report on Thursday. assumed coverage on Howard Hughes in a research report on Thursday, March 31st. They set a hold rating for the company. JPMorgan Chase & Co. assumed coverage on Howard Hughes in a research report on Monday, January 31st. They set an overweight rating and a $125.00 price objective for the company. Finally, TheStreet upgraded Howard Hughes from a d+ rating to a c+ rating in a research report on Thursday, March 31st. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Buy and an average price target of $119.00.

HHC stock opened at $100.54 on Friday. Howard Hughes has a 1-year low of $81.99 and a 1-year high of $113.20. The business has a fifty day moving average price of $97.20 and a 200-day moving average price of $94.68. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.73 and a quick ratio of 1.73. The stock has a market capitalization of $5.28 billion, a P/E ratio of 95.75 and a beta of 1.46.

Howard Hughes (NYSE:HHCGet Rating) last posted its quarterly earnings results on Monday, February 28th. The financial services provider reported $1.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.63 by ($0.60). Howard Hughes had a return on equity of 2.50% and a net margin of 3.93%. During the same period in the previous year, the firm posted ($0.12) earnings per share. As a group, analysts anticipate that Howard Hughes will post 2.12 earnings per share for the current year.

Howard Hughes announced that its Board of Directors has approved a share repurchase program on Tuesday, March 15th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional investors and hedge funds have recently modified their holdings of the business. Tyler Stone Wealth Management purchased a new stake in Howard Hughes in the fourth quarter worth about $51,000. First Horizon Advisors Inc. boosted its stake in shares of Howard Hughes by 38.5% in the third quarter. First Horizon Advisors Inc. now owns 554 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 154 shares during the period. Dark Forest Capital Management LP bought a new position in shares of Howard Hughes in the third quarter worth about $80,000. Metropolitan Life Insurance Co NY bought a new position in shares of Howard Hughes in the fourth quarter worth about $84,000. Finally, LPL Financial LLC bought a new position in shares of Howard Hughes in the fourth quarter worth about $225,000. Institutional investors and hedge funds own 90.79% of the company’s stock.

About Howard Hughes (Get Rating)

The Howard Hughes Corp. engages in the development and management of commercial, residential, and mixed-use real estate. It operates through the following segments: Operating Assets, Master Planned Communities, Seaport District, and Strategic Developments. The Operating Assets segment consists of retail, office, hospitality, and multi-family properties along with other real estate investments.

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