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

Share on StockTwits

Howard Hughes (NYSE:HHC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, Zacks.com reports. The brokerage currently has a $145.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.87% from the company’s current price.

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. “

Separately, TheStreet downgraded shares of Virtusa from a “b-” rating to a “c+” rating in a research report on Wednesday, May 29th.

HHC stock opened at $129.61 on Friday. Howard Hughes has a 52 week low of $89.51 and a 52 week high of $142.36. The company has a market cap of $5.59 billion, a P/E ratio of 98.19 and a beta of 1.34. The stock’s 50-day moving average is $110.77. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.36 and a quick ratio of 1.36.

Howard Hughes (NYSE:HHC) last released its quarterly earnings results on Monday, May 6th. The financial services provider reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.32. Howard Hughes had a net margin of 6.95% and a return on equity of 2.71%. The company had revenue of $353.89 million for the quarter, compared to the consensus estimate of $292.82 million. During the same period in the previous year, the firm earned $0.03 EPS. Howard Hughes’s revenue was up 118.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Howard Hughes will post 3.94 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank raised its holdings in shares of Howard Hughes by 34.4% in the 1st quarter. Comerica Bank now owns 93,268 shares of the financial services provider’s stock worth $10,467,000 after purchasing an additional 23,872 shares in the last quarter. Beacon Financial Group raised its holdings in shares of Howard Hughes by 7.8% in the 1st quarter. Beacon Financial Group now owns 10,515 shares of the financial services provider’s stock worth $1,157,000 after purchasing an additional 757 shares in the last quarter. Pinnacle Financial Partners Inc. bought a new stake in shares of Howard Hughes in the 1st quarter worth approximately $236,000. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of Howard Hughes by 240.9% in the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 14,817 shares of the financial services provider’s stock worth $1,630,000 after purchasing an additional 10,470 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Howard Hughes by 11.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 3,353 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 338 shares in the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.

About Howard Hughes

The Howard Hughes Corporation owns, manages, and develops commercial, residential, and hospitality operating properties in the United States. It operates through three segments: Operating Assets, Master Planned Communities, and Strategic Developments. The Operating Assets segment owns 15 retail, 28 office, 8 multi-family, and 4 hospitality properties, as well as 10 other operating assets and investments primarily located and around The Woodlands, Texas; Columbia, Maryland; New York, New York; Las Vegas, Nevada; and Honolulu, Hawai‘i.

Featured Article: What are different types of coverage ratios?

Get a free copy of the Zacks research report on Howard Hughes (HHC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Howard Hughes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Howard Hughes and related companies with MarketBeat.com's FREE daily email newsletter.