Seizert Capital Partners LLC Reduces Stake in Howard Hughes Corp (HHC)
Seizert Capital Partners LLC reduced its position in Howard Hughes Corp (NYSE:HHC) by 17.4% during the third quarter, Holdings Channel reports. The institutional investor owned 439,870 shares of the financial services provider’s stock after selling 92,708 shares during the period. Howard Hughes accounts for approximately 2.0% of Seizert Capital Partners LLC’s investment portfolio, making the stock its 14th largest holding. Seizert Capital Partners LLC’s holdings in Howard Hughes were worth $54,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in the company. Summit Financial Strategies Inc. bought a new stake in Howard Hughes during the third quarter valued at about $217,000. Eagle Asset Management Inc. raised its holdings in Howard Hughes by 150.5% during the third quarter. Eagle Asset Management Inc. now owns 115,737 shares of the financial services provider’s stock valued at $14,376,000 after acquiring an additional 69,543 shares during the period. Jennison Associates LLC raised its holdings in Howard Hughes by 2.4% during the third quarter. Jennison Associates LLC now owns 1,077,548 shares of the financial services provider’s stock valued at $133,853,000 after acquiring an additional 25,313 shares during the period. Forward Management LLC raised its holdings in Howard Hughes by 41.0% during the third quarter. Forward Management LLC now owns 7,910 shares of the financial services provider’s stock valued at $982,000 after acquiring an additional 2,300 shares during the period. Finally, Boyar Asset Management Inc. bought a new stake in Howard Hughes during the third quarter valued at about $290,000. Hedge funds and other institutional investors own 85.74% of the company’s stock.
In other news, Director Pershing Square Capital Manage sold 13,685 shares of Howard Hughes stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $125.09, for a total value of $1,711,856.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Allen J. Model bought 1,000 shares of Howard Hughes stock in a transaction dated Thursday, November 15th. The stock was purchased at an average cost of $108.98 per share, for a total transaction of $108,980.00. Following the completion of the acquisition, the director now directly owns 17,062 shares of the company’s stock, valued at approximately $1,859,416.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 55,570 shares of company stock worth $6,078,392 and sold 990,745 shares worth $109,891,796. Insiders own 10.10% of the company’s stock.
Howard Hughes (NYSE:HHC) last issued its earnings results on Monday, November 5th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.08). Howard Hughes had a return on equity of 2.38% and a net margin of 18.75%. The firm had revenue of $257.00 million during the quarter, compared to the consensus estimate of $191.77 million. During the same period last year, the firm posted $0.24 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, analysts predict that Howard Hughes Corp will post 1.65 EPS for the current year.
HHC has been the topic of a number of recent analyst reports. Citigroup decreased their price target on Howard Hughes from $160.00 to $157.00 and set a “buy” rating on the stock in a report on Monday, August 13th. TheStreet cut Howard Hughes from a “b-” rating to a “c+” rating in a report on Tuesday, September 18th. One investment analyst has rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $160.00.
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Howard Hughes Profile
The Howard Hughes Corporation owns, manages, and develops commercial, residential, and mixed-use real estate properties in the United States. It operates in three segments: Master Planned Communities, Operating Assets, and Strategic Developments. The Master Planned Communities segment develops and sells residential and commercial land.
Further Reading: Why do company’s buyback their stock?
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