Howard Hughes Holdings Inc. (NYSE:HHH) is one of the 6 Cheap Stocks to Buy According to Bill Ackman.
Howard Hughes Holdings Inc. (NYSE:HHH) is a real estate development company
Its shares are down by 5.7% over the past year and by 15% year-to-date. With the real estate sector in turmoil, the firm has been busy reinventing itself. On this front, June has been a crucial month for Howard Hughes Holdings Inc. (NYSE:HHH) as it completed its acquisition of specialty insurer Vantage Group for a $2.1 billion all-cash offer.
Vantage is a diversified insurance company that operates in the insurance and reinsurance sectors. As part of the deal, Howard Hughes Holdings Inc. (NYSE:HHH) also injected $200 million in cash into Vantage in order to beef up the latter’s balance sheet. During the first quarter earnings call, the firm’s management asserted that the deal served as a validation of its balance sheet and strategy.