Zacks Investment Research upgraded shares of Five Point (NYSE:FPH) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. The brokerage currently has $9.00 price objective on the stock.
According to Zacks, “Five Point Holdings LLC, designs and develops mixed-use, master-planned communities primarily in coastal California. It offer homes, commercial, retail, educational and recreational elements as well as civic areas, parks and open spaces. The company’s communities consist of Great Park Neighborhoods(R) in Irvine, Newhall Ranch(R) near Valencia and The San Francisco Shipyard/Candlestick Point in the City of San Francisco. Five Point Holdings LLC is headquartered in Aliso Viejo, California. “
Several other analysts also recently commented on FPH. Royal Bank of Canada set a €215.00 ($250.00) price objective on shares of Munchener Ruckvers and gave the company a buy rating in a report on Tuesday, March 19th. JMP Securities upped their price objective on shares of Stifel Financial from $61.00 to $65.00 and gave the company a market outperform rating in a report on Monday, April 8th. TheStreet raised shares of WillScot from a d- rating to a c- rating in a report on Wednesday, May 8th. Finally, Deutsche Bank downgraded shares of CROWN CASTLE IN/SH SH from a buy rating to a hold rating and set a $121.00 price target on the stock. in a report on Monday, March 18th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $9.60.
In related news, major shareholder Anchorage Capital Group, L.L.C sold 3,200,000 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $7.95, for a total transaction of $25,440,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.58% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Northern Trust Corp lifted its holdings in Five Point by 17.7% during the fourth quarter. Northern Trust Corp now owns 14,967 shares of the company’s stock valued at $104,000 after purchasing an additional 2,256 shares in the last quarter. First Manhattan Co. lifted its holdings in Five Point by 50.0% during the first quarter. First Manhattan Co. now owns 15,000 shares of the company’s stock valued at $108,000 after purchasing an additional 5,000 shares in the last quarter. TD Asset Management Inc. purchased a new position in Five Point during the first quarter valued at $118,000. Cubic Asset Management LLC lifted its holdings in Five Point by 7.4% during the first quarter. Cubic Asset Management LLC now owns 37,060 shares of the company’s stock valued at $267,000 after purchasing an additional 2,550 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Five Point by 11.1% during the fourth quarter. Geode Capital Management LLC now owns 50,000 shares of the company’s stock valued at $347,000 after purchasing an additional 5,000 shares in the last quarter. 33.57% of the stock is currently owned by institutional investors and hedge funds.
About Five Point
Five Point Holdings, LLC, through its subsidiary, Five Point Operating Company, LP, plans, develops, and owns mixed-use communities in California, the United States. The company operates through four segments: Newhall, San Francisco, Great Park, and Commercial. It sells residential and commercial land sites to homebuilders, commercial developers, and commercial buyers; operates properties; and provides development management services.
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