Scotiabank Lowers Hudson Pacific Properties (NYSE:HPP) Price Target to $6.00

Hudson Pacific Properties (NYSE:HPP) had its target price decreased by equities researchers at Scotiabank from $7.00 to $6.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective would suggest a potential upside of 6.95% from the stock’s previous close.

HPP has been the topic of a number of other reports. Morgan Stanley lowered Hudson Pacific Properties from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $6.00 to $4.25 in a report on Wednesday, July 10th. Wolfe Research downgraded shares of Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, August 14th. Piper Sandler cut shares of Hudson Pacific Properties from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $7.00 to $6.00 in a report on Thursday, August 8th. The Goldman Sachs Group dropped their price target on Hudson Pacific Properties from $6.50 to $4.70 and set a “neutral” rating on the stock in a report on Wednesday, August 14th. Finally, Bank of America cut their target price on Hudson Pacific Properties from $4.50 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Hudson Pacific Properties currently has an average rating of “Hold” and a consensus price target of $7.17.

Hudson Pacific Properties Stock Performance

NYSE:HPP traded up $0.06 during midday trading on Monday, reaching $5.61. 129,850 shares of the company traded hands, compared to its average volume of 2,430,347. Hudson Pacific Properties has a twelve month low of $4.26 and a twelve month high of $9.85. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.85 and a quick ratio of 1.85. The company has a fifty day moving average price of $5.14 and a 200 day moving average price of $5.67. The firm has a market capitalization of $791.82 million, a price-to-earnings ratio of -3.51, a price-to-earnings-growth ratio of 0.76 and a beta of 1.32.

Hudson Pacific Properties (NYSE:HPP) last issued its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.50). Hudson Pacific Properties had a negative net margin of 23.48% and a negative return on equity of 6.91%. The business had revenue of $218.00 million for the quarter, compared to analyst estimates of $216.08 million. During the same period last year, the business posted $0.24 earnings per share. Hudson Pacific Properties’s revenue for the quarter was down 11.1% on a year-over-year basis. On average, analysts expect that Hudson Pacific Properties will post 0.83 EPS for the current fiscal year.

Institutional Trading of Hudson Pacific Properties

Institutional investors have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System acquired a new position in shares of Hudson Pacific Properties during the 4th quarter valued at about $591,000. Handelsbanken Fonder AB grew its holdings in Hudson Pacific Properties by 20.7% during the fourth quarter. Handelsbanken Fonder AB now owns 36,118 shares of the real estate investment trust’s stock valued at $336,000 after purchasing an additional 6,200 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of Hudson Pacific Properties in the fourth quarter valued at approximately $102,000. Van ECK Associates Corp lifted its stake in shares of Hudson Pacific Properties by 23.3% in the fourth quarter. Van ECK Associates Corp now owns 22,398 shares of the real estate investment trust’s stock worth $208,000 after buying an additional 4,233 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Hudson Pacific Properties by 19.3% during the 4th quarter. Victory Capital Management Inc. now owns 26,456 shares of the real estate investment trust’s stock worth $246,000 after buying an additional 4,271 shares during the period. 97.58% of the stock is currently owned by institutional investors and hedge funds.

Hudson Pacific Properties Company Profile

Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.