Hudson Pacific Properties (NYSE:HPP) Cut to Market Perform at BMO Capital Markets

BMO Capital Markets cut shares of Hudson Pacific Properties (NYSE:HPP) from an outperform rating to a market perform rating in a research note released on Thursday morning, Marketbeat reports. They currently have $6.00 target price on the real estate investment trust’s stock, down from their prior target price of $8.00.

Several other research firms have also issued reports on HPP. Piper Sandler lowered shares of Hudson Pacific Properties from an overweight rating to a neutral rating and dropped their price target for the stock from $7.00 to $6.00 in a research report on Thursday. The Goldman Sachs Group cut their target price on Hudson Pacific Properties from $9.00 to $7.00 and set a neutral rating for the company in a research report on Tuesday, May 7th. Finally, Morgan Stanley cut Hudson Pacific Properties from an equal weight rating to an underweight rating and lowered their price target for the company from $6.00 to $4.25 in a research report on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $7.52.

Hudson Pacific Properties Stock Performance

Shares of NYSE:HPP traded down $0.03 during trading on Thursday, hitting $4.68. 1,824,112 shares of the stock were exchanged, compared to its average volume of 2,421,392. The company has a market capitalization of $660.56 million, a price-to-earnings ratio of -2.93, a price-to-earnings-growth ratio of 0.76 and a beta of 1.32. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.85 and a current ratio of 1.85. Hudson Pacific Properties has a 1-year low of $4.26 and a 1-year high of $9.85. The company’s fifty day simple moving average is $5.11 and its 200-day simple moving average is $5.92.

Hudson Pacific Properties (NYSE:HPP) last announced its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $216.08 million. During the same period last year, the firm earned $0.24 EPS. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. Sell-side analysts expect that Hudson Pacific Properties will post 0.83 EPS for the current fiscal year.

Hudson Pacific Properties Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Monday, June 17th were paid a $0.05 dividend. The ex-dividend date was Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 4.27%. Hudson Pacific Properties’s dividend payout ratio (DPR) is presently -12.50%.

Insider Buying and Selling

In other news, CEO Victor J. Coleman sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $5.18, for a total transaction of $518,000.00. Following the transaction, the chief executive officer now directly owns 387,451 shares in the company, valued at $2,006,996.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 13,420 shares of company stock worth $59,912 in the last 90 days. Corporate insiders own 2.95% of the company’s stock.

Institutional Investors Weigh In On Hudson Pacific Properties

A number of institutional investors and hedge funds have recently made changes to their positions in HPP. Charles Schwab Investment Management Inc. raised its stake in shares of Hudson Pacific Properties by 12.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,097,841 shares of the real estate investment trust’s stock worth $38,151,000 after buying an additional 439,331 shares during the last quarter. Waterfront Capital Partners LLC acquired a new position in shares of Hudson Pacific Properties in the 4th quarter valued at $22,848,000. Allianz Asset Management GmbH boosted its position in shares of Hudson Pacific Properties by 114.3% in the 4th quarter. Allianz Asset Management GmbH now owns 2,107,500 shares of the real estate investment trust’s stock worth $19,621,000 after purchasing an additional 1,124,100 shares during the last quarter. Presima Securities ULC boosted its position in shares of Hudson Pacific Properties by 7.2% in the 4th quarter. Presima Securities ULC now owns 2,066,415 shares of the real estate investment trust’s stock worth $19,238,000 after purchasing an additional 139,619 shares during the last quarter. Finally, GRS Advisors LLC acquired a new stake in shares of Hudson Pacific Properties during the fourth quarter worth $18,489,000. Institutional investors own 97.58% of the company’s stock.

About Hudson Pacific Properties

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.