Pictet Asset Management Ltd. increased its holdings in shares of Hudson Pacific Properties Inc (NYSE:HPP) by 39.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,100 shares of the real estate investment trust’s stock after purchasing an additional 7,400 shares during the period. Pictet Asset Management Ltd.’s holdings in Hudson Pacific Properties were worth $898,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in HPP. Vanguard Group Inc grew its position in Hudson Pacific Properties by 1.1% in the third quarter. Vanguard Group Inc now owns 22,521,075 shares of the real estate investment trust’s stock valued at $736,889,000 after acquiring an additional 255,210 shares during the period. BlackRock Inc. grew its position in Hudson Pacific Properties by 9.3% in the first quarter. BlackRock Inc. now owns 12,393,998 shares of the real estate investment trust’s stock valued at $426,601,000 after acquiring an additional 1,055,300 shares during the period. Daiwa Securities Group Inc. grew its position in Hudson Pacific Properties by 2.0% in the first quarter. Daiwa Securities Group Inc. now owns 5,165,251 shares of the real estate investment trust’s stock valued at $177,788,000 after acquiring an additional 103,048 shares during the period. Geode Capital Management LLC grew its position in Hudson Pacific Properties by 5.6% in the fourth quarter. Geode Capital Management LLC now owns 1,943,883 shares of the real estate investment trust’s stock valued at $56,489,000 after acquiring an additional 102,653 shares during the period. Finally, Norges Bank bought a new stake in Hudson Pacific Properties in the fourth quarter valued at $45,526,000.
HPP has been the topic of a number of analyst reports. Sandler O’Neill upgraded Hudson Pacific Properties from a “hold” rating to a “buy” rating in a research report on Friday, February 15th. Zacks Investment Research cut Hudson Pacific Properties from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Goldman Sachs Group upgraded Hudson Pacific Properties from a “neutral” rating to a “buy” rating and upped their price target for the company from $37.00 to $40.00 in a research report on Monday, March 11th. Finally, TheStreet upgraded Hudson Pacific Properties from a “c+” rating to a “b” rating in a research report on Thursday, February 14th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $37.00.
Hudson Pacific Properties (NYSE:HPP) last released its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.49 earnings per share for the quarter, meeting the consensus estimate of $0.49. Hudson Pacific Properties had a return on equity of 0.33% and a net margin of 1.68%. The firm had revenue of $197.39 million for the quarter, compared to analyst estimates of $194.62 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis. Sell-side analysts predict that Hudson Pacific Properties Inc will post 2.01 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Monday, June 17th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.93%. The ex-dividend date is Friday, June 14th. Hudson Pacific Properties’s payout ratio is 53.76%.
In other news, insider Alex Vouvalides sold 43,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $35.10, for a total transaction of $1,509,300.00. Following the sale, the insider now owns 130,940 shares of the company’s stock, valued at $4,595,994. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark T. Lammas sold 56,835 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $34.42, for a total value of $1,956,260.70. Following the sale, the chief financial officer now directly owns 256,257 shares in the company, valued at approximately $8,820,365.94. The disclosure for this sale can be found here. Insiders sold 127,591 shares of company stock worth $4,427,861 in the last three months. Insiders own 1.95% of the company’s stock.
Hudson Pacific Properties Profile
Hudson Pacific Properties is a visionary real estate investment trust that owns and operates more than 17 million square feet of marquee office and studio properties. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more.
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