Piper Sandler Reiterates “Overweight” Rating for Hudson Pacific Properties (NYSE:HPP)

Piper Sandler reaffirmed their overweight rating on shares of Hudson Pacific Properties (NYSE:HPP) in a research report report published on Thursday morning, Benzinga reports. The firm currently has a $7.00 price objective on the real estate investment trust’s stock.

A number of other equities research analysts have also recently weighed in on HPP. Morgan Stanley decreased their price objective on Hudson Pacific Properties from $7.00 to $6.00 and set an equal weight rating for the company in a research note on Thursday, March 28th. The Goldman Sachs Group decreased their price objective on Hudson Pacific Properties from $9.00 to $7.00 and set a neutral rating for the company in a research note on Tuesday, May 7th. Finally, Wolfe Research upgraded Hudson Pacific Properties from a peer perform rating to an outperform rating and set a $8.40 price objective for the company in a research note on Monday, March 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $8.49.

Hudson Pacific Properties Price Performance

Shares of HPP stock opened at $4.81 on Thursday. Hudson Pacific Properties has a twelve month low of $4.05 and a twelve month high of $9.85. The stock has a market capitalization of $678.93 million, a price-to-earnings ratio of -3.01, a P/E/G ratio of 0.62 and a beta of 1.30. The stock has a fifty day simple moving average of $5.14 and a two-hundred day simple moving average of $6.67. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 1.38.

Hudson Pacific Properties (NYSE:HPP) last issued its earnings results on Wednesday, May 1st. The real estate investment trust reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.53). Hudson Pacific Properties had a negative return on equity of 6.91% and a negative net margin of 23.48%. The firm had revenue of $214.02 million during the quarter, compared to analysts’ expectations of $220.61 million. On average, analysts predict that Hudson Pacific Properties will post 0.86 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. Investors of record on Monday, June 17th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 4.16%. The ex-dividend date was Monday, June 17th. Hudson Pacific Properties’s dividend payout ratio is currently -12.50%.

Insider Activity

In other news, CEO Victor J. Coleman sold 100,000 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $5.18, for a total value of $518,000.00. Following the transaction, the chief executive officer now directly owns 387,451 shares of the company’s stock, valued at $2,006,996.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have bought 13,420 shares of company stock valued at $59,912. Company insiders own 2.95% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Financial Gravity Asset Management Inc. increased its holdings in shares of Hudson Pacific Properties by 103,925.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 4,161 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 4,157 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Hudson Pacific Properties by 42.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,688 shares of the real estate investment trust’s stock worth $72,000 after buying an additional 2,286 shares during the last quarter. Versor Investments LP purchased a new stake in shares of Hudson Pacific Properties in the fourth quarter worth about $99,000. First Trust Direct Indexing L.P. purchased a new stake in shares of Hudson Pacific Properties in the fourth quarter worth about $102,000. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Hudson Pacific Properties in the fourth quarter worth about $102,000. 97.58% of the stock is owned by institutional investors and hedge funds.

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.