Hudson Pacific Properties (NYSE:HPP) Cut to “Hold” at Jefferies Financial Group

Jefferies Financial Group downgraded shares of Hudson Pacific Properties (NYSE:HPP) from a buy rating to a hold rating in a research note published on Tuesday morning, Marketbeat reports. They currently have $5.00 price target on the real estate investment trust’s stock, down from their previous price target of $5.50.

Other equities analysts have also issued reports about the stock. Wolfe Research lowered shares of Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 14th. Bank of America reduced their price target on shares of Hudson Pacific Properties from $4.50 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 22nd. Wells Fargo & Company reduced their target price on shares of Hudson Pacific Properties from $5.00 to $4.50 and set an “equal weight” rating for the company in a report on Wednesday, September 11th. BMO Capital Markets lowered shares of Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $8.00 to $6.00 in a research report on Thursday, August 8th. Finally, Piper Sandler lowered shares of Hudson Pacific Properties from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $7.00 to $6.00 in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.30.

Hudson Pacific Properties Price Performance

Shares of Hudson Pacific Properties stock opened at $3.97 on Tuesday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.47 and a current ratio of 1.26. The firm’s 50-day simple moving average is $4.62 and its 200-day simple moving average is $4.96. Hudson Pacific Properties has a twelve month low of $3.93 and a twelve month high of $9.85. The firm has a market cap of $560.68 million, a P/E ratio of -1.90 and a beta of 1.31.

Insider Buying and Selling at Hudson Pacific Properties

In other Hudson Pacific Properties news, Director Jonathan M. Glaser sold 9,287 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $5.20, for a total value of $48,292.40. Following the transaction, the director now directly owns 3,713 shares of the company’s stock, valued at $19,307.60. This trade represents a 71.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Andy Wattula sold 9,356 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $5.28, for a total transaction of $49,399.68. Following the completion of the transaction, the chief operating officer now directly owns 61,068 shares in the company, valued at approximately $322,439.04. This represents a 13.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.95% of the company’s stock.

Institutional Investors Weigh In On Hudson Pacific Properties

A number of hedge funds have recently made changes to their positions in HPP. State Board of Administration of Florida Retirement System raised its holdings in Hudson Pacific Properties by 225.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 168,807 shares of the real estate investment trust’s stock worth $1,123,000 after purchasing an additional 116,945 shares during the last quarter. Millennium Management LLC boosted its holdings in Hudson Pacific Properties by 282.7% during the 2nd quarter. Millennium Management LLC now owns 1,786,692 shares of the real estate investment trust’s stock worth $8,594,000 after acquiring an additional 1,319,869 shares during the last quarter. Wolverine Asset Management LLC boosted its holdings in Hudson Pacific Properties by 42.3% during the 3rd quarter. Wolverine Asset Management LLC now owns 576,373 shares of the real estate investment trust’s stock worth $2,755,000 after acquiring an additional 171,424 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Hudson Pacific Properties during the 3rd quarter worth $1,332,000. Finally, Scion Asset Management LLC purchased a new position in shares of Hudson Pacific Properties in the 2nd quarter worth about $5,505,000. 97.58% of the stock is currently 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.