Hudson Pacific Properties (NYSE:HPP) Shares Gap Up on Insider Buying Activity

Hudson Pacific Properties, Inc. (NYSE:HPP) shares gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $3.62, but opened at $3.82. Hudson Pacific Properties shares last traded at $3.77, with a volume of 135,241 shares traded.

Specifically, CEO Victor J. Coleman acquired 50,000 shares of Hudson Pacific Properties stock in a transaction on Monday, November 25th. The stock was bought at an average price of $3.53 per share, for a total transaction of $176,500.00. Following the completion of the purchase, the chief executive officer now owns 437,451 shares in the company, valued at $1,544,202.03. This represents a 12.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of brokerages have weighed in on HPP. The Goldman Sachs Group reduced their price objective on Hudson Pacific Properties from $6.50 to $4.70 and set a “neutral” rating for the company in a research note on Wednesday, August 14th. Jefferies Financial Group lowered Hudson Pacific Properties from a “buy” rating to a “hold” rating and dropped their target price for the company from $5.50 to $5.00 in a report on Tuesday, November 12th. Scotiabank dropped their target price on Hudson Pacific Properties from $7.00 to $6.00 and set a “sector perform” rating on the stock in a report on Monday, August 26th. BMO Capital Markets lowered Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $8.00 to $6.00 in a report on Thursday, August 8th. Finally, Wolfe Research lowered Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Hudson Pacific Properties presently has a consensus rating of “Hold” and an average price target of $6.17.

Hudson Pacific Properties Stock Performance

The stock has a 50-day simple moving average of $4.38 and a 200 day simple moving average of $4.84. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.26 and a quick ratio of 1.26. The company has a market capitalization of $529.61 million, a PE ratio of -1.73 and a beta of 1.31.

Institutional Trading of Hudson Pacific Properties

Institutional investors and hedge funds have recently made changes to their positions in the stock. Anthracite Investment Company Inc. purchased a new stake in shares of Hudson Pacific Properties in the third quarter valued at $1,320,000. Wolverine Asset Management LLC lifted its position in Hudson Pacific Properties by 42.3% during the third quarter. Wolverine Asset Management LLC now owns 576,373 shares of the real estate investment trust’s stock worth $2,755,000 after buying an additional 171,424 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Hudson Pacific Properties during the third quarter worth about $1,332,000. Millennium Management LLC lifted its position in Hudson Pacific Properties by 282.7% during the second quarter. Millennium Management LLC now owns 1,786,692 shares of the real estate investment trust’s stock worth $8,594,000 after buying an additional 1,319,869 shares during the period. Finally, Scion Asset Management LLC purchased a new position in Hudson Pacific Properties during the second quarter worth about $5,505,000. 97.58% of the stock is currently owned by hedge funds and other institutional investors.

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.