Hudson Pacific Properties (HPP) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Hudson Pacific Properties (NYSE:HPP) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

According to Zacks, “Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring office properties and media and entertainment properties in select growth markets primarily in Northern and Southern California. These markets include Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. The Company is headquartered in Los Angeles, California. “

Several other research firms have also recently issued reports on HPP. Goldman Sachs Group cut shares of Hudson Pacific Properties from a buy rating to a neutral rating in a report on Monday, November 20th. Sandler O’Neill cut shares of Hudson Pacific Properties from a buy rating to a hold rating and set a $36.00 price objective for the company. in a report on Friday, January 12th. Finally, KeyCorp reiterated a buy rating on shares of Hudson Pacific Properties in a report on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $37.67.

Hudson Pacific Properties (NYSE HPP) opened at $31.87 on Wednesday. Hudson Pacific Properties has a 1 year low of $31.52 and a 1 year high of $36.75. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.61. The company has a market cap of $4,973.66, a PE ratio of 16.60, a price-to-earnings-growth ratio of 2.60 and a beta of 0.79.

Hudson Pacific Properties (NYSE:HPP) last posted its earnings results on Thursday, November 2nd. The real estate investment trust reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. Hudson Pacific Properties had a net margin of 8.98% and a return on equity of 1.58%. The firm had revenue of $190.02 million during the quarter, compared to analysts’ expectations of $183.37 million. During the same quarter in the prior year, the firm earned $0.46 EPS. Hudson Pacific Properties’s quarterly revenue was up 15.5% on a year-over-year basis. sell-side analysts forecast that Hudson Pacific Properties will post 1.96 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Monday, December 18th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, December 15th. Hudson Pacific Properties’s dividend payout ratio (DPR) is presently 243.90%.

In other news, EVP Sanford Dale Shimoda sold 2,800 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $35.68, for a total value of $99,904.00. Following the completion of the transaction, the executive vice president now directly owns 83,072 shares in the company, valued at $2,964,008.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard B. Fried sold 17,417 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $34.66, for a total transaction of $603,673.22. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Hudson Pacific Properties by 13.6% during the third quarter. Principal Financial Group Inc. now owns 6,125,974 shares of the real estate investment trust’s stock valued at $205,403,000 after purchasing an additional 734,232 shares during the last quarter. Cbre Clarion Securities LLC lifted its stake in Hudson Pacific Properties by 14.1% during the second quarter. Cbre Clarion Securities LLC now owns 5,416,970 shares of the real estate investment trust’s stock valued at $185,206,000 after purchasing an additional 668,985 shares during the last quarter. Brookfield Asset Management Inc. lifted its stake in Hudson Pacific Properties by 11.3% during the second quarter. Brookfield Asset Management Inc. now owns 4,669,148 shares of the real estate investment trust’s stock valued at $159,638,000 after purchasing an additional 473,154 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Hudson Pacific Properties by 16.2% during the second quarter. Goldman Sachs Group Inc. now owns 4,334,280 shares of the real estate investment trust’s stock valued at $148,189,000 after purchasing an additional 604,944 shares during the last quarter. Finally, Citadel Advisors LLC lifted its stake in Hudson Pacific Properties by 468.9% during the third quarter. Citadel Advisors LLC now owns 2,576,552 shares of the real estate investment trust’s stock valued at $86,392,000 after purchasing an additional 2,123,642 shares during the last quarter. Institutional investors and hedge funds own 99.67% of the company’s stock.

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Hudson Pacific Properties Company Profile

Hudson Pacific Properties, Inc is a real estate investment trust (REIT). The Company operates in two segments: office properties, and media and entertainment properties. The Company is focused on acquiring, repositioning, developing and operating office and media and entertainment properties in submarkets throughout Northern and Southern California and the Pacific Northwest.

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