Hudson Pacific Properties Inc. (HPP) Upgraded to Buy at Zacks Investment Research
Hudson Pacific Properties Inc. (NYSE:HPP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $36.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price objective indicates a potential upside of 11.59% from the stock’s previous close.
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 equities research analysts also recently issued reports on the stock. Mizuho raised shares of Hudson Pacific Properties from a “neutral” rating to a “buy” rating and set a $37.00 price objective for the company in a research report on Friday, July 22nd. Robert W. Baird restated an “outperform” rating and set a $38.00 target price on shares of Hudson Pacific Properties in a report on Friday, August 26th. BTIG Research started coverage on shares of Hudson Pacific Properties in a report on Thursday, August 25th. They set a “buy” rating and a $38.00 target price for the company. Bank of America Corp. restated a “positive” rating on shares of Hudson Pacific Properties in a report on Thursday, September 22nd. Finally, DA Davidson increased their target price on shares of Hudson Pacific Properties from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Hudson Pacific Properties presently has a consensus rating of “Buy” and a consensus price target of $35.80.
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Hudson Pacific Properties (NYSE:HPP) traded up 0.47% on Wednesday, hitting $32.26. 826,598 shares of the stock traded hands. The firm’s 50 day moving average is $32.89 and its 200 day moving average is $30.66. Hudson Pacific Properties has a 52 week low of $22.77 and a 52 week high of $34.38. The stock’s market cap is $3.07 billion.
Hudson Pacific Properties (NYSE:HPP) last issued its quarterly earnings data on Thursday, August 4th. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.01. Hudson Pacific Properties had a net margin of 0.92% and a return on equity of 0.15%. The company earned $154.30 million during the quarter, compared to the consensus estimate of $151.59 million. Equities analysts anticipate that Hudson Pacific Properties will post $1.76 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Tuesday, September 20th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date was Friday, September 16th. Hudson Pacific Properties’s dividend payout ratio is presently -1,142.69%.
In other news, Director Richard B. Fried sold 804,627 shares of the firm’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $30.32, for a total transaction of $24,396,290.64. Following the completion of the sale, the director now owns 20,559 shares in the company, valued at approximately $623,348.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 13.35% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. BlackRock Japan Co. Ltd boosted its stake in Hudson Pacific Properties by 1.4% in the first quarter. BlackRock Japan Co. Ltd now owns 3,887 shares of the real estate investment trust’s stock worth $112,000 after buying an additional 54 shares in the last quarter. Bank of Montreal Can bought a new stake in Hudson Pacific Properties during the second quarter worth about $195,000. M&T Bank Corp bought a new stake in Hudson Pacific Properties during the second quarter worth about $213,000. Societe Generale bought a new stake in Hudson Pacific Properties during the second quarter worth about $227,000. Finally, Stevens Capital Management LP bought a new stake in Hudson Pacific Properties during the second quarter worth about $280,000. Institutional investors own 86.72% of the company’s stock.
Hudson Pacific Properties Company Profile
Hudson Pacific Properties, Inc is a full-service, vertically integrated real estate investment trust (REIT). The Company is focused on owning, operating and acquiring office, and media and entertainment properties in select growth markets primarily in Northern and Southern California, and the Pacific Northwest.
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