Hudson Pacific Properties (NYSE:HPP) Raised to “Outperform” at BMO Capital Markets

Hudson Pacific Properties (NYSE:HPP) was upgraded by analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a $5.00 target price on the real estate investment trust’s stock, up from their previous target price of $4.00. BMO Capital Markets’ target price points to a potential upside of 66.33% from the company’s previous close.

Several other equities analysts have also recently issued reports on HPP. Jefferies Financial Group initiated coverage on Hudson Pacific Properties in a report on Monday, March 17th. They issued a “hold” rating and a $2.70 price objective for the company. Morgan Stanley lowered their price objective on Hudson Pacific Properties from $2.40 to $2.25 and set an “underweight” rating on the stock in a research report on Tuesday, March 18th. Scotiabank cut their target price on shares of Hudson Pacific Properties from $4.00 to $3.00 and set a “sector perform” rating for the company in a report on Tuesday, February 18th. Piper Sandler lowered their price target on shares of Hudson Pacific Properties from $4.50 to $3.50 and set a “neutral” rating on the stock in a report on Monday, February 24th. Finally, Wells Fargo & Company upgraded shares of Hudson Pacific Properties from an “equal weight” rating to an “overweight” rating and set a $4.00 price target on the stock in a research report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Hudson Pacific Properties has a consensus rating of “Hold” and a consensus price target of $3.43.

Hudson Pacific Properties Stock Performance

Shares of HPP stock opened at $3.01 on Friday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.26 and a quick ratio of 1.26. Hudson Pacific Properties has a 1 year low of $2.39 and a 1 year high of $6.69. The firm has a market capitalization of $424.91 million, a price-to-earnings ratio of -1.17 and a beta of 1.31. The business has a fifty day moving average of $3.03 and a 200 day moving average of $3.61.

Hudson Pacific Properties (NYSE:HPP) last announced its quarterly earnings data on Thursday, February 20th. The real estate investment trust reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Hudson Pacific Properties had a negative net margin of 44.01% and a negative return on equity of 12.64%. The business had revenue of $209.67 million during the quarter, compared to analysts’ expectations of $207.95 million. As a group, research analysts expect that Hudson Pacific Properties will post 0.45 earnings per share for the current year.

Institutional Investors Weigh In On Hudson Pacific Properties

Large investors have recently bought and sold shares of the company. Balyasny Asset Management L.P. raised its stake in Hudson Pacific Properties by 265.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 10,054,067 shares of the real estate investment trust’s stock valued at $30,464,000 after purchasing an additional 7,303,472 shares during the last quarter. Millennium Management LLC grew its stake in Hudson Pacific Properties by 303.5% during the 4th quarter. Millennium Management LLC now owns 7,384,275 shares of the real estate investment trust’s stock valued at $22,374,000 after acquiring an additional 5,554,444 shares in the last quarter. Marshall Wace LLP raised its holdings in Hudson Pacific Properties by 853.2% in the 4th quarter. Marshall Wace LLP now owns 1,844,926 shares of the real estate investment trust’s stock valued at $5,590,000 after acquiring an additional 1,651,382 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Hudson Pacific Properties by 95.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,605,516 shares of the real estate investment trust’s stock worth $7,895,000 after purchasing an additional 1,275,236 shares in the last quarter. Finally, Davis Selected Advisers boosted its holdings in shares of Hudson Pacific Properties by 88.0% during the 4th quarter. Davis Selected Advisers now owns 2,280,963 shares of the real estate investment trust’s stock worth $6,911,000 after purchasing an additional 1,067,940 shares during the last quarter. 97.58% of the stock is currently owned by hedge funds and other institutional investors.

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.