Hudson Pacific Properties (NYSE:HPP) Lowered to Neutral at Bank of America

Hudson Pacific Properties (NYSE:HPP – Get Rating) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, The Fly reports.

Several other brokerages have also recently commented on HPP. The Goldman Sachs Group dropped their target price on Hudson Pacific Properties from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. StockNews.com began coverage on Hudson Pacific Properties in a report on Thursday, March 31st. They set a “hold” rating on the stock. Piper Sandler dropped their target price on Hudson Pacific Properties from $28.00 to $25.00 in a report on Wednesday, May 4th. Finally, Morgan Stanley dropped their target price on Hudson Pacific Properties from $22.00 to $18.00 and set an “underweight” rating on the stock in a report on Wednesday, June 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $26.56.

Shares of NYSE HPP opened at $15.83 on Wednesday. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.18. The stock has a 50 day simple moving average of $21.06 and a 200-day simple moving average of $23.99. The company has a market cap of $2.29 billion, a PE ratio of -131.91, a P/E/G ratio of 1.90 and a beta of 0.88. Hudson Pacific Properties has a 12-month low of $15.27 and a 12-month high of $28.99.

Hudson Pacific Properties (NYSE:HPP – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The real estate investment trust reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.63). The business had revenue of $244.51 million for the quarter, compared to analyst estimates of $241.98 million. Hudson Pacific Properties had a negative return on equity of 0.27% and a negative net margin of 1.08%. During the same quarter in the prior year, the firm posted $0.48 earnings per share. Sell-side analysts forecast that Hudson Pacific Properties will post 2.05 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. lifted its holdings in shares of Hudson Pacific Properties by 1.1% in the first quarter. Daiwa Securities Group Inc. now owns 45,423 shares of the real estate investment trust’s stock valued at $1,260,000 after purchasing an additional 486 shares in the last quarter. Spirit of America Management Corp NY lifted its holdings in shares of Hudson Pacific Properties by 1.8% in the fourth quarter. Spirit of America Management Corp NY now owns 29,050 shares of the real estate investment trust’s stock valued at $718,000 after purchasing an additional 500 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of Hudson Pacific Properties by 1.3% in the fourth quarter. State of Michigan Retirement System now owns 38,663 shares of the real estate investment trust’s stock valued at $955,000 after purchasing an additional 500 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Hudson Pacific Properties by 0.5% in the fourth quarter. Amalgamated Bank now owns 108,534 shares of the real estate investment trust’s stock valued at $2,682,000 after purchasing an additional 570 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of Hudson Pacific Properties by 3.4% in the first quarter. HighTower Advisors LLC now owns 18,542 shares of the real estate investment trust’s stock valued at $514,000 after purchasing an additional 612 shares in the last quarter. Institutional investors own 96.48% of the company’s stock.

Hudson Pacific Properties Company Profile (Get Rating)

Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling nearly 19 million square feet, including land for development. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more.

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