PNC Financial Services Group Inc. lowered its position in Hudson Pacific Properties Inc. (NYSE:HPP) by 18.0% during the second quarter, Holdings Channel reports. The institutional investor owned 12,763 shares of the real estate investment trust’s stock after selling 2,797 shares during the period. PNC Financial Services Group Inc.’s holdings in Hudson Pacific Properties were worth $371,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of HPP. BlackRock Japan Co. Ltd raised its stake in shares of 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 shares of Hudson Pacific Properties during the second quarter worth approximately $195,000. M&T Bank Corp bought a new stake in shares of Hudson Pacific Properties during the second quarter worth approximately $213,000. Societe Generale bought a new stake in shares of Hudson Pacific Properties during the second quarter worth approximately $227,000. Finally, GSA Capital Partners LLP raised its stake in shares of Hudson Pacific Properties by 24.9% in the second quarter. GSA Capital Partners LLP now owns 12,721 shares of the real estate investment trust’s stock worth $371,000 after buying an additional 2,533 shares in the last quarter. 86.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Hudson Pacific Properties Inc. (NYSE:HPP) traded down 1.05% during mid-day trading on Tuesday, hitting $33.06. 406,348 shares of the company were exchanged. The firm has a 50 day moving average of $33.12 and a 200 day moving average of $30.42. Hudson Pacific Properties Inc. has a 12-month low of $22.77 and a 12-month high of $34.38. The company’s market capitalization is $3.15 billion.
Hudson Pacific Properties (NYSE:HPP) last posted its quarterly earnings results on Thursday, August 4th. The real estate investment trust reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. The business earned $154.30 million during the quarter, compared to the consensus estimate of $151.59 million. Hudson Pacific Properties had a return on equity of 0.15% and a net margin of 0.92%. Equities research analysts forecast that Hudson Pacific Properties Inc. will post $1.76 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Tuesday, September 20th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Friday, September 16th. Hudson Pacific Properties’s dividend payout ratio (DPR) is presently -1,142.69%.
A number of equities research analysts have commented on the stock. Robert W. Baird assumed coverage on shares of Hudson Pacific Properties in a report on Thursday, June 30th. They set an “outperform” rating and a $38.00 price objective on the stock. BTIG Research assumed coverage on shares of Hudson Pacific Properties in a report on Thursday, August 25th. They set a “buy” rating and a $38.00 price objective on the stock. Zacks Investment Research lowered shares of Hudson Pacific Properties from a “buy” rating to a “hold” rating in a report on Thursday, July 21st. DA Davidson increased their price objective 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. Finally, Bank of America Corp. reissued a “positive” rating on shares of Hudson Pacific Properties in a report on Thursday, September 22nd. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $36.00.
In related news, Director Richard B. Fried sold 804,627 shares of the business’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $30.32, for a total value of $24,396,290.64. Following the completion of the transaction, the director now owns 20,559 shares of the company’s stock, valued at $623,348.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 13.35% of the stock is owned by corporate insiders.
About Hudson Pacific Properties
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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