BlackRock Fund Advisors recently announced the acquisition of new stake in Hudson Pacific Properties Inc. (NYSE:HPP). The institutional investor has increased its shareholding in the Real Estate company by 1.51% to 18.83 million shares with purchase of 0.28 million shares. This fresh investment now brings its stake to 13.37% valued currently at $110.54 million. In addition, Norges Bank Investment Management raised its holdings by 3.98 million to 10.41 million shares. And SSgA Funds Management, Inc. has lifted its position by 10.56% or 0.88 million shares – to 9.16 million shares.
With over 4.49 million Hudson Pacific Properties Inc. (HPP) shares trading Tuesday and a closing price of $6.99 on the day, the dollar volume was approximately $31.37 million. The shares have shown a negative half year performance of -9.81% and its price on 09/12/23 lost nearly -2.65%. Currently, there are 140.91M common shares owned by the public and among those 136.89M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for HPP have a consensus price objective of $6.45. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $4.00. The average price target is -8.37% below its recent price level and a downside to the estimated low will see the stock lose -74.75% over that period. But an upside of 30.1% will see the stock hit the forecast high price target while median target price for the stock is $6.00.
Insiders at the company have transacted a total of 26 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 345,952 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 12,659 shares.
The top 3 mutual fund holders in Hudson Pacific Properties Inc. are Government Pension Fund – Global, iShares Core S&P Small Cap ETF, and Vanguard Real Estate Index Fund. Government Pension Fund – Global owns 10.41 million shares of the company’s stock, all valued at over $61.08 million. The company bought an additional 1.25 million shares recently to bring their total holdings to about 7.39% of the shares outstanding. Vanguard Real Estate Index Fund bought 75512.0 shares to bring its total holdings to over 5.36 million shares at a value of $31.44 million. Vanguard Real Estate Index Fund now owns shares totaling to 3.80% of the shares outstanding.
However, the script later moved the day high at 7.18, down -2.65%. The company’s stock has a 5-day price change of -1.69% and 39.52% over the past three months. HPP shares are trading -28.16% year to date (YTD), with the 12-month market performance down to -50.60% lower. It has a 12-month low price of $4.05 and touched a high of $14.57 over the same period. HPP has an average intraday trading volume of 4.65 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.24%, 18.02%, and -4.05% respectively.
Institutional ownership of Hudson Pacific Properties Inc. (NYSE: HPP) shares accounts for 107.78% of the company’s 140.91M shares outstanding. Mutual fund holders own 61.78%, while other institutional holders and individual stakeholders account for 9.76% and 52.77% respectively.
It has a market capitalization of $1.01B and a beta (3y monthly) value of 1.09. The earnings-per-share (ttm) stands at -$0.61. The company has a debt-to-equity ratio at 1.63. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.48% over the week and 5.30% over the month.
Analysts forecast that Hudson Pacific Properties Inc. (HPP) will achieve an EPS of -$0.36 for the current quarter, -$0.23 for the next quarter and -$0.8 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.4 while analysts give the company a high EPS estimate of -$0.33. Comparatively, EPS for the current quarter was -$0.12 a year ago. Earnings per share for the fiscal year are expected to decrease by -156.40%, and 20.00% over the next financial year. EPS should grow at an annualized rate of 36.48% over the next five years, compared to -23.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Hudson Pacific Properties Inc. (HPP) as a “Hold” at a consensus score of 3.10. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 9 of the 12 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the HPP, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on September 05, 2023, with the firm’s price target at $6-$9.
