Principal Financial Group Inc. Has $3.18 Million Stake in Hudson Pacific Properties, Inc. (NYSE:HPP)

Principal Financial Group Inc. reduced its holdings in Hudson Pacific Properties, Inc. (NYSE:HPP) by 17.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 664,598 shares of the real estate investment trust’s stock after selling 137,685 shares during the period. Principal Financial Group Inc. owned 0.47% of Hudson Pacific Properties worth $3,177,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HPP. NorthRock Partners LLC bought a new position in shares of Hudson Pacific Properties in the 3rd quarter valued at about $259,000. Amalgamated Bank boosted its position in Hudson Pacific Properties by 10.0% during the third quarter. Amalgamated Bank now owns 41,738 shares of the real estate investment trust’s stock valued at $200,000 after purchasing an additional 3,802 shares during the last quarter. Van ECK Associates Corp grew its stake in Hudson Pacific Properties by 9.9% in the third quarter. Van ECK Associates Corp now owns 26,718 shares of the real estate investment trust’s stock valued at $123,000 after purchasing an additional 2,399 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in shares of Hudson Pacific Properties during the 3rd quarter worth approximately $223,000. Finally, abrdn plc raised its stake in shares of Hudson Pacific Properties by 10.5% during the 3rd quarter. abrdn plc now owns 28,406 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 2,710 shares in the last quarter. 97.58% of the stock is owned by institutional investors.

Hudson Pacific Properties Price Performance

Hudson Pacific Properties stock opened at $3.33 on Friday. The company has a market capitalization of $470.30 million, a price-to-earnings ratio of -1.57 and a beta of 1.31. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.47. Hudson Pacific Properties, Inc. has a 12 month low of $3.01 and a 12 month high of $9.85. The stock’s 50 day moving average is $4.48 and its 200-day moving average is $4.88.

Insider Activity at Hudson Pacific Properties

In other Hudson Pacific Properties news, COO Andy Wattula sold 9,356 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $5.28, for a total transaction of $49,399.68. Following the transaction, the chief operating officer now owns 61,068 shares in the company, valued at $322,439.04. This trade represents a 13.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan M. Glaser sold 9,287 shares of Hudson Pacific Properties stock in a transaction on Friday, August 30th. The shares were sold at an average price of $5.20, for a total value of $48,292.40. Following the completion of the transaction, the director now directly owns 3,713 shares of the company’s stock, valued at $19,307.60. This represents a 71.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.95% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

HPP has been the subject of several analyst reports. The Goldman Sachs Group decreased their target price on shares of Hudson Pacific Properties from $6.50 to $4.70 and set a “neutral” rating for the company in a research note on Wednesday, August 14th. Jefferies Financial Group downgraded shares of Hudson Pacific Properties from a “buy” rating to a “hold” rating and decreased their price objective for the company from $5.50 to $5.00 in a research report on Tuesday, November 12th. BMO Capital Markets cut shares of Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $8.00 to $6.00 in a report on Thursday, August 8th. Wolfe Research downgraded shares of Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, August 14th. Finally, Scotiabank lowered their price target on Hudson Pacific Properties from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.17.

Hudson Pacific Properties Company Profile

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.