Millennium Management LLC Purchases 1,319,869 Shares of Hudson Pacific Properties, Inc. (NYSE:HPP)

Millennium Management LLC grew its position in shares of Hudson Pacific Properties, Inc. (NYSE:HPP) by 282.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,786,692 shares of the real estate investment trust’s stock after acquiring an additional 1,319,869 shares during the period. Millennium Management LLC owned about 1.27% of Hudson Pacific Properties worth $8,594,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. State Board of Administration of Florida Retirement System raised its position in Hudson Pacific Properties by 225.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 168,807 shares of the real estate investment trust’s stock valued at $1,123,000 after purchasing an additional 116,945 shares during the last quarter. GRS Advisors LLC bought a new position in shares of Hudson Pacific Properties during the fourth quarter valued at approximately $18,489,000. GSA Capital Partners LLP lifted its stake in Hudson Pacific Properties by 167.2% in the first quarter. GSA Capital Partners LLP now owns 302,179 shares of the real estate investment trust’s stock worth $1,949,000 after acquiring an additional 189,104 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Hudson Pacific Properties by 405.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 309,272 shares of the real estate investment trust’s stock valued at $1,995,000 after acquiring an additional 248,117 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Hudson Pacific Properties by 17.0% during the 1st quarter. Jennison Associates LLC now owns 141,425 shares of the real estate investment trust’s stock valued at $912,000 after purchasing an additional 20,589 shares during the period. 97.58% of the stock is currently owned by hedge funds and other institutional investors.

Hudson Pacific Properties Stock Performance

Shares of HPP stock opened at $4.44 on Wednesday. The company has a market capitalization of $626.68 million, a price-to-earnings ratio of -2.78, a price-to-earnings-growth ratio of 0.88 and a beta of 1.31. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.47 and a current ratio of 1.47. The company’s 50-day moving average is $5.00 and its 200 day moving average is $5.27. Hudson Pacific Properties, Inc. has a one year low of $4.26 and a one year high of $9.85.

Hudson Pacific Properties (NYSE:HPP) last issued its earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.50). Hudson Pacific Properties had a negative return on equity of 7.41% and a negative net margin of 25.42%. The business had revenue of $218.00 million during the quarter, compared to analysts’ expectations of $216.08 million. During the same period last year, the firm posted $0.24 EPS. Hudson Pacific Properties’s quarterly revenue was down 11.1% compared to the same quarter last year. Sell-side analysts expect that Hudson Pacific Properties, Inc. will post 0.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Hudson Pacific Properties news, Director Jonathan M. Glaser sold 9,287 shares of Hudson Pacific Properties stock in a transaction that occurred 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 sale, the director now owns 3,713 shares of the company’s stock, valued at approximately $19,307.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, COO Andy Wattula sold 9,356 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $5.28, for a total value 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 represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jonathan M. Glaser sold 9,287 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $5.20, for a total transaction of $48,292.40. Following the completion of the transaction, the director now directly owns 3,713 shares in the company, valued at approximately $19,307.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.95% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on HPP. Wolfe Research cut shares of Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 14th. Wells Fargo & Company cut their price objective on Hudson Pacific Properties from $5.00 to $4.50 and set an “equal weight” rating on the stock in a research report on Wednesday, September 11th. Bank of America decreased their target price on Hudson Pacific Properties from $4.50 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 22nd. Piper Sandler cut Hudson Pacific Properties from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $7.00 to $6.00 in a research note on Thursday, August 8th. Finally, Morgan Stanley lowered Hudson Pacific Properties from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $6.00 to $4.25 in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.95.

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.