Renaissance Technologies LLC Reduces Position in Hudson Pacific Properties, Inc. (NYSE:HPP)

Renaissance Technologies LLC cut its holdings in shares of Hudson Pacific Properties, Inc. (NYSE:HPP) by 7.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,005,100 shares of the real estate investment trust’s stock after selling 81,603 shares during the period. Renaissance Technologies LLC owned approximately 0.71% of Hudson Pacific Properties worth $4,835,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of HPP. Allianz Asset Management GmbH lifted its holdings in Hudson Pacific Properties by 114.3% in the 4th quarter. Allianz Asset Management GmbH now owns 2,107,500 shares of the real estate investment trust’s stock worth $19,621,000 after purchasing an additional 1,124,100 shares in the last quarter. Presima Securities ULC grew its position in Hudson Pacific Properties by 7.2% in the 4th quarter. Presima Securities ULC now owns 2,066,415 shares of the real estate investment trust’s stock valued at $19,238,000 after acquiring an additional 139,619 shares during the last quarter. GRS Advisors LLC purchased a new stake in shares of Hudson Pacific Properties in the 4th quarter worth $18,489,000. B&I Capital AG lifted its stake in shares of Hudson Pacific Properties by 23.4% during the 2nd quarter. B&I Capital AG now owns 1,699,283 shares of the real estate investment trust’s stock worth $8,174,000 after purchasing an additional 322,033 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Hudson Pacific Properties by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,290,803 shares of the real estate investment trust’s stock worth $6,209,000 after purchasing an additional 43,728 shares during the last quarter. Institutional investors own 97.58% of the company’s stock.

Insider Activity

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 transaction, the director now owns 3,713 shares in the company, valued at $19,307.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Hudson Pacific Properties news, COO Andy Wattula sold 9,356 shares of Hudson Pacific Properties stock in a transaction on Friday, September 20th. The shares were sold at an average price of $5.28, for a total transaction of $49,399.68. Following the completion of the sale, the chief operating officer now owns 61,068 shares of the company’s stock, valued at approximately $322,439.04. 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 stock in a transaction 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 transaction, the director now directly owns 3,713 shares in the company, valued at $19,307.60. The disclosure for this sale can be found here. Corporate insiders own 2.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on HPP shares. BMO Capital Markets cut Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $8.00 to $6.00 in a research note on Thursday, August 8th. Scotiabank dropped their price objective on Hudson Pacific Properties from $7.00 to $6.00 and set a “sector perform” rating on the stock in a report on Monday, August 26th. Wells Fargo & Company decreased their target price 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. Morgan Stanley downgraded Hudson Pacific Properties from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $6.00 to $4.25 in a research report on Wednesday, July 10th. Finally, Bank of America reduced their price objective on Hudson Pacific Properties from $4.50 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, August 22nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Hudson Pacific Properties has an average rating of “Hold” and an average target price of $6.95.

Hudson Pacific Properties Price Performance

HPP stock opened at $4.69 on Friday. Hudson Pacific Properties, Inc. has a 1 year low of $4.26 and a 1 year high of $9.85. The firm has a market cap of $661.97 million, a P/E ratio of -2.93, a PEG ratio of 0.88 and a beta of 1.31. The stock’s 50 day moving average price is $5.14 and its 200 day moving average price is $5.37. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.47 and a current ratio of 1.47.

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

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.