Hudson Pacific Properties, Inc. (HPP) Issues FY17 Earnings Guidance
Hudson Pacific Properties, Inc. (NYSE:HPP) issued an update on its FY17 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.93-2.03 for the period, compared to the Thomson Reuters consensus estimate of $1.97.
Hudson Pacific Properties, Inc. (NYSE:HPP) opened at 35.61 on Friday. The firm’s market capitalization is $4.10 billion. Hudson Pacific Properties, Inc. has a 12 month low of $23.28 and a 12 month high of $36.65. The stock’s 50 day moving average price is $35.33 and its 200-day moving average price is $33.79.
Hudson Pacific Properties (NYSE:HPP) last announced its quarterly earnings results on Thursday, February 16th. The real estate investment trust reported $0.46 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.46. Hudson Pacific Properties had a net margin of 1.51% and a return on equity of 0.25%. The firm had revenue of $167.20 million for the quarter, compared to analyst estimates of $165.68 million. During the same period last year, the business earned $0.44 EPS. Hudson Pacific Properties’s revenue for the quarter was up 8.1% compared to the same quarter last year. Equities analysts forecast that Hudson Pacific Properties, Inc. will post $0.07 earnings per share for the current year.
A number of research firms have commented on HPP. Mizuho restated a buy rating on shares of Hudson Pacific Properties in a research note on Friday, December 23rd. Barclays PLC restated an overweight rating and issued a $38.00 price objective (down from $39.00) on shares of Hudson Pacific Properties in a research note on Monday, January 23rd. Zacks Investment Research lowered shares of Hudson Pacific Properties from a buy rating to a hold rating in a research note on Wednesday, November 16th. Wells Fargo & Company restated a hold rating and issued a $34.50 price objective on shares of Hudson Pacific Properties in a research note on Thursday, December 1st. Finally, BTIG Research restated a buy rating and issued a $40.00 price objective (up from $39.00) on shares of Hudson Pacific Properties in a research note on Saturday, January 7th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Hudson Pacific Properties currently has a consensus rating of Buy and an average price target of $37.28.
In other news, major shareholder Real Estate Partner Blackstone sold 8,626,311 shares of Hudson Pacific Properties stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $35.00, for a total value of $301,920,885.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Richard B. Fried sold 1,165,922 shares of Hudson Pacific Properties stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $35.00, for a total transaction of $40,807,270.00. Following the completion of the sale, the director now directly owns 20,559 shares in the company, valued at approximately $719,565. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,958,151 shares of company stock worth $380,620,490. 13.35% of the stock is currently owned by company insiders.
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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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