Hudson Pacific Properties, Inc. (HPP) Stake Lowered by Rainier Investment Management LLC
Rainier Investment Management LLC cut its stake in Hudson Pacific Properties, Inc. (NYSE:HPP) by 46.9% during the second quarter, Holdings Channel reports. The institutional investor owned 120,740 shares of the real estate investment trust’s stock after selling 106,450 shares during the period. Rainier Investment Management LLC’s holdings in Hudson Pacific Properties were worth $4,128,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank boosted its stake in Hudson Pacific Properties by 37.5% in the second quarter. Comerica Bank now owns 11,464 shares of the real estate investment trust’s stock valued at $367,000 after buying an additional 3,124 shares during the period. Legal & General Group Plc boosted its stake in Hudson Pacific Properties by 9.9% in the second quarter. Legal & General Group Plc now owns 709,514 shares of the real estate investment trust’s stock valued at $24,258,000 after buying an additional 63,624 shares during the period. State of Wisconsin Investment Board bought a new stake in Hudson Pacific Properties during the second quarter valued at $1,064,000. LMR Partners LLP bought a new stake in Hudson Pacific Properties during the second quarter valued at $3,909,000. Finally, Dupont Capital Management Corp boosted its stake in Hudson Pacific Properties by 77.4% in the second quarter. Dupont Capital Management Corp now owns 57,226 shares of the real estate investment trust’s stock valued at $1,957,000 after buying an additional 24,969 shares during the period.
Shares of Hudson Pacific Properties, Inc. (NYSE:HPP) opened at 32.94 on Friday. Hudson Pacific Properties, Inc. has a one year low of $31.53 and a one year high of $36.75. The company has a market cap of $5.12 billion, a PE ratio of 93.58 and a beta of 0.75. The stock’s 50 day moving average is $32.60 and its 200-day moving average is $34.12.
Hudson Pacific Properties (NYSE:HPP) last posted its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.01. Hudson Pacific Properties had a return on equity of 1.37% and a net margin of 7.87%. The business had revenue of $166.85 million for the quarter, compared to the consensus estimate of $175.79 million. During the same quarter in the prior year, the company earned $0.43 EPS. The business’s revenue was up 15.5% compared to the same quarter last year. Equities research analysts expect that Hudson Pacific Properties, Inc. will post $0.29 earnings per share for the current year.
Several analysts recently weighed in on the stock. BidaskClub upgraded shares of Hudson Pacific Properties from a “strong sell” rating to a “sell” rating in a report on Thursday. Barclays PLC lifted their price target on shares of Hudson Pacific Properties from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $38.56.
In other news, CEO Victor J. Coleman sold 58,086 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $35.50, for a total transaction of $2,062,053.00. Following the transaction, the chief executive officer now owns 936,165 shares of the company’s stock, valued at approximately $33,233,857.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan M. Glaser purchased 15,000 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were purchased at an average cost of $31.78 per share, for a total transaction of $476,700.00. Following the transaction, the director now directly owns 132,405 shares in the company, valued at approximately $4,207,830.90. The disclosure for this purchase can be found here. In the last three months, insiders have bought 25,000 shares of company stock worth $797,600 and have sold 169,549 shares worth $5,981,459. 13.35% of the stock is currently owned by corporate insiders.
Hudson Pacific Properties Company Profile
Hudson Pacific Properties, Inc is a real estate investment trust (REIT). The Company operates in two segments: office properties, and media and entertainment properties. The Company is focused on acquiring, repositioning, developing and operating office and media and entertainment properties in submarkets throughout Northern and Southern California and the Pacific Northwest.
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