Zacks Investment Research Upgrades Hudson Pacific Properties (HPP) to Buy

Hudson Pacific Properties (NYSE:HPP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $37.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.68% from the company’s previous close.

According to Zacks, “Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring office properties and media and entertainment properties in select growth markets primarily in Northern and Southern California. These markets include Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. The Company is headquartered in Los Angeles, California. “

Other analysts have also recently issued research reports about the stock. TheStreet cut shares of Hudson Pacific Properties from a “b” rating to a “c” rating in a research note on Friday, May 3rd. Sandler O’Neill upgraded shares of Hudson Pacific Properties from a “hold” rating to a “buy” rating in a research note on Friday, February 15th. Finally, Goldman Sachs Group upgraded shares of Hudson Pacific Properties from a “neutral” rating to a “buy” rating and increased their price target for the company from $37.00 to $40.00 in a research note on Monday, March 11th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $38.33.

Shares of HPP opened at $33.43 on Thursday. Hudson Pacific Properties has a 12 month low of $27.12 and a 12 month high of $36.06. The firm has a market cap of $5.27 billion, a P/E ratio of 17.97, a price-to-earnings-growth ratio of 2.65 and a beta of 0.72. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.85.

Hudson Pacific Properties (NYSE:HPP) last announced its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.49 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. Hudson Pacific Properties had a net margin of 1.68% and a return on equity of 0.33%. The business had revenue of $197.39 million during the quarter, compared to analysts’ expectations of $194.62 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue was up 13.4% on a year-over-year basis. As a group, equities research analysts predict that Hudson Pacific Properties will post 2 EPS for the current year.

In other Hudson Pacific Properties news, insider Alex Vouvalides sold 43,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $35.10, for a total value of $1,509,300.00. Following the completion of the sale, the insider now owns 130,940 shares in the company, valued at $4,595,994. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Christopher James Barton sold 27,756 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $34.67, for a total transaction of $962,300.52. Following the completion of the sale, the executive vice president now owns 89,609 shares of the company’s stock, valued at approximately $3,106,744.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,591 shares of company stock valued at $4,427,861. Corporate insiders own 1.95% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue raised its position in shares of Hudson Pacific Properties by 0.8% in the first quarter. State of Alaska Department of Revenue now owns 67,812 shares of the real estate investment trust’s stock valued at $2,331,000 after purchasing an additional 532 shares during the period. Utah Retirement Systems raised its position in shares of Hudson Pacific Properties by 1.9% in the fourth quarter. Utah Retirement Systems now owns 32,965 shares of the real estate investment trust’s stock valued at $958,000 after purchasing an additional 600 shares during the period. State Board of Administration of Florida Retirement System raised its position in shares of Hudson Pacific Properties by 0.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 152,761 shares of the real estate investment trust’s stock valued at $5,258,000 after purchasing an additional 600 shares during the period. Eaton Vance Management raised its position in shares of Hudson Pacific Properties by 3.5% in the fourth quarter. Eaton Vance Management now owns 21,416 shares of the real estate investment trust’s stock valued at $622,000 after purchasing an additional 728 shares during the period. Finally, Eagle Asset Management Inc. raised its position in shares of Hudson Pacific Properties by 0.6% in the fourth quarter. Eagle Asset Management Inc. now owns 136,509 shares of the real estate investment trust’s stock valued at $3,966,000 after purchasing an additional 810 shares during the period.

Hudson Pacific Properties Company Profile

Hudson Pacific Properties is a visionary real estate investment trust that owns and operates more than 17 million square feet of marquee office and studio properties. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more.

Featured Story: Forex

Get a free copy of the Zacks research report on Hudson Pacific Properties (HPP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Hudson Pacific Properties (NYSE:HPP)

Receive News & Ratings for Hudson Pacific Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hudson Pacific Properties and related companies with MarketBeat.com's FREE daily email newsletter.