Hudson Pacific Properties (NYSE:HPP) Releases Earnings Results, Misses Expectations By $0.50 EPS

Hudson Pacific Properties (NYSE:HPP) released its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.50), Zacks reports. Hudson Pacific Properties had a negative return on equity of 6.91% and a negative net margin of 23.48%. The firm had revenue of $218.00 million during the quarter, compared to analyst estimates of $216.08 million. During the same period last year, the business earned $0.24 EPS. The firm’s revenue was down 11.1% on a year-over-year basis. Hudson Pacific Properties updated its Q3 2024 guidance to 0.080-0.120 EPS.

Hudson Pacific Properties Price Performance

Shares of NYSE:HPP traded down $0.03 during trading hours on Friday, hitting $4.68. 1,824,112 shares of the company’s stock traded hands, compared to its average volume of 2,421,392. Hudson Pacific Properties has a 52 week low of $4.26 and a 52 week high of $9.85. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.85 and a current ratio of 1.85. The company’s fifty day simple moving average is $5.11 and its two-hundred day simple moving average is $5.94. The company has a market cap of $660.56 million, a price-to-earnings ratio of -2.93, a price-to-earnings-growth ratio of 0.76 and a beta of 1.32.

Hudson Pacific Properties Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Monday, June 17th were given a dividend of $0.05 per share. The ex-dividend date was Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 4.27%. Hudson Pacific Properties’s dividend payout ratio (DPR) is -12.50%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. BMO Capital Markets cut shares of Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $8.00 to $6.00 in a report on Thursday. Piper Sandler cut shares of Hudson Pacific Properties from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $7.00 to $6.00 in a report on Thursday. Morgan Stanley cut shares of Hudson Pacific Properties from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $6.00 to $4.25 in a report on Wednesday, July 10th. Finally, The Goldman Sachs Group decreased their target price on shares of Hudson Pacific Properties from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.52.

Insider Activity

In other news, CEO Victor J. Coleman sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $5.18, for a total transaction of $518,000.00. Following the completion of the transaction, the chief executive officer now owns 387,451 shares in the company, valued at approximately $2,006,996.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders acquired 13,420 shares of company stock worth $59,912. Corporate insiders own 2.95% of the company’s stock.

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.