Los Angeles, CA – In a recent transaction, Harout Krikor Diramerian, the Chief Financial Officer of Hudson Pacific Properties, Inc. (NYSE:HPP), acquired shares of the company's common stock valued at $9,974. The transaction, dated May 29, 2024, involved the purchase of 2,325 shares at a price of $4.29 per share.
This latest acquisition by Diramerian reflects a vote of confidence in the real estate investment trust, which specializes in owning, operating, and acquiring high-quality office and studio properties in select West Coast markets. Following the transaction, the CFO's total holdings in Hudson (NYSE:HUD) Pacific Properties have increased to 53,246 shares of common stock.
Investors often monitor insider transactions as they can provide insights into the company's performance and future prospects as seen by its executives. Shares of Hudson Pacific Properties, Inc. are publicly traded on the New York Stock Exchange under the ticker symbol HPP. The company, incorporated in Maryland, has its fiscal year ending on December 31.
The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission. The form is used to report changes in company ownership by directors, officers, or any beneficial owners holding more than ten percent of a class of the company's securities.
Hudson Pacific Properties, Inc., with its headquarters at 11601 Wilshire Blvd., Los Angeles, CA, has not issued any comments on the transaction at this time.
InvestingPro Insights
Amidst the backdrop of insider confidence, as demonstrated by CFO Harout Krikor Diramerian's recent stock purchase, Hudson Pacific Properties, Inc. (NYSE:HPP) presents a mixed financial picture according to the latest data from InvestingPro. The company's market capitalization stands at $646.51 million, indicating a mid-sized player in the real estate investment sector. Despite a challenging environment, reflected in a -11.97% revenue contraction over the last twelve months as of Q1 2024, the company maintains a strong gross profit margin of 50.66%, showcasing its ability to retain a significant portion of sales as gross profit.
InvestingPro Tips highlight that the stock is currently trading at a low Price / Book multiple of 0.23, suggesting that the market may be undervaluing the company's assets relative to its share price. Additionally, the stock has experienced a significant decline over the last week, with a -12.13% price total return, which may attract investors looking for potential bargains.
For those interested in a deeper dive into Hudson Pacific Properties, InvestingPro offers a suite of additional tips, with a total of 12 InvestingPro Tips available, providing a comprehensive analysis of the company's financial health and stock performance. Investors looking to leverage these insights can take advantage of a special offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/HPP.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.