Institutional Reshuffling Around HPP as Goldman Sachs Takes Cautious Stance

Mixed Signals from the Money

The appetite for Hudson Pacific Properties among major institutional players tells an interesting story beneath the surface. With 478 fund or institutions now holding positions—a 57-owner expansion representing 13.54% quarterly growth—there’s undeniable interest in the real estate investment trust. Yet the movements within these portfolios paint a more nuanced picture than simple bullish conviction.

Goldman Sachs recently sustained its Neutral stance on HPP, reflecting analyst ambivalence about near-term trajectory. Meanwhile, the broader institutional community shows divergent conviction levels, with total institutional share ownership climbing 13.63% to 504.378 million shares over the past three months.

Where the Numbers Point

Analysts maintain a collective one-year price target averaging $3.20 per share for Hudson Pacific Properties as of mid-November 2025, implying approximately 80% upside potential from the most recent $1.78 closing price. Projections span from $2.02 to $5.25, reflecting genuine disagreement about the path forward. Revenue expectations anticipate 1,095 million in annual performance, representing a 40% improvement trajectory.

The put/call ratio of 0.28 signals bullish leanings among options traders, suggesting market participants see asymmetric opportunity ahead despite institutional caution.

Portfolio Shuffles Among the Heavyweights

Cohen & Steers, maintaining the largest stake at 15.99% (60.665 million shares), actually trimmed exposure by 5.17% during the quarter. The firm reduced its overall HPP allocation by 5.77%, suggesting selective rebalancing rather than outright pessimism.

Balyasny Asset Management exhibited more pronounced retreat, cutting holdings by 21%—from 15.713 million to 12.986 million shares—while shrinking portfolio weight by nearly 30%. This represents meaningful conviction reduction.

Contrasting sharply, Vanguard’s Real Estate Index Fund substantially increased its position by 60%, jumping from 5.038 million to 12.595 million shares, indicating systematic real estate reallocation rather than active stock picking. This 196% boost to portfolio allocation demonstrates index-driven demand.

Principal Financial and Prudential Financial both increased absolute share counts during the period, though both simultaneously reduced overall portfolio concentration—a pattern suggesting tactical repositioning within larger HPP allocation frameworks.

The Neutral Verdict

Goldman Sachs’ maintained Neutral rating encapsulates the current institutional mindset around Hudson Pacific Properties: potential exists, but conviction remains restrained. The 80% price target upside against modest revenue growth expectations illustrates the valuation disconnect—HPP trades at levels where recovery depends on operational execution rather than multiple expansion tailwinds.