Highwoods Properties (NYSE:HIW) Issues Quarterly Earnings Results

Highwoods Properties (NYSE:HIW) released its earnings results on Tuesday. The real estate investment trust reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.74), Yahoo Finance reports. Highwoods Properties had a net margin of 18.30% and a return on equity of 6.33%. The company had revenue of $204.30 million for the quarter, compared to the consensus estimate of $204.96 million. During the same period in the prior year, the company earned $0.93 earnings per share. The firm’s revenue was down 1.4% on a year-over-year basis. Highwoods Properties updated its FY24 guidance to $3.59-3.63 EPS and its FY 2024 guidance to 3.590-3.630 EPS.

Highwoods Properties Trading Down 0.4 %

HIW stock opened at $35.59 on Friday. The company has a market capitalization of $3.77 billion, a PE ratio of 29.16 and a beta of 1.26. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.29 and a current ratio of 1.29. Highwoods Properties has a one year low of $17.06 and a one year high of $36.78. The company’s 50 day moving average price is $32.99 and its two-hundred day moving average price is $29.00.

Highwoods Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 5.62%. The ex-dividend date is Monday, November 18th. Highwoods Properties’s dividend payout ratio is currently 163.93%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Robert W. Baird increased their price objective on Highwoods Properties from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on shares of Highwoods Properties from $22.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, September 11th. Truist Financial lifted their price target on Highwoods Properties from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft cut Highwoods Properties from a “buy” rating to a “hold” rating and increased their price objective for the stock from $31.00 to $35.00 in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.50.

Highwoods Properties Company Profile

Highwoods Properties, Inc, headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (REIT) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.