Highwoods Properties Inc. (NYSE:HIW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Highwoods recently announced the acquisition of the office property – Charter Square – in CBD Raleigh, which is in sync with its strategy of expansion in the BBDs (best business districts). The company also announced signing of a long-term build-to-suit lease with Virginia Urology. Together with this development project, the company currently boasts of a development pipeline of 1.7 million square feet. Investment for this pipeline is around $520 million. The company's funds from operations (FFO) per share estimates have been stable lately ahead of the company’s Q3 earnings release. Going forward, a robust balance sheet, diversified portfolio with several top-notch tenants, presence of high-quality office assets in BBDs of the core markets, bode well for the company’s growth. Yet, a high exposure to office assets and any hike in interest rate remain as concerns.”
A number of other equities analysts have also issued reports on HIW. Citigroup Inc. increased their target price on shares of Highwoods Properties from $47.00 to $52.00 and gave the company a “neutral” rating in a research report on Thursday, July 7th. SunTrust Banks Inc. increased their target price on shares of Highwoods Properties from $48.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, July 15th. Oppenheimer Holdings Inc. increased their target price on shares of Highwoods Properties from $55.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Wood & Company reiterated a “buy” rating and issued a $62.00 target price on shares of Highwoods Properties in a research report on Thursday, August 4th. Finally, BTIG Research started coverage on shares of Highwoods Properties in a research report on Thursday, August 25th. They issued a “neutral” rating for the company. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Highwoods Properties presently has a consensus rating of “Hold” and a consensus price target of $53.20.
Highwoods Properties (NYSE:HIW) traded down 0.713% on Friday, hitting $48.909. 202,769 shares of the company traded hands. The stock has a market cap of $4.82 billion, a PE ratio of 9.133 and a beta of 0.89. The stock’s 50-day moving average is $52.08 and its 200 day moving average is $50.44. Highwoods Properties has a 12 month low of $38.08 and a 12 month high of $56.23.
Highwoods Properties (NYSE:HIW) last released its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.82 EPS for the quarter, topping the consensus estimate of $0.80 by $0.02. The business earned $166.86 million during the quarter, compared to analyst estimates of $164.24 million. Highwoods Properties had a net margin of 78.77% and a return on equity of 5.22%. The company’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Equities research analysts expect that Highwoods Properties will post $3.26 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 7th. Investors of record on Monday, August 15th were issued a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Thursday, August 11th. Highwoods Properties’s payout ratio is presently 31.89%.
In related news, SVP Jeffrey Douglas Miller sold 4,214 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The stock was sold at an average price of $52.52, for a total transaction of $221,319.28. Following the transaction, the senior vice president now directly owns 70,329 shares of the company’s stock, valued at approximately $3,693,679.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Highwoods Properties during the fourth quarter worth $34,708,000. Aperio Group LLC raised its position in Highwoods Properties by 10.2% in the first quarter. Aperio Group LLC now owns 32,956 shares of the real estate investment trust’s stock worth $1,576,000 after buying an additional 3,061 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in Highwoods Properties by 0.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 77,220 shares of the real estate investment trust’s stock worth $3,692,000 after buying an additional 250 shares during the last quarter. Franklin Resources Inc. raised its position in Highwoods Properties by 4.2% in the first quarter. Franklin Resources Inc. now owns 366,844 shares of the real estate investment trust’s stock worth $17,539,000 after buying an additional 14,700 shares during the last quarter. Finally, BlackRock Inc. raised its position in Highwoods Properties by 5.9% in the first quarter. BlackRock Inc. now owns 135,764 shares of the real estate investment trust’s stock worth $6,490,000 after buying an additional 7,539 shares during the last quarter.
About Highwoods Properties
Highwoods Properties, Inc is a real estate investment trust. The Company provides leasing, management, development, construction and other customer-related services for its properties and for third-parties. The Company is engaged in the business of operation, acquisition and development of real estate properties.
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