Highwoods Properties Inc. (NYSE:HIW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $56.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price objective suggests a potential upside of 13.68% from the stock’s current price.
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. 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.”
Several other equities analysts have also issued reports on the company. SunTrust Banks Inc. boosted their target price on Highwoods Properties from $48.00 to $53.00 and gave the stock a “neutral” rating in a research report on Friday, July 15th. Citigroup Inc. boosted their target price on Highwoods Properties from $47.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. Oppenheimer Holdings Inc. lifted their price objective on Highwoods Properties from $55.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. BTIG Research assumed coverage on Highwoods Properties in a research report on Thursday, August 25th. They issued a “neutral” rating for the company. Finally, Wood & Company reiterated a “buy” rating and issued a $62.00 price objective on shares of Highwoods Properties in a research report on Thursday, August 4th. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Highwoods Properties has a consensus rating of “Hold” and a consensus target price of $53.20.
Highwoods Properties (NYSE:HIW) opened at 49.26 on Wednesday. The firm has a market cap of $4.86 billion, a P/E ratio of 9.20 and a beta of 0.89. Highwoods Properties has a one year low of $38.08 and a one year high of $56.23. The firm’s 50-day moving average price is $52.08 and its 200 day moving average price is $50.44.
Highwoods Properties (NYSE:HIW) last posted its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.02. The company earned $166.86 million during the quarter, compared to analyst estimates of $164.24 million. Highwoods Properties had a return on equity of 5.22% and a net margin of 78.77%. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.77 EPS. On average, equities research analysts forecast that Highwoods Properties will post $3.26 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 7th. Shareholders of record on Monday, August 15th were paid a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 3.45%. The ex-dividend date was Thursday, August 11th. Highwoods Properties’s payout ratio is 31.89%.
In other Highwoods Properties 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 value of $221,319.28. Following the sale, the senior vice president now owns 70,329 shares in the company, valued at approximately $3,693,679.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Highwoods Properties by 3.4% in the second quarter. Vanguard Group Inc. now owns 14,553,214 shares of the real estate investment trust’s stock worth $768,410,000 after buying an additional 473,580 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Highwoods Properties by 17.7% in the first quarter. Goldman Sachs Group Inc. now owns 4,852,392 shares of the real estate investment trust’s stock worth $231,993,000 after buying an additional 731,364 shares in the last quarter. State Street Corp boosted its stake in shares of Highwoods Properties by 2.6% in the first quarter. State Street Corp now owns 4,521,432 shares of the real estate investment trust’s stock worth $216,171,000 after buying an additional 113,296 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Highwoods Properties by 1.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,988,072 shares of the real estate investment trust’s stock worth $210,570,000 after buying an additional 66,964 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Highwoods Properties by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 3,898,354 shares of the real estate investment trust’s stock worth $205,832,000 after buying an additional 33,659 shares in 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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