Highwoods Properties (NYSE:HIW) Updates FY 2024 Earnings Guidance

Highwoods Properties (NYSE:HIW) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.590-3.630 for the period, compared to the consensus earnings per share estimate of 3.590. The company issued revenue guidance of -. Highwoods Properties also updated its FY24 guidance to $3.59-3.63 EPS.

Highwoods Properties Stock Down 0.6 %

HIW traded down $0.22 during trading on Thursday, hitting $35.53. 394,732 shares of the company’s stock were exchanged, compared to its average volume of 983,172. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.34. The business’s 50 day moving average is $32.92 and its two-hundred day moving average is $28.95. Highwoods Properties has a fifty-two week low of $17.06 and a fifty-two week high of $36.78. The stock has a market cap of $3.77 billion, a P/E ratio of 29.30 and a beta of 1.26.

Highwoods Properties (NYSE:HIW) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.74). Highwoods Properties had a return on equity of 6.33% and a net margin of 18.30%. The business had revenue of $204.30 million for the quarter, compared to analyst estimates of $204.96 million. During the same quarter in the previous year, the company posted $0.93 EPS. The business’s quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities analysts expect that Highwoods Properties will post 3.6 earnings per share for the current fiscal year.

Highwoods Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a $0.50 dividend. The ex-dividend date is Monday, November 18th. This represents a $2.00 annualized dividend and a dividend yield of 5.63%. Highwoods Properties’s dividend payout ratio is currently 163.93%.

Analyst Ratings Changes

Several analysts have recently commented on HIW shares. Robert W. Baird increased their target price on shares of Highwoods Properties from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft downgraded shares of Highwoods Properties from a “buy” rating to a “hold” rating and increased their target price for the company from $31.00 to $35.00 in a report on Tuesday, October 1st. Wells Fargo & Company increased 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. Finally, Truist Financial increased their target price on shares of Highwoods Properties from $29.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.50.

About Highwoods Properties

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.