Highwoods Properties (NYSE:HIW) Announces Quarterly Earnings Results

Highwoods Properties (NYSE:HIW) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm 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 earned $0.93 EPS. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. 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 Stock Down 0.5 %

Shares of HIW traded down $0.18 during mid-day trading on Thursday, reaching $35.57. The company’s stock had a trading volume of 1,521,910 shares, compared to its average volume of 988,643. The business has a fifty day moving average of $32.92 and a 200 day moving average of $28.95. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 29.30 and a beta of 1.26. Highwoods Properties has a 1 year low of $17.06 and a 1 year high of $36.78. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.34.

Highwoods Properties Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 5.62%. Highwoods Properties’s payout ratio is currently 163.93%.

Analyst Upgrades and Downgrades

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