Highwoods Properties Inc. (HIW) Rating Lowered to Hold at Zacks Investment Research
Highwoods Properties Inc. (NYSE:HIW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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 research analysts have also recently weighed in on HIW. Wood & Company restated a “buy” rating and issued a $62.00 price objective on shares of Highwoods Properties in a report on Thursday, August 4th. BTIG Research started coverage on shares of Highwoods Properties in a report on Thursday, August 25th. They issued a “neutral” rating for the company. Oppenheimer Holdings Inc. boosted their price target on shares of Highwoods Properties from $55.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, August 3rd. Citigroup Inc. boosted their price target on shares of Highwoods Properties from $47.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th. Finally, SunTrust Banks Inc. boosted their price target on shares of Highwoods Properties from $48.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, July 15th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Highwoods Properties presently has a consensus rating of “Hold” and an average target price of $53.20.
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Highwoods Properties (NYSE:HIW) traded down 0.518% on Friday, hitting $49.005. 205,478 shares of the company were exchanged. The firm’s 50 day moving average is $52.08 and its 200 day moving average is $50.44. The company has a market capitalization of $4.83 billion, a P/E ratio of 9.151 and a beta of 0.89. Highwoods Properties has a 52 week low of $38.08 and a 52 week high of $56.23.
Highwoods Properties (NYSE:HIW) last announced its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02. The firm earned $166.86 million during the quarter, compared to analysts’ expectations of $164.24 million. Highwoods Properties had a net margin of 78.77% and a return on equity of 5.22%. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.77 earnings per share. On average, equities research analysts forecast that Highwoods Properties will post $3.26 earnings per share for the current fiscal year.
The business 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 dividend on an annualized basis 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 firm’s stock in a transaction 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 directly owns 70,329 shares in the company, valued at $3,693,679.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. 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.
Highwoods Properties Company Profile
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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