Wall Street analysts forecast that Highwoods Properties Inc (NYSE:HIW) will report $177.98 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Highwoods Properties’ earnings, with the highest sales estimate coming in at $180.58 million and the lowest estimate coming in at $176.17 million. Highwoods Properties posted sales of $180.19 million during the same quarter last year, which would indicate a negative year over year growth rate of 1.2%. The firm is expected to report its next quarterly earnings results on Tuesday, October 23rd.
According to Zacks, analysts expect that Highwoods Properties will report full-year sales of $717.47 million for the current year, with estimates ranging from $713.30 million to $724.00 million. For the next financial year, analysts expect that the firm will report sales of $744.19 million per share, with estimates ranging from $728.97 million to $761.45 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Highwoods Properties.
Highwoods Properties (NYSE:HIW) last issued its quarterly earnings results on Tuesday, July 24th. The real estate investment trust reported $0.49 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.37). The company had revenue of $178.79 million during the quarter, compared to analysts’ expectations of $178.37 million. Highwoods Properties had a net margin of 27.68% and a return on equity of 8.96%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 earnings per share.
A number of research analysts have weighed in on the stock. ValuEngine lowered shares of Highwoods Properties from a “hold” rating to a “sell” rating in a research note on Friday, June 15th. Zacks Investment Research raised shares of Highwoods Properties from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Monday, June 18th. Wood & Company reissued a “sell” rating on shares of Highwoods Properties in a research note on Friday, August 10th. Wells Fargo & Co raised their target price on shares of Highwoods Properties from $49.00 to $54.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 19th. Finally, Stifel Nicolaus raised shares of Highwoods Properties from a “hold” rating to a “buy” rating and raised their target price for the stock from $46.00 to $53.00 in a research note on Friday, June 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $53.71.
Shares of Highwoods Properties stock opened at $48.10 on Friday. The stock has a market capitalization of $5.05 billion, a P/E ratio of 14.66, a P/E/G ratio of 4.78 and a beta of 0.73. Highwoods Properties has a twelve month low of $41.34 and a twelve month high of $53.34. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.15 and a current ratio of 1.15.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 5th. Shareholders of record on Monday, August 13th were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend was Friday, August 10th. Highwoods Properties’s dividend payout ratio (DPR) is 56.40%.
In other Highwoods Properties news, EVP Jeffrey Douglas Miller sold 3,676 shares of the firm’s stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $50.87, for a total value of $186,998.12. Following the transaction, the executive vice president now directly owns 83,438 shares of the company’s stock, valued at approximately $4,244,491.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark F. Mulhern sold 14,141 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $49.96, for a total transaction of $706,484.36. Following the completion of the transaction, the chief financial officer now directly owns 81,780 shares in the company, valued at $4,085,728.80. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in HIW. Wells Fargo & Company MN raised its position in shares of Highwoods Properties by 11.0% during the 1st quarter. Wells Fargo & Company MN now owns 103,966 shares of the real estate investment trust’s stock valued at $4,555,000 after buying an additional 10,296 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Highwoods Properties by 3.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 98,230 shares of the real estate investment trust’s stock valued at $4,304,000 after buying an additional 3,293 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Highwoods Properties by 15.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,438 shares of the real estate investment trust’s stock valued at $457,000 after buying an additional 1,427 shares during the period. State Board of Administration of Florida Retirement System raised its position in shares of Highwoods Properties by 9.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 119,314 shares of the real estate investment trust’s stock valued at $5,228,000 after buying an additional 10,767 shares during the period. Finally, Swiss National Bank raised its position in shares of Highwoods Properties by 2.3% during the 1st quarter. Swiss National Bank now owns 179,902 shares of the real estate investment trust’s stock valued at $7,883,000 after buying an additional 4,100 shares during the period. 92.42% of the stock is currently owned by hedge funds and other institutional investors.
About Highwoods Properties
Highwoods Properties, Inc, headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (?REIT?) and a member of the S&P MidCap 400 Index. The Company is a fullyintegrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.
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