Highwoods Properties (NYSE:HIW) Posts Earnings Results, Misses Expectations By $0.74 EPS

Highwoods Properties (NYSE:HIW) issued its earnings results on Tuesday. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.74), Yahoo Finance reports. The company had revenue of $204.30 million for the quarter, compared to analysts’ expectations of $204.96 million. Highwoods Properties had a net margin of 18.30% and a return on equity of 6.33%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 earnings per share. 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 Up 2.2 %

NYSE:HIW traded up $0.79 during mid-day trading on Wednesday, reaching $36.38. The stock had a trading volume of 133,524 shares, compared to its average volume of 978,106. Highwoods Properties has a fifty-two week low of $17.06 and a fifty-two week high of $36.55. The business’s 50 day moving average is $32.83 and its 200 day moving average is $28.90. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market cap of $3.86 billion, a P/E ratio of 29.16 and a beta of 1.26.

Highwoods Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 5.50%. The ex-dividend date of this dividend is Monday, November 18th. Highwoods Properties’s payout ratio is 163.93%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on HIW. Wells Fargo & Company increased their price target on shares of Highwoods Properties from $22.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Robert W. Baird lifted their price target on shares of Highwoods Properties from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft cut shares of Highwoods Properties from a “buy” rating to a “hold” rating and lifted their target price for the stock from $31.00 to $35.00 in a research note on Tuesday, October 1st. Finally, Truist Financial boosted their price target on shares of Highwoods Properties from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Highwoods Properties presently has a consensus rating of “Hold” and a consensus price target of $28.50.

Highwoods Properties Company Profile

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.