Highwoods Properties Inc. (HIW) Upgraded at Zacks Investment Research
Highwoods Properties Inc. (NYSE:HIW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $56.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s price objective indicates a potential upside of 11.27% from the stock’s previous close.
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. 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.”
HIW has been the subject of several other research reports. 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. lifted their price objective on shares of Highwoods Properties from $55.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. Citigroup Inc. lifted their price objective on shares of Highwoods Properties from $47.00 to $52.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. SunTrust Banks Inc. lifted their price objective on shares of Highwoods Properties from $48.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, July 15th. Finally, Wood & Company reiterated a “buy” rating and set a $62.00 price objective on shares of Highwoods Properties in a report on Thursday, August 4th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Highwoods Properties currently has a consensus rating of “Hold” and an average target price of $53.20.
Shares of Highwoods Properties (NYSE:HIW) traded down 2.32% on Wednesday, hitting $49.16. 390,278 shares of the stock traded hands. The stock has a market cap of $4.85 billion, a P/E ratio of 9.18 and a beta of 0.89. Highwoods Properties has a 52-week low of $38.08 and a 52-week high of $56.23. The stock’s 50 day moving average price is $52.31 and its 200 day moving average price is $50.46.
Highwoods Properties (NYSE:HIW) last released its earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.02. The firm earned $166.86 million during the quarter, compared to analyst estimates of $164.24 million. Highwoods Properties had a net margin of 78.77% and a return on equity of 5.22%. The business’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the business earned $0.77 EPS. On average, equities analysts expect that Highwoods Properties will post $3.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 7th. Shareholders of record on Monday, August 15th were given a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Thursday, August 11th. Highwoods Properties’s dividend payout ratio (DPR) is 31.89%.
In other Highwoods Properties news, SVP Jeffrey Douglas Miller sold 4,214 shares of the firm’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.52, for a total transaction of $221,319.28. Following the transaction, the senior vice president now owns 70,329 shares of the company’s stock, valued at approximately $3,693,679.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.10% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in Highwoods Properties during the fourth quarter worth approximately $34,708,000. Aperio Group LLC increased its position in shares of Highwoods Properties by 10.2% in the first quarter. Aperio Group LLC now owns 32,956 shares of the real estate investment trust’s stock worth $1,576,000 after buying an additional 3,061 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Highwoods Properties by 0.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 77,220 shares of the real estate investment trust’s stock worth $3,692,000 after buying an additional 250 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Highwoods Properties by 4.2% in the first quarter. Franklin Resources Inc. now owns 366,844 shares of the real estate investment trust’s stock worth $17,539,000 after buying an additional 14,700 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of Highwoods Properties by 5.9% in the first quarter. BlackRock Inc. now owns 135,764 shares of the real estate investment trust’s stock worth $6,490,000 after buying an additional 7,539 shares during the last quarter.
About Highwoods Properties
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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