Zacks Investment Research Lowers Highwoods Properties Inc. (HIW) to Hold
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.”
Several other analysts have also issued reports on the stock. SunTrust Banks Inc. raised their price target on shares of Highwoods Properties from $48.00 to $53.00 and gave the stock a neutral rating in a research report on Friday, July 15th. Citigroup Inc. raised their price target on shares of Highwoods Properties from $47.00 to $52.00 and gave the stock a neutral rating in a research report on Thursday, July 7th. Oppenheimer Holdings Inc. raised their price target on shares of Highwoods Properties from $55.00 to $62.00 and gave the stock an outperform rating in a research report on Wednesday, August 3rd. BTIG Research started coverage on shares of Highwoods Properties in a research report on Thursday, August 25th. They issued a neutral rating on the stock. Finally, Wood & Company restated a buy rating and issued a $62.00 price target on shares of Highwoods Properties in a research report on Thursday, August 4th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $53.20.
Highwoods Properties (NYSE:HIW) opened at 48.91 on Friday. Highwoods Properties has a 12-month low of $38.08 and a 12-month high of $56.23. The stock has a 50 day moving average of $51.75 and a 200 day moving average of $50.53. The company has a market capitalization of $4.82 billion, a PE ratio of 9.13 and a beta of 0.89.
Highwoods Properties (NYSE:HIW) last posted its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.02. The company had revenue of $166.86 million for 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 quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the business posted $0.77 EPS. On average, equities research analysts predict that Highwoods Properties will post $3.26 EPS for the current year.
In related news, SVP Jeffrey Douglas Miller sold 4,214 shares of Highwoods Properties 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 completion of the transaction, the senior vice president now directly owns 70,329 shares of the company’s stock, valued at approximately $3,693,679.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in HIW. Norges Bank purchased a new position in shares of Highwoods Properties during the fourth quarter valued at about $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 valued at $1,576,000 after buying an additional 3,061 shares in 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 valued at $3,692,000 after buying an additional 250 shares in 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 valued at $17,539,000 after buying an additional 14,700 shares in 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 valued at $6,490,000 after buying an additional 7,539 shares in 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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