Highwoods Properties (NYSE:HIW) Announces Earnings Results, Misses Estimates By $0.74 EPS

Highwoods Properties (NYSE:HIW) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.74), Yahoo Finance reports. The firm had revenue of $204.30 million for the quarter, compared to analysts’ expectations of $204.96 million. Highwoods Properties had a return on equity of 6.33% and a net margin of 18.30%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS. 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 Trading Up 1.6 %

Shares of Highwoods Properties stock traded up $0.58 during trading hours on Wednesday, reaching $36.17. 326,541 shares of the company’s stock were exchanged, compared to its average volume of 979,048. Highwoods Properties has a 52-week low of $17.06 and a 52-week high of $36.78. The company has a fifty day moving average of $32.83 and a 200-day moving average of $28.90. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 29.82 and a beta of 1.26.

Highwoods Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $0.50 dividend. The ex-dividend date is Monday, November 18th. This represents a $2.00 annualized dividend and a yield of 5.53%. Highwoods Properties’s payout ratio is currently 163.93%.

Analyst Ratings Changes

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

About Highwoods Properties

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.