Highwoods Properties (NYSE:HIW) Issues FY24 Earnings Guidance

Highwoods Properties (NYSE:HIW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $3.59-3.63 for the period, compared to the consensus EPS estimate of $3.60.

Highwoods Properties Stock Up 0.0 %

Shares of HIW stock traded up $0.01 during midday trading on Tuesday, reaching $35.59. 1,334,901 shares of the stock were exchanged, compared to its average volume of 982,238. Highwoods Properties has a 1 year low of $17.06 and a 1 year high of $36.55. The company’s 50 day moving average is $32.74 and its two-hundred day moving average is $28.83. 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 cap of $3.77 billion, a PE ratio of 29.05 and a beta of 1.26.

Highwoods Properties (NYSE:HIW) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.31). Highwoods Properties had a return on equity of 6.33% and a net margin of 18.30%. The firm had revenue of $204.74 million for the quarter, compared to analysts’ expectations of $205.06 million. During the same quarter last year, the company posted $0.94 EPS. The firm’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts predict that Highwoods Properties will post 3.6 EPS for the current year.

Highwoods Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.62%. Highwoods Properties’s dividend payout ratio is currently 163.93%.

Wall Street Analyst Weigh In

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