Highwoods Properties Inc. (HIW) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Highwoods Properties Inc. (NYSE:HIW) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $56.00 price target on the real estate investment trust’s stock.
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.”
Several other equities analysts also recently commented on the stock. SunTrust Banks Inc. upped their price target on shares of Highwoods Properties from $48.00 to $53.00 and gave the company a neutral rating in a research note on Friday, July 15th. Citigroup Inc. increased their price objective on shares of Highwoods Properties from $47.00 to $52.00 and gave the stock a neutral rating in a research note on Thursday, July 7th. Oppenheimer Holdings Inc. increased their price objective on shares of Highwoods Properties from $55.00 to $62.00 and gave the stock an outperform rating in a research note on Wednesday, August 3rd. BTIG Research assumed coverage on shares of Highwoods Properties in a research note on Thursday, August 25th. They set a neutral rating on the stock. Finally, Wood & Company reiterated a buy rating and set a $62.00 price objective on shares of Highwoods Properties in a research note on Thursday, August 4th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $53.20.
Shares of Highwoods Properties (NYSE:HIW) traded up 1.11% during midday trading on Wednesday, hitting $49.38. 434,883 shares of the stock traded hands. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 9.22 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 firm’s 50-day moving average is $52.20 and its 200 day moving average is $50.45.
Highwoods Properties (NYSE:HIW) last released its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.02. Highwoods Properties had a net margin of 78.77% and a return on equity of 5.22%. The business had revenue of $166.86 million for the quarter, compared to the consensus estimate of $164.24 million. During the same period in the prior year, the company posted $0.77 earnings per share. Highwoods Properties’s revenue was up 12.3% compared to the same quarter last year. Equities analysts forecast that Highwoods Properties will post $3.26 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 7th. Investors of record on Monday, August 15th were given a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend was Thursday, August 11th. Highwoods Properties’s payout ratio is currently 31.89%.
In related news, SVP Jeffrey Douglas Miller sold 4,214 shares of Highwoods Properties stock in a transaction on Monday, September 26th. The shares were sold at an average price of $52.52, for a total value of $221,319.28. Following the completion of the sale, 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 SEC, which is accessible through the SEC website. 2.10% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Highwoods Properties by 3.4% in the second quarter. Vanguard Group Inc. now owns 14,553,214 shares of the real estate investment trust’s stock worth $768,410,000 after buying an additional 473,580 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Highwoods Properties by 17.7% in the first quarter. Goldman Sachs Group Inc. now owns 4,852,392 shares of the real estate investment trust’s stock worth $231,993,000 after buying an additional 731,364 shares in the last quarter. State Street Corp increased its position in Highwoods Properties by 2.6% in the first quarter. State Street Corp now owns 4,521,432 shares of the real estate investment trust’s stock worth $216,171,000 after buying an additional 113,296 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Highwoods Properties by 1.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,988,072 shares of the real estate investment trust’s stock worth $210,570,000 after buying an additional 66,964 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Highwoods Properties by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 3,898,354 shares of the real estate investment trust’s stock worth $205,832,000 after buying an additional 33,659 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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