Highwoods Properties (NYSE:HIW) Posts Quarterly Earnings Results, Beats Expectations By $0.42 EPS

Highwoods Properties (NYSE:HIW) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.42, FiscalAI reports. Highwoods Properties had a return on equity of 3.97% and a net margin of 11.64%.The business had revenue of $216.38 million for the quarter, compared to the consensus estimate of $212.15 million.

Highwoods Properties Price Performance

Shares of Highwoods Properties stock traded down $0.23 during midday trading on Tuesday, hitting $33.62. 1,757,851 shares of the company traded hands, compared to its average volume of 1,553,021. The firm’s fifty day moving average price is $29.68 and its 200-day moving average price is $25.95. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 40.02 and a beta of 1.07. Highwoods Properties has a 12 month low of $20.45 and a 12 month high of $34.03. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.50 and a current ratio of 1.50.

Highwoods Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Monday, August 17th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date is Monday, August 17th. Highwoods Properties’s dividend payout ratio (DPR) is presently 238.10%.

Highwoods Properties announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 22nd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to repurchase up to 9.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently weighed in on HIW. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $28.00 target price on shares of Highwoods Properties in a research report on Thursday, May 14th. Weiss Ratings raised shares of Highwoods Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 9th. Wells Fargo & Company increased their price objective on shares of Highwoods Properties from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. Truist Financial boosted their target price on shares of Highwoods Properties from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, June 26th. Finally, Morgan Stanley increased their price target on shares of Highwoods Properties from $23.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its position in Highwoods Properties by 88.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 792 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 372 shares during the last quarter. California State Teachers Retirement System increased its position in Highwoods Properties by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 98,051 shares of the real estate investment trust’s stock valued at $3,048,000 after acquiring an additional 489 shares during the period. The Manufacturers Life Insurance Company increased its position in Highwoods Properties by 3.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 19,896 shares of the real estate investment trust’s stock valued at $514,000 after acquiring an additional 572 shares during the period. Maryland State Retirement & Pension System raised its stake in shares of Highwoods Properties by 3.3% during the fourth quarter. Maryland State Retirement & Pension System now owns 22,218 shares of the real estate investment trust’s stock valued at $574,000 after acquiring an additional 720 shares during the last quarter. Finally, Amundi lifted its holdings in shares of Highwoods Properties by 1.2% during the fourth quarter. Amundi now owns 74,337 shares of the real estate investment trust’s stock worth $1,919,000 after purchasing an additional 879 shares during the period. 96.31% of the stock is currently owned by institutional investors and hedge funds.

About Highwoods Properties

Highwoods Properties, Inc is a publicly traded real estate investment trust (REIT) that acquires, develops, leases and manages office properties. The company’s portfolio is primarily focused on Class A office space, with an emphasis on high-quality buildings in key urban and suburban submarkets. Highwoods seeks to generate long-term, recurring revenues through a mix of in-place lease renewals, strategic dispositions and build-to-suit developments. Its asset management platform drives operational efficiencies and tenant service initiatives across its holdings.

Founded in 1970 and headquartered in Raleigh, North Carolina, Highwoods Properties has expanded its presence to eight major metropolitan regions across the Southeastern United States and Texas.