Highwoods Properties (NYSE:HIW) Posts Earnings Results, Misses Expectations By $0.74 EPS

Highwoods Properties (NYSE:HIW) posted its earnings results 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 analyst estimates of $204.96 million. Highwoods Properties had a return on equity of 6.33% and a net margin of 18.30%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.93 earnings per share. 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 Stock Performance

Shares of NYSE:HIW traded up $0.58 on Wednesday, hitting $36.17. The company’s stock had a trading volume of 326,541 shares, compared to its average volume of 979,048. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 29.82 and a beta of 1.26. The stock’s 50-day moving average is $32.83 and its two-hundred day moving average is $28.90. Highwoods Properties has a 12 month low of $17.06 and a 12 month high of $36.78. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.29 and a current ratio of 1.29.

Highwoods Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 5.53%. The ex-dividend date is Monday, November 18th. Highwoods Properties’s dividend payout ratio (DPR) is 163.93%.

Analyst Upgrades and Downgrades

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