Highwoods Properties (NYSE:HIW) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• Highwoods Properties beat quarterly earnings expectations: The REIT reported $0.29 in EPS versus the $0.21 consensus estimate, while revenue of $218.18 million also exceeded forecasts.
• The stock fell 1.6% to $29.89 during Tuesday trading. Analysts maintain a consensus “Hold” rating with an average price target of $32.00.
• Highwoods declared a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 6.7% yield; its payout ratio stands at 131.58%.

Highwoods Properties (NYSE:HIW - Get Free Report) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.08, FiscalAI reports. The company had revenue of $218.18 million during the quarter, compared to analyst estimates of $216.39 million. Highwoods Properties had a net margin of 20.74% and a return on equity of 7.06%.

Highwoods Properties Stock Down 1.6%

NYSE:HIW traded down $0.48 during mid-day trading on Tuesday, reaching $29.89. The company's stock had a trading volume of 1,623,400 shares, compared to its average volume of 1,436,011. Highwoods Properties has a 1 year low of $20.45 and a 1 year high of $35.44. The stock has a fifty day moving average of $30.25 and a 200-day moving average of $27.46. The firm has a market capitalization of $3.30 billion, a PE ratio of 19.67 and a beta of 1.06. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 1.37.

Highwoods Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Monday, November 16th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Monday, November 16th. Highwoods Properties's payout ratio is presently 131.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on HIW shares. Morgan Stanley upped their target price on shares of Highwoods Properties from $23.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 22nd. Huntington began coverage on shares of Highwoods Properties in a research note on Thursday, October 8th. They set a "market perform" rating and a $31.00 price target for the company. Mizuho set a $32.00 price target on Highwoods Properties in a report on Tuesday, September 8th. Wells Fargo & Company boosted their price target on Highwoods Properties from $26.00 to $32.00 and gave the company an "equal weight" rating in a report on Tuesday, September 1st. Finally, Weiss Ratings raised Highwoods Properties from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, July 31st. Eight investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $32.00.

About Highwoods Properties

Highwoods Properties, Inc NYSE: HIW is a real estate investment trust that owns, develops, leases and manages primarily office properties. Its portfolio includes office towers, campuses and mixed-use assets designed to serve businesses across a range of industries.

The company focuses on select high-growth markets in the U.S. Sun Belt, including Atlanta, Charlotte, Nashville, Orlando, Raleigh, Richmond and Tampa. In addition to leasing office space, Highwoods provides property management, development and tenant-support services for its buildings and commercial real estate customers.

Highwoods Properties is headquartered in Raleigh, North Carolina.

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