Cohen & Steers Inc. Sells 1,460,014 Shares of Highwoods Properties, Inc. $HIW

Key Points

• Cohen & Steers Inc. cut its Highwoods Properties stake by 10.6% in the fourth quarter, selling 1,460,014 shares and ending with 12,354,823 shares valued at about $319.0 million.
• Wall Street sentiment is cautious: Highwoods Properties currently has a consensus rating of “Hold,” with two Buy ratings and six Hold ratings, and an average price target of $27.33.
• The REIT reported solid recent results and capital returns, posting Q1 EPS of $0.29 versus $0.16 expected, and it also authorized a $250 million share repurchase program while paying a quarterly dividend of $0.50 per share.

Cohen & Steers Inc. reduced its holdings in shares of Highwoods Properties, Inc. (NYSE:HIW - Free Report) by 10.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,354,823 shares of the real estate investment trust's stock after selling 1,460,014 shares during the period. Cohen & Steers Inc. owned about 11.24% of Highwoods Properties worth $319,031,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Highwoods Properties by 8.6% in the third quarter. JPMorgan Chase & Co. now owns 772,326 shares of the real estate investment trust's stock worth $24,575,000 after purchasing an additional 61,443 shares during the last quarter. Pacific Heights Asset Management LLC grew its holdings in shares of Highwoods Properties by 40.0% in the fourth quarter. Pacific Heights Asset Management LLC now owns 350,000 shares of the real estate investment trust's stock worth $9,037,000 after purchasing an additional 100,000 shares during the last quarter. Bayhunt Capital LLC bought a new position in shares of Highwoods Properties in the fourth quarter worth approximately $13,125,000. LSV Asset Management grew its holdings in shares of Highwoods Properties by 6.4% in the fourth quarter. LSV Asset Management now owns 1,187,100 shares of the real estate investment trust's stock worth $30,651,000 after purchasing an additional 71,500 shares during the last quarter. Finally, Aew Capital Management L P grew its holdings in shares of Highwoods Properties by 3.8% in the fourth quarter. Aew Capital Management L P now owns 2,433,243 shares of the real estate investment trust's stock worth $62,826,000 after purchasing an additional 88,672 shares during the last quarter. 96.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on HIW. Citigroup cut their target price on shares of Highwoods Properties from $30.00 to $24.00 and set a "neutral" rating on the stock in a report on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $28.00 target price on shares of Highwoods Properties in a report on Thursday, May 14th. Morgan Stanley upgraded shares of Highwoods Properties from an "underweight" rating to an "equal weight" rating and cut their target price for the stock from $24.00 to $23.00 in a report on Tuesday, March 31st. Mizuho cut their target price on shares of Highwoods Properties from $30.00 to $25.00 and set a "neutral" rating on the stock in a report on Tuesday, February 24th. Finally, Robert W. Baird set a $29.00 target price on shares of Highwoods Properties in a report on Wednesday, February 25th. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Highwoods Properties presently has a consensus rating of "Hold" and an average price target of $27.33.

Highwoods Properties Stock Performance

Shares of HIW stock opened at $29.81 on Friday. The stock has a fifty day moving average of $25.14 and a 200 day moving average of $24.87. Highwoods Properties, Inc. has a 52 week low of $20.45 and a 52 week high of $32.76. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of 35.49 and a beta of 1.09. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.46.

Highwoods Properties (NYSE:HIW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.13. Highwoods Properties had a return on equity of 3.97% and a net margin of 11.64%.The company had revenue of $214.03 million during the quarter, compared to analyst estimates of $209.06 million. During the same quarter last year, the firm posted $0.83 earnings per share. The firm's revenue was up 6.8% on a year-over-year basis. Highwoods Properties has set its FY 2026 guidance at 3.400-3.68 EPS. As a group, research analysts expect that Highwoods Properties, Inc. will post 3.53 earnings per share for the current year.

Highwoods Properties announced that its Board of Directors has approved a share repurchase program on Wednesday, April 22nd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the real estate investment trust to buy up to 9.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Highwoods Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Monday, May 18th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $2.00 dividend on an annualized basis and a yield of 6.7%. Highwoods Properties's dividend payout ratio (DPR) is presently 238.10%.

Highwoods Properties Profile

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.

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