Highwoods Properties (NYSE:HIW) Shares Gap Up on Better-Than-Expected Earnings

Shares of Highwoods Properties, Inc. (NYSE:HIW - Get Free Report) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $27.73, but opened at $28.84. Highwoods Properties shares last traded at $27.09, with a volume of 116,989 shares changing hands.

The real estate investment trust reported $0.83 EPS for the quarter, topping the consensus estimate of $0.82 by $0.01. Highwoods Properties had a net margin of 12.37% and a return on equity of 4.33%. The business had revenue of $200.38 million during the quarter, compared to analyst estimates of $201.31 million. During the same period in the prior year, the business earned $0.89 EPS. The company's revenue for the quarter was down 5.2% on a year-over-year basis.

Highwoods Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 6.85%. The ex-dividend date is Monday, May 19th. Highwoods Properties's dividend payout ratio (DPR) is presently 124.22%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Jefferies Financial Group started coverage on Highwoods Properties in a report on Monday, March 17th. They issued a "buy" rating and a $32.00 price target on the stock. StockNews.com raised Highwoods Properties from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Truist Financial reduced their target price on shares of Highwoods Properties from $33.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Finally, Mizuho raised their price target on Highwoods Properties from $24.00 to $29.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Highwoods Properties has a consensus rating of "Hold" and a consensus price target of $32.50.

Institutional Investors Weigh In On Highwoods Properties

A number of large investors have recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its holdings in Highwoods Properties by 375.0% in the 4th quarter. Jones Financial Companies Lllp now owns 855 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 675 shares during the last quarter. POM Investment Strategies LLC bought a new position in shares of Highwoods Properties in the first quarter worth about $28,000. GF Fund Management CO. LTD. acquired a new position in Highwoods Properties during the 4th quarter valued at about $59,000. Spirit of America Management Corp NY bought a new position in Highwoods Properties during the first quarter worth about $59,000. Finally, Smartleaf Asset Management LLC grew its stake in Highwoods Properties by 124.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,434 shares of the real estate investment trust's stock valued at $73,000 after acquiring an additional 1,351 shares during the period. Institutional investors and hedge funds own 96.31% of the company's stock.

Highwoods Properties Stock Performance

The firm has a market cap of $3.15 billion, a price-to-earnings ratio of 30.74 and a beta of 1.15. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a 50-day moving average of $28.20 and a 200-day moving average of $30.05.

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.