Highwoods Properties (NYSE:HIW) Issues FY24 Earnings Guidance

Highwoods Properties (NYSE:HIW) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $3.59-3.63 for the period, compared to the consensus EPS estimate of $3.60. Highwoods Properties also updated its FY 2024 guidance to 3.590-3.630 EPS.

Wall Street Analyst Weigh In

A number of research firms have commented on HIW. Deutsche Bank Aktiengesellschaft cut shares of Highwoods Properties from a “buy” rating to a “hold” rating and raised their target price for the stock from $31.00 to $35.00 in a research note on Tuesday, October 1st. Wells Fargo & Company upped their target price on shares of Highwoods Properties from $22.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 11th. Robert W. Baird raised their price target on Highwoods Properties from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, Truist Financial upped their price objective on Highwoods Properties from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Highwoods Properties presently has an average rating of “Hold” and a consensus target price of $28.50.

Highwoods Properties Price Performance

NYSE HIW traded down $0.05 on Thursday, reaching $35.70. The company had a trading volume of 279,924 shares, compared to its average volume of 982,614. The stock has a market capitalization of $3.78 billion, a PE ratio of 29.30 and a beta of 1.26. Highwoods Properties has a 12 month low of $17.06 and a 12 month high of $36.78. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.34. The firm’s 50 day moving average price is $32.92 and its 200 day moving average price is $28.95.

Highwoods Properties (NYSE:HIW) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.74). The firm had revenue of $204.30 million during the quarter, compared to analysts’ expectations of $204.96 million. Highwoods Properties had a return on equity of 6.33% and a net margin of 18.30%. Highwoods Properties’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 earnings per share. As a group, equities analysts predict that Highwoods Properties will post 3.6 earnings per share for the current year.

Highwoods Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 5.60%. The ex-dividend date of this dividend is Monday, November 18th. Highwoods Properties’s dividend payout ratio is presently 163.93%.

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.