According to Zacks, “Highwoods recently announced the acquisition of the office property – Charter Square – in CBD Raleigh, which is in sync with its strategy of expansion in the BBDs (best business districts). The company also announced signing of a long-term build-to-suit lease with Virginia Urology. Together with this development project, the company currently boasts of a development pipeline of 1.7 million square feet. Investment for this pipeline is around $520 million. The company's funds from operations (FFO) per share estimates have been stable lately ahead of the company’s Q3 earnings release. Going forward, a robust balance sheet, diversified portfolio with several top-notch tenants, presence of high-quality office assets in BBDs of the core markets, bode well for the company’s growth. Yet, a high exposure to office assets and any hike in interest rate remain as concerns.”
Other analysts have also recently issued research reports about the stock. Wood & Company reiterated a buy rating and issued a $62.00 price objective on shares of Highwoods Properties in a research note on Thursday, August 4th. SunTrust Banks Inc. lifted their price objective on shares of Highwoods Properties from $48.00 to $53.00 and gave the stock a neutral rating in a research note on Friday, July 15th. Citigroup Inc. lifted their price objective on shares of Highwoods Properties from $47.00 to $52.00 and gave the stock a neutral rating in a research note on Thursday, July 7th. Oppenheimer Holdings Inc. lifted their price objective on shares of Highwoods Properties from $55.00 to $62.00 and gave the stock an outperform rating in a research note on Wednesday, August 3rd. Finally, BTIG Research assumed coverage on shares of Highwoods Properties in a research note on Thursday, August 25th. They issued a neutral rating for the company. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Highwoods Properties currently has an average rating of Hold and a consensus target price of $53.20.
Highwoods Properties (NYSE:HIW) traded up 0.63% during mid-day trading on Friday, hitting $49.36. 64,166 shares of the stock traded hands. Highwoods Properties has a one year low of $38.08 and a one year high of $56.23. The stock has a market capitalization of $4.87 billion, a PE ratio of 9.22 and a beta of 0.89. The company has a 50 day moving average price of $51.96 and a 200-day moving average price of $50.46.
Highwoods Properties (NYSE:HIW) last issued its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.02. Highwoods Properties had a net margin of 78.77% and a return on equity of 5.22%. The business earned $166.86 million during the quarter, compared to analysts’ expectations of $164.24 million. During the same quarter in the previous year, the company earned $0.77 EPS. The business’s revenue was up 12.3% on a year-over-year basis. Equities analysts anticipate that Highwoods Properties will post $3.26 earnings per share for the current fiscal year.
In related news, SVP Jeffrey Douglas Miller sold 4,214 shares of Highwoods Properties stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $52.52, for a total transaction of $221,319.28. Following the sale, the senior vice president now directly owns 70,329 shares of the company’s stock, valued at approximately $3,693,679.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.10% of the company’s stock.
Several large investors have recently made changes to their positions in HIW. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Highwoods Properties by 1.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 16,816 shares of the real estate investment trust’s stock valued at $888,000 after buying an additional 236 shares during the period. Mason Street Advisors LLC acquired a new stake in Highwoods Properties during the second quarter worth $2,345,000. Cohen & Steers Inc. raised its stake in Highwoods Properties by 17.3% in the second quarter. Cohen & Steers Inc. now owns 3,596,451 shares of the real estate investment trust’s stock worth $189,893,000 after buying an additional 529,393 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in Highwoods Properties by 33.1% in the second quarter. Public Employees Retirement System of Ohio now owns 145,443 shares of the real estate investment trust’s stock worth $7,679,000 after buying an additional 36,170 shares during the last quarter. Finally, Amalgamated Bank raised its stake in Highwoods Properties by 23.7% in the second quarter. Amalgamated Bank now owns 13,028 shares of the real estate investment trust’s stock worth $699,000 after buying an additional 2,493 shares during the last quarter.
Highwoods Properties Company Profile
Highwoods Properties, Inc is a real estate investment trust. The Company provides leasing, management, development, construction and other customer-related services for its properties and for third-parties. The Company is engaged in the business of operation, acquisition and development of real estate properties.
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