Highwoods Properties (NYSE:HIW) Updates FY24 Earnings Guidance

Highwoods Properties (NYSE:HIW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.46-3.61 for the period, compared to the consensus estimate of $3.56. Highwoods Properties also updated its FY 2024 guidance to 3.460-3.610 EPS.

Highwoods Properties Stock Performance

Shares of HIW stock traded up $0.43 during midday trading on Friday, hitting $26.03. The company had a trading volume of 72,623 shares, compared to its average volume of 1,253,437. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.34 and a quick ratio of 1.24. Highwoods Properties has a 52-week low of $17.06 and a 52-week high of $26.27. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 20.98 and a beta of 1.23. The company’s 50 day simple moving average is $24.65 and its 200 day simple moving average is $22.29.

Highwoods Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Investors of record on Monday, May 20th will be paid a $0.50 dividend. The ex-dividend date is Friday, May 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.68%. Highwoods Properties’s dividend payout ratio (DPR) is presently 163.93%.

Analyst Ratings Changes

A number of analysts recently weighed in on HIW shares. Deutsche Bank Aktiengesellschaft started coverage on Highwoods Properties in a research note on Tuesday, January 30th. They issued a buy rating and a $28.00 price target on the stock. Morgan Stanley lifted their price objective on Highwoods Properties from $18.00 to $21.00 and gave the stock an underweight rating in a report on Thursday, March 28th. Robert W. Baird lifted their price objective on Highwoods Properties from $25.00 to $26.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. Finally, Truist Financial boosted their price target on Highwoods Properties from $28.00 to $29.00 and gave the stock a buy rating in a report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Highwoods Properties has an average rating of Hold and an average target price of $24.38.

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.