Highwoods Properties (NYSE:HIW) Sets New 1-Year High – Time to Buy?

Highwoods Properties, Inc. (NYSE:HIW) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $33.94 and last traded at $33.67, with a volume of 34590 shares traded. The stock had previously closed at $33.65.

Analyst Upgrades and Downgrades

HIW has been the subject of a number of analyst reports. Mizuho increased their target price on Highwoods Properties from $25.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Morgan Stanley lifted their price target on Highwoods Properties from $23.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised Highwoods Properties from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 9th. Wells Fargo & Company increased their price objective on Highwoods Properties from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $28.00 target price on shares of Highwoods Properties in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.00.

Highwoods Properties Stock Down 0.7%

The company has a debt-to-equity ratio of 1.46, a current ratio of 1.50 and a quick ratio of 1.50. The firm’s 50-day simple moving average is $29.85 and its two-hundred day simple moving average is $26.00. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 40.02 and a beta of 1.07.

Highwoods Properties (NYSE:HIW) last issued its earnings results on Tuesday, April 28th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.13. Highwoods Properties had a net margin of 11.64% and a return on equity of 3.97%. The company had revenue of $214.03 million during the quarter, compared to analysts’ expectations of $209.06 million. During the same period last year, the company posted $0.83 earnings per share. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. Sell-side analysts predict that Highwoods Properties, Inc. will post 3.53 EPS for the current fiscal year.

Highwoods Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 17th will be issued a $0.50 dividend. The ex-dividend date is Monday, August 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.9%. Highwoods Properties’s dividend payout ratio is currently 238.10%.

Highwoods Properties announced that its board has authorized a share repurchase program on Wednesday, April 22nd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to buy up to 9.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Highwoods Properties

Hedge funds and other institutional investors have recently bought and sold shares of the company. Pacific Heights Asset Management LLC increased its position in Highwoods Properties by 40.0% during 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 buying an additional 100,000 shares in the last quarter. Bayhunt Capital LLC purchased a new stake in shares of Highwoods Properties in the fourth quarter valued at $13,125,000. LSV Asset Management lifted its position 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 valued at $30,651,000 after acquiring an additional 71,500 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Highwoods Properties by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 16,903,497 shares of the real estate investment trust’s stock valued at $436,448,000 after acquiring an additional 407,406 shares during the last quarter. Finally, Aew Capital Management L P boosted its stake in shares of Highwoods Properties by 3.8% during the fourth quarter. Aew Capital Management L P now owns 2,433,243 shares of the real estate investment trust’s stock valued at $62,826,000 after acquiring an additional 88,672 shares during the last quarter. 96.31% of the stock is owned by institutional investors and hedge funds.

About Highwoods Properties

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.