SunTrust Banks upgraded shares of Highwoods Properties (NYSE:HIW) from a hold rating to a buy rating in a report issued on Friday, MarketBeat.com reports. The brokerage currently has $51.00 price objective on the real estate investment trust’s stock. SunTrust Banks also issued estimates for Highwoods Properties’ Q1 2019 earnings at $0.84 EPS, Q2 2019 earnings at $0.87 EPS, Q3 2019 earnings at $0.90 EPS, Q4 2019 earnings at $0.91 EPS and FY2022 earnings at $4.06 EPS. The analysts noted that the move was a valuation call.
Other equities research analysts have also recently issued reports about the stock. ValuEngine raised shares of Highwoods Properties from a hold rating to a buy rating in a research report on Thursday, January 4th. Stifel Nicolaus dropped their target price on shares of Highwoods Properties from $55.00 to $50.00 and set a buy rating for the company in a research report on Thursday, February 8th. Finally, Zacks Investment Research cut shares of Highwoods Properties from a hold rating to a sell rating in a research report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $53.00.
Shares of Highwoods Properties (NYSE:HIW) traded up $0.48 on Friday, reaching $44.50. 564,544 shares of the company’s stock traded hands, compared to its average volume of 726,277. The stock has a market cap of $4,546.57, a PE ratio of 25.14, a P/E/G ratio of 4.36 and a beta of 0.80. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.91. Highwoods Properties has a fifty-two week low of $41.83 and a fifty-two week high of $53.34.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 6th. Shareholders of record on Tuesday, February 20th were paid a dividend of $0.4625 per share. This is a positive change from Highwoods Properties’s previous quarterly dividend of $0.44. This represents a $1.85 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend was Friday, February 16th. Highwoods Properties’s dividend payout ratio (DPR) is currently 104.52%.
In other Highwoods Properties news, Director Sherry A. Kellett sold 1,000 shares of the firm’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $51.70, for a total transaction of $51,700.00. Following the completion of the sale, the director now directly owns 11,744 shares in the company, valued at approximately $607,164.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.90% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in HIW. Millennium Management LLC grew its stake in shares of Highwoods Properties by 106.0% in the fourth quarter. Millennium Management LLC now owns 2,072,209 shares of the real estate investment trust’s stock worth $105,496,000 after acquiring an additional 1,066,082 shares during the period. Renaissance Technologies LLC grew its stake in shares of Highwoods Properties by 160.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,405,618 shares of the real estate investment trust’s stock worth $71,560,000 after acquiring an additional 866,218 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Highwoods Properties by 16.8% in the third quarter. Bank of New York Mellon Corp now owns 4,888,598 shares of the real estate investment trust’s stock worth $254,647,000 after acquiring an additional 703,562 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Highwoods Properties by 1,344.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 509,911 shares of the real estate investment trust’s stock worth $25,960,000 after acquiring an additional 474,611 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Highwoods Properties by 68.0% in the fourth quarter. Franklin Resources Inc. now owns 1,154,023 shares of the real estate investment trust’s stock worth $58,751,000 after acquiring an additional 467,226 shares during the period. Hedge funds and other institutional investors own 95.52% of the company’s stock.
Highwoods Properties Company Profile
Highwoods Properties, Inc is an office real estate investment trust (REIT). The Company’s primary business is the operation, acquisition and development of office properties. The Company’s segments include Office and Other. The Company owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.
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