Highwoods Properties (NYSE:HIW) Posts Quarterly Earnings Results, Misses Expectations By $0.74 EPS

Highwoods Properties (NYSE:HIW - Get Free Report) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.74), Yahoo Finance reports. Highwoods Properties had a return on equity of 6.33% and a net margin of 18.30%. The firm had revenue of $204.30 million for the quarter, compared to analyst estimates of $204.96 million. During the same period in the prior year, the business earned $0.93 earnings per share. Highwoods Properties's revenue for the quarter was down 1.4% on a year-over-year basis. Highwoods Properties updated its FY24 guidance to $3.59-3.63 EPS and its FY 2024 guidance to 3.590-3.630 EPS.

Highwoods Properties Price Performance

Highwoods Properties stock traded up $0.15 during midday trading on Wednesday, hitting $35.74. The company's stock had a trading volume of 1,760,409 shares, compared to its average volume of 986,042. 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 stock's 50-day moving average price is $32.83 and its 200-day moving average price is $28.90. Highwoods Properties has a 12 month low of $17.06 and a 12 month high of $36.78. The company has a market capitalization of $3.79 billion, a PE ratio of 29.82 and a beta of 1.26.

Highwoods Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders 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 (DPR) is presently 163.93%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Robert W. Baird raised their target price on shares of Highwoods Properties from $27.00 to $30.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their price target on shares of Highwoods Properties from $22.00 to $32.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 11th. Truist Financial lifted their price target on shares of Highwoods Properties from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Highwoods Properties from a "buy" rating to a "hold" rating and lifted their price target for the company from $31.00 to $35.00 in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $28.50.

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.