Highwoods Properties (NYSE:HIW) Releases FY24 Earnings Guidance

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

Highwoods Properties Price Performance

HIW traded up $0.69 during trading on Tuesday, reaching $25.40. 916,504 shares of the company traded hands, compared to its average volume of 1,269,485. Highwoods Properties has a 12-month low of $17.06 and a 12-month high of $26.27. The company has a market cap of $2.69 billion, a P/E ratio of 17.78 and a beta of 1.23. The firm has a fifty day simple moving average of $24.50 and a 200 day simple moving average of $22.19. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.24 and a current ratio of 1.24.

Highwoods Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Monday, May 20th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.87%. The ex-dividend date is Friday, May 17th. Highwoods Properties’s dividend payout ratio is currently 143.89%.

Analyst Ratings Changes

Several brokerages have commented on HIW. Morgan Stanley upped their target price on shares of Highwoods Properties from $18.00 to $21.00 and gave the company an underweight rating in a research report on Thursday, March 28th. Robert W. Baird increased their target price on shares of Highwoods Properties from $25.00 to $26.00 and gave the company a neutral rating in a report on Wednesday, February 14th. Truist Financial upped their price target on shares of Highwoods Properties from $28.00 to $29.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Highwoods Properties in a research report on Tuesday, January 30th. They set a buy rating and a $28.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Highwoods Properties currently has a consensus rating of Hold and a consensus 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.