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 guidance of $3.46-3.61 for the period, compared to the consensus earnings per share estimate of $3.56. Highwoods Properties also updated its FY 2024 guidance to 3.460-3.610 EPS.

Highwoods Properties Price Performance

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

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 issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 7.68%. The ex-dividend date is Friday, May 17th. Highwoods Properties’s dividend payout ratio (DPR) is 163.93%.

Wall Street Analyst Weigh In

HIW has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Highwoods Properties in a report on Tuesday, January 30th. They issued a buy rating and a $28.00 price target for the company. Morgan Stanley increased their price objective on Highwoods Properties from $18.00 to $21.00 and gave the company an underweight rating in a report on Thursday, March 28th. Truist Financial increased their price objective on Highwoods Properties from $28.00 to $29.00 and gave the company a buy rating in a report on Tuesday, February 13th. Finally, Robert W. Baird upped their price target on Highwoods Properties from $25.00 to $26.00 and gave the stock a neutral rating in a research note on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Highwoods Properties has an average rating of Hold and a consensus price target 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.