Zacks Investment Research Upgrades Highwoods Properties (HIW) to “Hold”
According to Zacks, “Highwoods is likely to witness decent demand and rent growth for its BBD-located Class A office properties given a healthy economy and job-market gains. In first-quarter 2019, the sudden lease termination with Laser Spine Institute at the company’s Avion Park facility overweighed an otherwise decent quarter, suggested by impressive leasing and occupancy. Yet, strong interest from potential tenants has raised optimism about backfilling the property. Further, the company remains focused to sell non-core assets and recycle sale proceeds in development projects. However, the dilutive impact on earnings from such asset dispositions cannot by bypassed in the near term. Also, an extensive development pipeline exposes the company to several risks, including higher development costs. Shares of the company have underperformed the industry, over the past three months.”
HIW has been the topic of a number of other reports. TheStreet lowered Highwoods Properties from a “b-” rating to a “c+” rating in a research note on Monday, May 13th. Capital One Financial upgraded Highwoods Properties from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. Highwoods Properties currently has a consensus rating of “Hold” and a consensus price target of $51.60.
Highwoods Properties (NYSE:HIW) last posted its earnings results on Tuesday, April 23rd. The real estate investment trust reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.12). Highwoods Properties had a net margin of 20.42% and a return on equity of 6.59%. The company had revenue of $172.36 million for the quarter, compared to the consensus estimate of $181.72 million. During the same quarter last year, the business earned $0.85 earnings per share. Highwoods Properties’s quarterly revenue was down 4.5% on a year-over-year basis. On average, equities analysts expect that Highwoods Properties will post 3.34 EPS for the current year.
Several institutional investors have recently bought and sold shares of HIW. Vanguard Group Inc grew its position in Highwoods Properties by 0.7% during the third quarter. Vanguard Group Inc now owns 15,331,831 shares of the real estate investment trust’s stock worth $724,584,000 after buying an additional 104,562 shares in the last quarter. BlackRock Inc. grew its position in Highwoods Properties by 1.0% during the first quarter. BlackRock Inc. now owns 14,262,498 shares of the real estate investment trust’s stock worth $667,198,000 after buying an additional 138,402 shares in the last quarter. FMR LLC grew its position in Highwoods Properties by 8.5% during the first quarter. FMR LLC now owns 4,785,085 shares of the real estate investment trust’s stock worth $223,846,000 after buying an additional 375,093 shares in the last quarter. JPMorgan Chase & Co. grew its position in Highwoods Properties by 29.1% during the third quarter. JPMorgan Chase & Co. now owns 4,188,266 shares of the real estate investment trust’s stock worth $197,937,000 after buying an additional 944,953 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Highwoods Properties by 1,084.1% during the first quarter. Victory Capital Management Inc. now owns 3,048,220 shares of the real estate investment trust’s stock worth $142,596,000 after buying an additional 2,790,799 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.
About Highwoods Properties
Highwoods Properties, Inc, headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (REIT) and a member of the S&P MidCap 400 Index. The Company is a fully-integrated office REIT that 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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