State Treasurer State of Michigan decreased its holdings in shares of Highwoods Properties, Inc. (NYSE:HIW) by 7.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,800 shares of the real estate investment trust’s stock after selling 3,300 shares during the quarter. State Treasurer State of Michigan’s holdings in Highwoods Properties were worth $2,021,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in HIW. PNC Financial Services Group Inc. raised its stake in Highwoods Properties by 1.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,417 shares of the real estate investment trust’s stock valued at $561,000 after purchasing an additional 203 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Highwoods Properties by 77.8% in the first quarter. Renaissance Technologies LLC now owns 230,400 shares of the real estate investment trust’s stock valued at $11,320,000 after acquiring an additional 100,800 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Highwoods Properties in the first quarter valued at $255,000. Paloma Partners Management Co raised its stake in shares of Highwoods Properties by 13.5% in the first quarter. Paloma Partners Management Co now owns 13,763 shares of the real estate investment trust’s stock valued at $676,000 after acquiring an additional 1,632 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Highwoods Properties by 1.1% in the first quarter. Metropolitan Life Insurance Co. NY now owns 100,090 shares of the real estate investment trust’s stock valued at $4,917,000 after acquiring an additional 1,085 shares during the period. 97.77% of the stock is currently owned by institutional investors.
Several brokerages have recently weighed in on HIW. BidaskClub downgraded shares of Highwoods Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. SunTrust Banks, Inc. set a $52.00 target price on shares of Highwoods Properties and gave the company a “hold” rating in a research note on Tuesday, October 24th. Bank of America Corporation increased their target price on shares of Highwoods Properties from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, October 3rd. Finally, Janney Montgomery Scott began coverage on shares of Highwoods Properties in a research note on Friday, September 8th. They issued a “neutral” rating on the stock. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $54.80.
Highwoods Properties, Inc. (NYSE HIW) opened at $51.18 on Friday. The company has a market cap of $5.28 billion, a PE ratio of 15.09, a P/E/G ratio of 3.08 and a beta of 0.88. Highwoods Properties, Inc. has a 12 month low of $45.83 and a 12 month high of $53.34. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.90.
Highwoods Properties (NYSE:HIW) last posted its quarterly earnings results on Tuesday, October 24th. The real estate investment trust reported $0.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.54. The company had revenue of $180.19 million for the quarter, compared to the consensus estimate of $177.15 million. Highwoods Properties had a net margin of 22.02% and a return on equity of 7.09%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 EPS. analysts forecast that Highwoods Properties, Inc. will post 3.38 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 14th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.44%. The ex-dividend date is Monday, November 13th. Highwoods Properties’s payout ratio is 122.22%.
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About Highwoods Properties
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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