Highwoods Properties (NYSE:HIW) Hits New 1-Year Low Following Analyst Downgrade

Highwoods Properties, Inc. (NYSE:HIW – Get Rating)’s share price reached a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $34.00 to $26.00. Wells Fargo & Company currently has an overweight rating on the stock. Highwoods Properties traded as low as $21.41 and last traded at $21.50, with a volume of 67008 shares changing hands. The stock had previously closed at $22.48.

Other equities analysts have also recently issued research reports about the company. Truist Financial decreased their price target on Highwoods Properties from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, February 27th. Morgan Stanley cut Highwoods Properties from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $29.00 to $26.00 in a report on Thursday, March 9th. StockNews.com initiated coverage on Highwoods Properties in a report on Thursday. They issued a “hold” rating on the stock. Finally, Credit Suisse Group cut their target price on Highwoods Properties from $29.00 to $27.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 24th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $30.14.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in shares of Highwoods Properties by 31.0% during the 4th quarter. Victory Capital Management Inc. now owns 516,633 shares of the real estate investment trust’s stock worth $14,455,000 after acquiring an additional 122,219 shares during the period. Centersquare Investment Management LLC boosted its stake in Highwoods Properties by 68.7% in the 4th quarter. Centersquare Investment Management LLC now owns 2,502,074 shares of the real estate investment trust’s stock valued at $70,008,000 after purchasing an additional 1,019,182 shares during the period. Schonfeld Strategic Advisors LLC raised its holdings in Highwoods Properties by 111.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 670,564 shares of the real estate investment trust’s stock valued at $18,762,000 after acquiring an additional 352,970 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Highwoods Properties by 29.4% in the 4th quarter. Squarepoint Ops LLC now owns 66,959 shares of the real estate investment trust’s stock valued at $1,874,000 after acquiring an additional 15,211 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Highwoods Properties by 2.9% during the 4th quarter. Legal & General Group Plc now owns 802,711 shares of the real estate investment trust’s stock worth $22,460,000 after acquiring an additional 22,773 shares during the last quarter. 94.57% of the stock is currently owned by institutional investors.

Highwoods Properties Price Performance

The business has a 50-day moving average of $28.15 and a two-hundred day moving average of $28.23. The firm has a market cap of $2.18 billion, a P/E ratio of 14.12 and a beta of 1.14. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.29.

Highwoods Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 14th. Investors of record on Tuesday, February 21st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 9.64%. The ex-dividend date was Friday, February 17th. Highwoods Properties’s dividend payout ratio (DPR) is currently 136.05%.

About Highwoods Properties

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Highwoods Properties, Inc operates as a real estate investment trust, which engages in the operation, acquisition and development of rental office properties. It operates through the following geographical segments: Atlanta, Charlotte, Nashville, Orlando, Raleigh, Richmond, and Tampa. The company was founded by Ronald P.