Cohen & Steers Capital Management recently announced the acquisition of new stake in Highwoods Properties Inc. (NYSE:HIW). The institutional investor has increased its shareholding in the Real Estate company by 0.06% to 17.25 million shares with purchase of 10557.0 shares. This fresh investment now brings its stake to 16.40% valued currently at $457.13 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.34 million to 16.43 million shares. And BlackRock Fund Advisors has lifted its position by 5.30% or 0.51 million shares – to 10.12 million shares.
With over 2.08 million Highwoods Properties Inc. (HIW) shares trading Tuesday and a closing price of $22.48 on the day, the dollar volume was approximately $46.87 million. The shares have shown a negative half year performance of -29.46% and its price on 03/14/23 lost nearly -3.19%. Currently, there are 105.20M common shares owned by the public and among those 103.68M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for HIW have a consensus price objective of $30.70. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $26.00. The average price target is 26.78% above its recent price level and an upside to the estimated low will see the stock gain 13.54% over that period. But an upside of 35.77% will see the stock hit the forecast high price target while median target price for the stock is $30.50.
Insiders at the company have transacted a total of 5 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 3 of these insider trades were purchases, accounting for 7,500 shares. Insider sales of the common stock occurred on 2 occasions, with total insider shares sold totaling 1,250 shares.
The top 3 mutual fund holders in Highwoods Properties Inc. are Vanguard Real Estate Index Fund, Cohen & Steers Realty Shares, Inc, and Cohen & Steers Institutional Real. Vanguard Real Estate Index Fund owns 4.7 million shares of the company’s stock, all valued at over $124.43 million. The company sold 708.0 shares recently to bring their total holdings to about 4.46% of the shares outstanding. Cohen & Steers Institutional Real now owns shares totaling to 3.67% of the shares outstanding.
Shares of Highwoods Properties Inc. (NYSE: HIW) opened at $23.86, up $0.64 from a prior closing price of $23.22. However, the script later moved the day high at 24.04, down -3.19%. The company’s stock has a 5-day price change of -13.77% and -21.54% over the past three months. HIW shares are trading -19.66% year to date (YTD), with the 12-month market performance down to -49.13% lower. It has a 12-month low price of $22.64 and touched a high of $47.01 over the same period. HIW has an average intraday trading volume of 852.61K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -17.19%, -20.98%, and -26.18% respectively.
Institutional ownership of Highwoods Properties Inc. (NYSE: HIW) shares accounts for 99.20% of the company’s 105.20M shares outstanding. Mutual fund holders own 38.20%, while other institutional holders and individual stakeholders account for 62.05% and 3.65% respectively.
It has a market capitalization of $2.52B and a beta (3y monthly) value of 1.15. The stock’s trailing 12-month PE ratio is 15.09, while the earnings-per-share (ttm) stands at $1.49. The company has a PEG of 1.89 and the debt-to-equity ratio at 1.31. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.70% over the week and 2.89% over the month.
Analysts forecast that Highwoods Properties Inc. (HIW) will achieve an EPS of $0.22 for the current quarter, $0.24 for the next quarter and $1.06 for 2024. The lowest estimate earnings-per-share for the quarter is $0.21 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was $0.38 a year ago. Earnings per share for the fiscal year are expected to decrease by -50.00%, and -3.39% over the next financial year. EPS should grow at an annualized rate of 8.00% over the next five years, compared to -3.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Highwoods Properties Inc. (HIW) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 7 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the HIW, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on March 09, 2023, with the firm’s price target at $29-$26. Robert W. Baird coverage for the Highwoods Properties Inc. (HIW) stock in a research note released on October 10, 2022 offered a Neutral rating with a price target of $31. Jefferies was of a view on June 30, 2022 that the stock is Hold, while Credit Suisse gave the stock Neutral rating on June 23, 2022, issuing a price target of $34. Mizuho on their part issued Neutral rating on April 22, 2022.
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