Highwoods Properties (NYSE:HIW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Shares of Highwoods have underperformed its industry in the past three months. Further, the stock witnessed the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share being revised downward in a week’s time. Notably, significant exposure to office assets amid rising supply as well as persistent space efficiency trends and stiff competition are concerns. Moreover, the company’s assets are concentrated in a few markets that make it vulnerable to the economic and political doldrums in these areas. Rate hikes add to its woes. Nevertheless, the company’s better-than-expected FFO per share for fourth-quarter 2017 indicate growth in same-property net operating income (NOI) and strong leasing metrics. Also, the company’s efforts to fortify its high-quality office asset portfolio in best business districts (BBDs) have the capablity to drive long-term growth.”
A number of other equities analysts have also weighed in on HIW. ValuEngine lowered Highwoods Properties from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Edward Jones lowered Highwoods Properties from a “buy” rating to a “hold” rating in a research note on Monday, November 6th. Stifel Nicolaus reduced their price objective on Highwoods Properties from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, February 8th. Finally, SunTrust Banks set a $52.00 price objective on Highwoods Properties and gave the company a “hold” rating in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.50.
In related news, Director Sherry A. Kellett sold 2,000 shares of Highwoods Properties stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $50.64, for a total value of $101,280.00. Following the completion of the transaction, the director now owns 13,744 shares in the company, valued at approximately $695,996.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Sherry A. Kellett sold 1,000 shares of Highwoods Properties stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $51.70, for a total value of $51,700.00. Following the completion of the transaction, the director now owns 11,744 shares of the company’s stock, valued at approximately $607,164.80. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Wealthstreet Investment Advisors LLC purchased a new position in shares of Highwoods Properties in the 4th quarter valued at about $204,000. Tudor Investment Corp ET AL purchased a new position in shares of Highwoods Properties in the 2nd quarter valued at about $207,000. Advisor Group Inc. increased its stake in shares of Highwoods Properties by 470.8% in the 4th quarter. Advisor Group Inc. now owns 4,452 shares of the real estate investment trust’s stock valued at $227,000 after purchasing an additional 3,672 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new position in shares of Highwoods Properties in the 4th quarter valued at about $253,000. Finally, Public Employees Retirement Association of Colorado increased its stake in shares of Highwoods Properties by 74.2% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 5,574 shares of the real estate investment trust’s stock valued at $284,000 after purchasing an additional 2,375 shares in the last quarter. Hedge funds and other institutional investors own 96.21% of the company’s stock.
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Highwoods Properties Company Profile
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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