Boston Properties (NYSE:BXP) Price Target Raised to $88.00

Boston Properties (NYSE:BXP) had its target price raised by Barclays from $65.00 to $88.00 in a report released on Monday morning, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on BXP. Scotiabank lifted their price target on shares of Boston Properties from $82.00 to $91.00 and gave the stock a “sector outperform” rating in a research note on Friday, October 25th. Wells Fargo & Company increased their target price on Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Wedbush lifted their price target on Boston Properties from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. StockNews.com upgraded Boston Properties from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Finally, Piper Sandler upgraded Boston Properties from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $78.00 to $105.00 in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $80.82.

Boston Properties Stock Performance

Shares of BXP stock opened at $82.73 on Monday. Boston Properties has a 52 week low of $50.64 and a 52 week high of $90.11. The firm has a 50 day moving average of $80.47 and a two-hundred day moving average of $69.40. The company has a quick ratio of 4.83, a current ratio of 4.83 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $12.99 billion, a PE ratio of 67.81, a P/E/G ratio of 0.56 and a beta of 1.18.

Boston Properties (NYSE:BXP) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.81 by ($1.28). The company had revenue of $859.23 million during the quarter, compared to analysts’ expectations of $829.91 million. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter last year, the business posted $1.86 earnings per share. On average, research analysts predict that Boston Properties will post 7.11 EPS for the current fiscal year.

Boston Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 4.74%. Boston Properties’s payout ratio is 321.31%.

Insider Activity at Boston Properties

In other Boston Properties news, EVP Raymond A. Ritchey sold 21,835 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $74.25, for a total transaction of $1,621,248.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Peter V. Otteni sold 4,785 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $73.44, for a total transaction of $351,410.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Raymond A. Ritchey sold 21,835 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $74.25, for a total value of $1,621,248.75. The disclosure for this sale can be found here. 1.35% of the stock is owned by insiders.

Hedge Funds Weigh In On Boston Properties

A number of large investors have recently bought and sold shares of BXP. Norden Group LLC purchased a new position in Boston Properties during the first quarter worth about $287,000. Abundance Wealth Counselors lifted its holdings in shares of Boston Properties by 31.4% in the 1st quarter. Abundance Wealth Counselors now owns 5,772 shares of the real estate investment trust’s stock valued at $377,000 after buying an additional 1,379 shares during the period. First Trust Direct Indexing L.P. lifted its holdings in shares of Boston Properties by 2.8% in the 1st quarter. First Trust Direct Indexing L.P. now owns 6,620 shares of the real estate investment trust’s stock valued at $432,000 after buying an additional 182 shares during the period. Van ECK Associates Corp boosted its stake in shares of Boston Properties by 2.9% in the first quarter. Van ECK Associates Corp now owns 63,617 shares of the real estate investment trust’s stock valued at $4,155,000 after buying an additional 1,817 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Boston Properties by 6.3% during the first quarter. Sequoia Financial Advisors LLC now owns 3,348 shares of the real estate investment trust’s stock worth $219,000 after acquiring an additional 199 shares during the period. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Boston Properties Company Profile

Boston Properties, Inc (NYSE: BXP) (BXP or the Company) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets – Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years.