Boston Properties (NYSE:BXP) Sets New 1-Year High on Analyst Upgrade

Boston Properties, Inc. (NYSE:BXP) hit a new 52-week high during trading on Wednesday after Scotiabank raised their price target on the stock from $76.00 to $82.00. Scotiabank currently has a sector outperform rating on the stock. Boston Properties traded as high as $75.96 and last traded at $75.96, with a volume of 463114 shares changing hands. The stock had previously closed at $74.51.

Several other research analysts have also recently weighed in on the company. Truist Financial boosted their target price on Boston Properties from $67.00 to $77.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. StockNews.com raised shares of Boston Properties from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $62.00 target price on shares of Boston Properties in a research note on Thursday, June 20th. Evercore ISI raised their price target on shares of Boston Properties from $76.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. Finally, Piper Sandler increased their price objective on Boston Properties from $70.00 to $78.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 3rd. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.54.

Insider Transactions at Boston Properties

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

Hedge Funds Weigh In On Boston Properties

Hedge funds have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC increased its position in Boston Properties by 0.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 20,479 shares of the real estate investment trust’s stock worth $1,261,000 after buying an additional 150 shares during the period. Ieq Capital LLC grew its position in Boston Properties by 1.5% during the 4th quarter. Ieq Capital LLC now owns 11,184 shares of the real estate investment trust’s stock worth $785,000 after purchasing an additional 164 shares during the last quarter. Mystic Asset Management Inc. raised its holdings in shares of Boston Properties by 3.1% in the second quarter. Mystic Asset Management Inc. now owns 5,541 shares of the real estate investment trust’s stock valued at $341,000 after buying an additional 165 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Boston Properties by 2.6% during the second quarter. Signaturefd LLC now owns 6,597 shares of the real estate investment trust’s stock worth $406,000 after buying an additional 168 shares during the period. Finally, Daiwa Securities Group Inc. grew its holdings in shares of Boston Properties by 0.3% during the second quarter. Daiwa Securities Group Inc. now owns 63,629 shares of the real estate investment trust’s stock worth $3,917,000 after buying an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Boston Properties Price Performance

The company has a 50-day moving average of $69.67 and a 200-day moving average of $64.59. The company has a debt-to-equity ratio of 1.90, a quick ratio of 4.83 and a current ratio of 4.83. The stock has a market cap of $11.98 billion, a price-to-earnings ratio of 62.53, a PEG ratio of 0.35 and a beta of 1.18.

Boston Properties (NYSE:BXP) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.51 EPS for the quarter, missing the consensus estimate of $1.72 by ($1.21). Boston Properties had a return on equity of 2.05% and a net margin of 5.01%. The company had revenue of $850.48 million for the quarter, compared to analysts’ expectations of $819.49 million. During the same quarter last year, the company earned $1.86 EPS. Boston Properties’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities research analysts predict that Boston Properties, Inc. will post 7.11 earnings per share for the current year.

Boston Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a $0.98 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a yield of 5.14%. Boston Properties’s dividend payout ratio (DPR) is presently 321.31%.

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.