Truist Financial Raises Boston Properties (NYSE:BXP) Price Target to $77.00

Boston Properties (NYSE:BXP) had its target price hoisted by Truist Financial from $67.00 to $77.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

A number of other research firms have also recently issued reports on BXP. Wedbush increased their target price on Boston Properties from $63.00 to $70.00 and gave the stock a neutral rating in a report on Monday, August 5th. Barclays lowered their target price on Boston Properties from $66.00 to $65.00 and set an equal weight rating for the company in a report on Friday, May 24th. StockNews.com upgraded Boston Properties from a sell rating to a hold rating in a report on Thursday, August 8th. Morgan Stanley restated an equal weight rating and issued a $62.00 price objective on shares of Boston Properties in a report on Thursday, June 20th. Finally, Scotiabank raised their price objective on Boston Properties from $74.00 to $76.00 and gave the company a sector outperform rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Boston Properties currently has an average rating of Hold and an average target price of $71.92.

Boston Properties Stock Performance

BXP stock opened at $74.40 on Tuesday. The business’s fifty day moving average is $67.00 and its 200-day moving average is $63.94. The company has a quick ratio of 4.77, a current ratio of 4.83 and a debt-to-equity ratio of 1.90. The company has a market cap of $11.69 billion, a P/E ratio of 60.98, a price-to-earnings-growth ratio of 0.46 and a beta of 1.18. Boston Properties has a twelve month low of $50.64 and a twelve month high of $74.91.

Boston Properties (NYSE:BXP) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($1.21). The company had revenue of $850.48 million during the quarter, compared to analyst estimates of $819.49 million. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the company earned $1.86 EPS. Equities research analysts forecast that Boston Properties will post 7.12 EPS for the current year.

Boston Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were paid a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 5.27%. The ex-dividend date was Friday, June 28th. Boston Properties’s dividend payout ratio is presently 321.31%.

Insider Activity

In other news, EVP Peter V. Otteni sold 4,785 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were 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 SEC, which is available at the SEC website. Corporate insiders own 1.35% of the company’s stock.

Institutional Investors Weigh In On Boston Properties

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Boston Properties by 0.5% during the first quarter. Vanguard Group Inc. now owns 23,568,962 shares of the real estate investment trust’s stock worth $1,539,289,000 after acquiring an additional 122,583 shares in the last quarter. Norges Bank bought a new stake in Boston Properties during the fourth quarter worth about $890,848,000. Allspring Global Investments Holdings LLC boosted its stake in Boston Properties by 3.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,502,079 shares of the real estate investment trust’s stock worth $294,031,000 after acquiring an additional 166,105 shares in the last quarter. Earnest Partners LLC boosted its stake in Boston Properties by 25.9% during the second quarter. Earnest Partners LLC now owns 2,637,235 shares of the real estate investment trust’s stock worth $162,348,000 after acquiring an additional 542,610 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Boston Properties by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,228,879 shares of the real estate investment trust’s stock worth $156,407,000 after acquiring an additional 22,074 shares in the last quarter. 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.