Boston Properties (NYSE:BXP) Releases Earnings Results, Misses Expectations By $1.28 EPS

Boston Properties (NYSE:BXP) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.53 EPS for the quarter, missing the consensus estimate of $1.81 by ($1.28), Yahoo Finance reports. The firm had revenue of $859.23 million for the quarter, compared to the consensus estimate of $829.91 million. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.86 earnings per share. Boston Properties updated its FY24 guidance to $7.09-7.11 EPS and its FY 2024 guidance to 7.090-7.110 EPS.

Boston Properties Trading Down 3.5 %

Shares of BXP stock traded down $3.05 during trading hours on Wednesday, reaching $83.14. 1,269,568 shares of the stock were exchanged, compared to its average volume of 1,262,726. The firm has a market capitalization of $13.06 billion, a price-to-earnings ratio of 67.45, a price-to-earnings-growth ratio of 0.56 and a beta of 1.18. Boston Properties has a 12-month low of $50.64 and a 12-month high of $90.11. The company’s 50-day moving average price is $80.23 and its 200-day moving average price is $69.31. The company has a current ratio of 4.83, a quick ratio of 4.83 and a debt-to-equity ratio of 1.90.

Boston Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.98 dividend. This represents a $3.92 annualized dividend and a dividend yield of 4.71%. The ex-dividend date is Monday, September 30th. Boston Properties’s dividend payout ratio is currently 321.31%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BXP shares. StockNews.com upgraded Boston Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Piper Sandler raised Boston Properties from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $78.00 to $105.00 in a report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on shares of Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Scotiabank boosted their target price on shares of Boston Properties from $82.00 to $91.00 and gave the stock a “sector outperform” rating in a report on Friday, October 25th. Finally, Evercore ISI upped their target price on shares of Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Boston Properties presently has an average rating of “Moderate Buy” and an average target price of $80.82.

Insider Buying and Selling

In other news, EVP Raymond A. Ritchey sold 21,835 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was 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 SEC, which is accessible through this link. In other news, EVP Raymond A. Ritchey sold 21,835 shares of the business’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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter V. Otteni sold 4,785 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $73.44, for a total transaction of $351,410.40. The disclosure for this sale can be found here. 1.35% of the stock is currently owned by corporate insiders.

About Boston Properties

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.