Boston Properties (NYSE:BXP) Issues FY24 Earnings Guidance

Boston Properties (NYSE:BXP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $7.09-7.11 for the period, compared to the consensus estimate of $7.11. Boston Properties also updated its FY 2024 guidance to 7.090-7.110 EPS.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Evercore ISI upped their price objective on Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, September 16th. Truist Financial raised their price target on shares of Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Scotiabank boosted their price objective 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. Wedbush raised their target price on shares of Boston Properties from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company upped their price target on Boston Properties from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 11th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.82.

Boston Properties Stock Performance

NYSE BXP traded down $3.29 on Wednesday, hitting $82.90. 1,603,407 shares of the company’s stock traded hands, compared to its average volume of 1,264,316. The firm has a market capitalization of $13.02 billion, a PE ratio of 67.45, a P/E/G ratio of 0.56 and a beta of 1.18. Boston Properties has a 1-year low of $50.64 and a 1-year high of $90.11. The firm’s 50-day moving average price is $80.23 and its two-hundred 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 (NYSE:BXP) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($1.28). The company had revenue of $859.23 million during the quarter, compared to analyst estimates of $829.91 million. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the firm earned $1.86 EPS. As a group, analysts expect that Boston Properties will post 7.11 EPS for the current year.

Boston Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.98 per share. The ex-dividend date is Monday, September 30th. This represents a $3.92 annualized dividend and a yield of 4.73%. Boston Properties’s dividend payout ratio (DPR) is presently 321.31%.

Insider Transactions at Boston Properties

In other news, EVP Raymond A. Ritchey sold 21,835 shares of the business’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Boston Properties news, EVP Peter V. Otteni sold 4,785 shares of the firm’s stock in a transaction 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 available at the SEC website. Also, EVP Raymond A. Ritchey sold 21,835 shares of the company’s stock in a transaction dated 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. Insiders own 1.35% 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.