Boston Properties (NYSE:BXP) Sets New 52-Week High – Here’s What Happened

by · The Cerbat Gem

Boston Properties, Inc. (NYSE:BXP – Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $83.99 and last traded at $83.65, with a volume of 93368 shares changing hands. The stock had previously closed at $82.97.

Analysts Set New Price Targets

Several equities analysts recently commented on BXP shares. Scotiabank increased their target price on shares of Boston Properties from $76.00 to $82.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 11th. Morgan Stanley restated an “equal weight” rating and set a $62.00 target price on shares of Boston Properties in a research note on Thursday, June 20th. Wells Fargo & Company increased their price objective on shares of Boston Properties from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. Truist Financial lifted their price objective on Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. Finally, StockNews.com raised shares of Boston Properties from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Boston Properties has an average rating of “Hold” and an average target price of $74.83.

Read Our Latest Research Report on BXP

Boston Properties Price Performance

The stock has a market cap of $13.73 billion, a price-to-earnings ratio of 70.89, a PEG ratio of 0.56 and a beta of 1.18. The company has a debt-to-equity ratio of 1.90, a current ratio of 4.83 and a quick ratio of 4.83. The company’s 50 day moving average is $76.55 and its 200 day moving average is $67.54.

Boston Properties (NYSE:BXP – Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($1.21). Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The company had revenue of $850.48 million during the quarter, compared to analyst estimates of $819.49 million. During the same period in the prior year, the company earned $1.86 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. Research analysts forecast that Boston Properties, Inc. will post 7.11 earnings per share 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. Shareholders of record on Monday, September 30th will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 4.48%. The ex-dividend date is Monday, September 30th. Boston Properties’s payout ratio is 321.31%.

Insider Transactions at Boston Properties

In other Boston Properties news, EVP Peter V. Otteni sold 4,785 shares of the company’s stock in a transaction dated 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 legal filing with the SEC, which can be accessed through this link. In other news, 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 value of $351,410.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $1,621,248.75. The disclosure for this sale can be found here. Corporate insiders own 1.35% of the company’s stock.

Institutional Trading of Boston Properties

Several institutional investors and hedge funds have recently modified their holdings of BXP. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Boston Properties by 212.1% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 568 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 386 shares during the last quarter. UMB Bank n.a. raised its stake in Boston Properties by 115.5% during the second quarter. UMB Bank n.a. now owns 709 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 380 shares during the last quarter. Abich Financial Wealth Management LLC boosted its stake in Boston Properties by 59.1% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,063 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 395 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Boston Properties by 61.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,438 shares of the real estate investment trust’s stock worth $89,000 after purchasing an additional 547 shares during the last quarter. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Boston Properties in the second quarter worth about $91,000. 98.72% of the stock is owned by hedge funds and other institutional investors.

Boston Properties Company Profile

(Get Free Report)

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.

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