Boston Properties (NYSE:BXP) Reaches New 52-Week High After Analyst Upgrade

Boston Properties, Inc. (NYSE:BXP) hit a new 52-week high during mid-day trading on Tuesday after Evercore ISI raised their price target on the stock from $77.00 to $84.00. Evercore ISI currently has an outperform rating on the stock. Boston Properties traded as high as $81.90 and last traded at $81.90, with a volume of 953 shares changing hands. The stock had previously closed at $81.50.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Wedbush raised their price objective on Boston Properties from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. StockNews.com upgraded shares of Boston Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Piper Sandler upped their price objective on Boston Properties from $70.00 to $78.00 and gave the company a “neutral” rating in a research report on Tuesday, September 3rd. Finally, Scotiabank upped their price objective on shares of Boston Properties from $76.00 to $82.00 and gave the company a “sector outperform” rating in a research note on Wednesday, September 11th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Boston Properties presently has an average rating of “Hold” and a consensus price target of $74.08.

Insider Buying and Selling

In other Boston Properties news, EVP Peter V. Otteni sold 4,785 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, 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 transaction of $1,621,248.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter V. Otteni sold 4,785 shares of Boston Properties 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 disclosure for this sale can be found here. 1.35% of the stock is owned by corporate insiders.

Institutional Trading of Boston Properties

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Boston Properties by 212.1% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 568 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 386 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Boston Properties during the second quarter worth approximately $1,114,000. Point72 Asset Management L.P. acquired a new stake in Boston Properties in the second quarter valued at $12,914,000. Northwestern Mutual Wealth Management Co. raised its holdings 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 valued at $89,000 after acquiring an additional 547 shares in the last quarter. Finally, Creative Planning boosted its stake in Boston Properties by 7.7% during the 2nd quarter. Creative Planning now owns 25,570 shares of the real estate investment trust’s stock valued at $1,574,000 after acquiring an additional 1,835 shares during the last quarter. 98.72% of the stock is owned by hedge funds and other institutional investors.

Boston Properties Stock Performance

The company’s fifty day simple moving average is $70.82 and its two-hundred day simple moving average is $64.93. The company has a market capitalization of $12.86 billion, a price-to-earnings ratio of 66.80, a price-to-earnings-growth ratio of 0.35 and a beta of 1.18. The company has a debt-to-equity ratio of 1.90, a quick ratio of 4.83 and a current ratio of 4.83.

Boston Properties (NYSE:BXP) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($1.21). Boston Properties had a return on equity of 2.05% and a net margin of 5.01%. The firm had revenue of $850.48 million during the quarter, compared to analyst estimates of $819.49 million. During the same quarter last year, the business posted $1.86 earnings per share. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts predict that Boston Properties, Inc. will post 7.11 earnings per share for the current fiscal year.

Boston Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors 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 dividend yield of 4.79%. The ex-dividend date of this dividend is Monday, September 30th. Boston Properties’s dividend payout ratio is currently 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.