BXP (NYSE:BXP) Given New $58.00 Price Target at Citigroup

BXP (NYSE:BXP) had its price objective cut by investment analysts at Citigroup from $68.00 to $58.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price target points to a potential upside of 3.64% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Weiss Ratings raised shares of BXP from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, March 2nd. Evercore lowered their target price on shares of BXP from $76.00 to $73.00 and set an “in-line” rating for the company in a research note on Thursday, January 29th. The Goldman Sachs Group set a $72.00 price target on shares of BXP in a report on Wednesday, February 4th. UBS Group reduced their target price on shares of BXP from $74.00 to $71.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Finally, Scotiabank dropped their price target on shares of BXP from $74.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Ten research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $73.60.

BXP Stock Performance

Shares of BXP traded up $0.93 during mid-day trading on Wednesday, hitting $55.96. 2,352,499 shares of the company’s stock were exchanged, compared to its average volume of 2,553,255. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 2.21. The firm has a market capitalization of $8.88 billion, a P/E ratio of 32.16, a P/E/G ratio of 2.28 and a beta of 1.03. BXP has a fifty-two week low of $49.72 and a fifty-two week high of $79.33. The business’s 50 day moving average is $56.11 and its two-hundred day moving average is $65.02.

Insider Buying and Selling

In other news, EVP Hilary J. Spann sold 5,495 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $59.69, for a total value of $327,996.55. Following the completion of the transaction, the executive vice president directly owned 17,832 shares in the company, valued at $1,064,392.08. This trade represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Owen D. Thomas sold 1,198 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.22, for a total transaction of $73,341.56. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 7,887 shares of company stock valued at $476,930. Company insiders own 1.35% of the company’s stock.

Institutional Investors Weigh In On BXP

Several hedge funds have recently made changes to their positions in BXP. EverSource Wealth Advisors LLC increased its stake in BXP by 29.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,120 shares of the real estate investment trust’s stock valued at $76,000 after buying an additional 257 shares during the period. First Trust Advisors LP increased its stake in shares of BXP by 45.7% during the 2nd quarter. First Trust Advisors LP now owns 40,369 shares of the real estate investment trust’s stock worth $2,724,000 after purchasing an additional 12,660 shares during the last quarter. Cresset Asset Management LLC increased its stake in shares of BXP by 29.5% during the 2nd quarter. Cresset Asset Management LLC now owns 9,181 shares of the real estate investment trust’s stock worth $628,000 after purchasing an additional 2,089 shares during the last quarter. Jump Financial LLC increased its stake in shares of BXP by 276.0% during the 2nd quarter. Jump Financial LLC now owns 47,062 shares of the real estate investment trust’s stock worth $3,175,000 after purchasing an additional 34,544 shares during the last quarter. Finally, Squarepoint Ops LLC increased its stake in shares of BXP by 99.3% during the 2nd quarter. Squarepoint Ops LLC now owns 112,591 shares of the real estate investment trust’s stock worth $7,597,000 after purchasing an additional 56,104 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company’s stock.

About BXP

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.