Wedbush Cuts Earnings Estimates for Boston Properties

Boston Properties, Inc. (NYSE:BXP - Free Report) - Equities researchers at Wedbush lowered their FY2024 EPS estimates for Boston Properties in a research note issued to investors on Wednesday, November 13th. Wedbush analyst R. Anderson now expects that the real estate investment trust will earn $7.10 per share for the year, down from their previous estimate of $7.13. Wedbush has a "Neutral" rating and a $70.00 price objective on the stock. The consensus estimate for Boston Properties' current full-year earnings is $7.10 per share.

Boston Properties (NYSE:BXP - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the consensus estimate of $1.81 by ($1.28). The firm had revenue of $859.23 million during the quarter, compared to analysts' expectations of $829.91 million. Boston Properties had a net margin of 10.75% and a return on equity of 4.40%. The business's quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the company earned $1.86 EPS.

BXP has been the subject of a number of other research reports. UBS Group raised their price objective on shares of Boston Properties from $64.00 to $80.00 and gave the company a "neutral" rating in a research report on Tuesday, November 5th. Evercore ISI increased their target price on Boston Properties from $77.00 to $84.00 and gave the stock an "outperform" rating in a research report on Monday, September 16th. Barclays raised their price objective on Boston Properties from $88.00 to $89.00 and gave the company an "equal weight" rating in a research report on Monday. Piper Sandler raised Boston Properties from a "neutral" rating to an "overweight" rating and increased their price target for the company from $78.00 to $105.00 in a report on Wednesday, October 23rd. Finally, StockNews.com lowered Boston Properties from a "hold" rating to a "sell" rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $80.92.

Boston Properties Stock Performance

Shares of NYSE BXP traded down $0.12 during trading hours on Monday, reaching $78.41. The stock had a trading volume of 1,065,993 shares, compared to its average volume of 1,273,649. The firm has a 50-day moving average of $82.02 and a 200-day moving average of $71.14. The firm has a market cap of $12.40 billion, a price-to-earnings ratio of 34.00, a PEG ratio of 0.54 and a beta of 1.18. Boston Properties has a fifty-two week low of $52.61 and a fifty-two week high of $90.11. The company has a current ratio of 5.51, a quick ratio of 5.51 and a debt-to-equity ratio of 2.01.

Boston Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were given a dividend of $0.98 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a yield of 5.00%. Boston Properties's dividend payout ratio (DPR) is presently 169.70%.

Insider Activity at Boston Properties

In other news, EVP Peter V. Otteni sold 4,785 shares of the company's stock in a transaction on 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 document filed with the SEC, 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 stock was 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. 1.35% of the stock is owned by company insiders.

Institutional Trading of Boston Properties

Several hedge funds and other institutional investors have recently made changes to their positions in BXP. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Boston Properties by 212.1% in 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 period. Harvest Fund Management Co. Ltd boosted its holdings in shares of Boston Properties by 5,025.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 615 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 603 shares during the period. UMB Bank n.a. lifted its holdings in shares of Boston Properties by 115.5% during the 2nd 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. Brooklyn Investment Group bought a new position in Boston Properties during the third quarter valued at about $58,000. Finally, Abich Financial Wealth Management LLC grew its stake in Boston Properties by 59.1% in 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 buying an additional 395 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company's stock.

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.