Boston Properties (NYSE:BXP) Issues Quarterly Earnings Results, Misses Expectations By $1.28 EPS

Boston Properties (NYSE:BXP - Get Free Report) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.81 by ($1.28), Yahoo Finance reports. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The business had revenue of $859.23 million for the quarter, compared to analysts' expectations of $829.91 million. During the same period last year, the business earned $1.86 earnings per share. The company's revenue was up 4.2% on a year-over-year basis. Boston Properties updated its FY24 guidance to $7.09-7.11 EPS and its FY 2024 guidance to 7.090-7.110 EPS.

Boston Properties Stock Performance

Shares of Boston Properties stock traded down $3.46 during trading hours on Wednesday, reaching $82.73. 2,179,283 shares of the stock traded hands, compared to its average volume of 1,267,058. Boston Properties has a one year low of $50.64 and a one year high of $90.11. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 67.81, a P/E/G ratio of 0.56 and a beta of 1.18. The company has a quick ratio of 4.83, a current ratio of 4.83 and a debt-to-equity ratio of 1.90. The company has a 50 day moving average price of $80.47 and a 200 day moving average price of $69.40.

Boston Properties Announces Dividend

The company 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 $0.98 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.92 annualized dividend and a yield of 4.74%. Boston Properties's payout ratio is 321.31%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. 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 note on Tuesday, August 27th. Piper Sandler raised Boston Properties from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $78.00 to $105.00 in a research report on Wednesday, October 23rd. Evercore ISI increased their price objective on shares of Boston Properties from $77.00 to $84.00 and gave the company an "outperform" rating in a research report on Monday, September 16th. Wedbush boosted their price objective on shares of Boston Properties from $63.00 to $70.00 and gave the stock a "neutral" rating in a report on Monday, August 5th. Finally, Wells Fargo & Company upped their price objective on Boston Properties from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, September 11th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Boston Properties has an average rating of "Moderate Buy" and a consensus target price of $80.82.

Insider Transactions at Boston Properties

In other news, EVP Raymond A. Ritchey sold 21,835 shares of Boston Properties 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Boston Properties news, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter V. Otteni sold 4,785 shares of Boston Properties stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $73.44, for a total value of $351,410.40. The disclosure for this sale can be found here. Company insiders own 1.35% 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.