Pacific Heights Asset Management LLC Continues to Hold Position in Boston Properties Inc. (BXP)
Pacific Heights Asset Management LLC continued to hold its stake in Boston Properties Inc. (NYSE:BXP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,000 shares of the company’s stock at the end of the second quarter. Boston Properties comprises approximately 1.5% of Pacific Heights Asset Management LLC’s holdings, making the stock its 17th largest position. Pacific Heights Asset Management LLC owned about 0.08% of Boston Properties worth $16,488,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the company. Williams Jones & Associates LLC bought a new stake in Boston Properties during the first quarter worth about $102,000. Zions Bancorporation increased its stake in Boston Properties by 2.7% in the first quarter. Zions Bancorporation now owns 1,424 shares of the company’s stock worth $181,000 after buying an additional 37 shares during the last quarter. West Oak Capital LLC increased its stake in Boston Properties by 1.6% in the second quarter. West Oak Capital LLC now owns 1,850 shares of the company’s stock worth $244,000 after buying an additional 30 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Boston Properties during the second quarter worth about $303,000. Finally, Nikko Asset Management Americas Inc. bought a new stake in Boston Properties during the first quarter worth about $304,000. Institutional investors own 95.57% of the company’s stock.
Boston Properties Inc. (NYSE:BXP) traded down 2.13% during trading on Monday, hitting $133.39. 515,180 shares of the stock were exchanged. The firm has a 50-day moving average of $139.38 and a 200-day moving average of $132.90. Boston Properties Inc. has a 52 week low of $107.28 and a 52 week high of $144.02. The stock has a market capitalization of $20.50 billion, a price-to-earnings ratio of 34.20 and a beta of 0.64.
Boston Properties (NYSE:BXP) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.04. Boston Properties had a net margin of 24.01% and a return on equity of 7.89%. The firm had revenue of $623.50 million for the quarter, compared to analyst estimates of $612.38 million. During the same period in the prior year, the firm posted $1.36 earnings per share. The company’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that Boston Properties Inc. will post $5.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, September 28th. Boston Properties’s dividend payout ratio (DPR) is currently 66.50%.
BXP has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Boston Properties from a “hold” rating to a “buy” rating and set a $157.00 price target on the stock in a research note on Thursday, August 4th. Deutsche Bank AG restated a “buy” rating and set a $152.00 price target (up previously from $151.00) on shares of Boston Properties in a research note on Monday, July 18th. Morgan Stanley lowered shares of Boston Properties from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $140.00 to $145.00 in a research note on Monday, July 25th. Evercore ISI lowered shares of Boston Properties from a “buy” rating to a “hold” rating and increased their price target for the stock from $147.00 to $149.00 in a research note on Monday, August 22nd. Finally, Jefferies Group dropped their price target on shares of Boston Properties from $141.00 to $138.00 and set a “hold” rating on the stock in a research note on Monday, August 22nd. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $144.91.
In other Boston Properties news, insider Frank D. Burt sold 4,573 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $142.26, for a total transaction of $650,554.98. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Peter D. Johnston sold 7,111 shares of the company’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $143.25, for a total transaction of $1,018,650.75. The disclosure for this sale can be found here. Company insiders own 6.17% of the company’s stock.
Boston Properties Company Profile
Boston Properties, Inc is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company is engaged in owning and developing office properties in the United States. The Company’s properties are concentrated in four markets: Boston, New York, San Francisco and Washington, DC.
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