Boston Properties Inc. (BXP) Downgraded to Neutral at Bank of America Corp.
Bank of America Corp. downgraded shares of Boston Properties Inc. (NYSE:BXP) from a buy rating to a neutral rating in a report issued on Friday morning. The firm currently has $148.00 target price on the stock.
Several other brokerages have also issued reports on BXP. JPMorgan Chase & Co. lifted their target price on shares of Boston Properties from $133.00 to $144.00 and gave the company a neutral rating in a research report on Thursday, August 11th. Zacks Investment Research lowered shares of Boston Properties from a buy rating to a hold rating in a report on Monday, August 1st. Jefferies Group lowered their price objective on shares of Boston Properties from $141.00 to $138.00 and set a hold rating for the company in a report on Monday, August 22nd. Evercore ISI lowered shares of Boston Properties from a buy rating to a hold rating and boosted their price objective for the stock from $147.00 to $149.00 in a report on Monday, August 22nd. Finally, BTIG Research assumed coverage on shares of Boston Properties in a report on Thursday, August 25th. They issued a neutral rating for the company. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $145.08.
Shares of Boston Properties (NYSE:BXP) traded up 0.01% during trading on Friday, reaching $126.91. 267,564 shares of the company’s stock traded hands. Boston Properties has a 52-week low of $107.28 and a 52-week high of $144.02. The company has a market cap of $19.51 billion, a price-to-earnings ratio of 32.54 and a beta of 0.64. The company’s 50-day moving average is $135.71 and its 200 day moving average is $133.12.
Boston Properties (NYSE:BXP) last announced its earnings results on Tuesday, July 26th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the 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 business earned $623.50 million during the quarter, compared to analyst estimates of $612.38 million. During the same period in the previous year, the business posted $1.36 earnings per share. Boston Properties’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts forecast that Boston Properties will post $5.98 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be given a dividend of $0.65 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.04%. Boston Properties’s dividend payout ratio is currently 66.50%.
In other news, insider Peter D. Johnston sold 7,111 shares of the stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Francis Powers sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $141.90, for a total value of $1,419,000.00. The disclosure for this sale can be found here. Insiders own 6.17% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Adams Diversified Equity Fund Inc. bought a new stake in shares of Boston Properties during the second quarter worth about $11,251,000. Renaissance Technologies LLC bought a new stake in shares of Boston Properties during the first quarter worth about $37,794,000. AMP Capital Investors Ltd increased its stake in shares of Boston Properties by 180.3% in the first quarter. AMP Capital Investors Ltd now owns 440,638 shares of the company’s stock worth $55,837,000 after buying an additional 283,456 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Boston Properties by 89.5% in the first quarter. Royal Bank of Canada now owns 318,699 shares of the company’s stock worth $40,500,000 after buying an additional 150,542 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Boston Properties during the second quarter worth about $123,626,000. Hedge funds and other institutional investors own 95.55% of the company’s stock.
About Boston Properties
Boston Properties, Inc is a real estate investment trust. The Company is an owner and developer of office properties in the United States. The Company’s segments by geographic area are Boston, New York, San Francisco and Washington, DC. The Company conducts its operations through Boston Properties Limited Partnership.
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