Truist Financial Cuts BXP (NYSE:BXP) Price Target to $70.00

BXP (NYSE:BXP) had its price objective cut by Truist Financial from $74.00 to $70.00 in a report released on Monday morning, Marketbeat.com reports. They currently have a hold rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on the stock. LADENBURG THALM/SH SH initiated coverage on shares of BXP in a report on Monday, October 13th. They set a “buy” rating and a $85.00 price objective for the company. Barclays dropped their target price on shares of BXP from $82.00 to $81.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. JPMorgan Chase & Co. reduced their price target on shares of BXP from $83.00 to $82.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Citigroup decreased their price target on shares of BXP from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $79.00 price objective on shares of BXP in a report on Thursday, January 29th. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $77.05.

BXP Stock Performance

NYSE:BXP opened at $63.71 on Monday. The stock has a 50-day moving average price of $68.04 and a 200 day moving average price of $70.15. The stock has a market capitalization of $10.10 billion, a P/E ratio of -50.17, a P/E/G ratio of 2.66 and a beta of 1.01. BXP has a 12-month low of $54.22 and a 12-month high of $79.33. The company has a current ratio of 5.36, a quick ratio of 4.50 and a debt-to-equity ratio of 2.21.

BXP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 29th. Investors of record on Wednesday, December 31st were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 4.4%. The ex-dividend date was Wednesday, December 31st. BXP’s dividend payout ratio is presently -220.47%.

Insider Activity

In related news, EVP John J. Stroman sold 16,838 shares of BXP stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $72.17, for a total transaction of $1,215,198.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter V. Otteni sold 4,136 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $72.65, for a total transaction of $300,480.40. The SEC filing for this sale provides additional information. Insiders sold 70,710 shares of company stock valued at $5,107,771 over the last ninety days. 1.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Loomis Sayles & Co. L P purchased a new position in BXP during the 2nd quarter valued at $25,000. Muzinich & Co. Inc. purchased a new stake in shares of BXP during the third quarter valued at $27,000. Princeton Global Asset Management LLC boosted its stake in shares of BXP by 892.5% during the fourth quarter. Princeton Global Asset Management LLC now owns 397 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 357 shares during the period. MUFG Securities EMEA plc purchased a new position in BXP in the 2nd quarter worth about $29,000. Finally, REAP Financial Group LLC increased its stake in BXP by 193.2% in the 2nd quarter. REAP Financial Group LLC now owns 472 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 311 shares during the period. 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.