Citigroup Cuts BXP (NYSE:BXP) Price Target to $68.00

BXP (NYSE:BXP) had its price objective trimmed by Citigroup from $70.00 to $68.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

BXP has been the topic of a number of other research reports. LADENBURG THALM/SH SH initiated coverage on BXP in a research note on Monday, October 13th. They issued a “buy” rating and a $85.00 target price on the stock. Evercore ISI decreased their target price on shares of BXP from $76.00 to $73.00 and set an “in-line” rating on the stock in a research report on Thursday, January 29th. JPMorgan Chase & Co. lowered their price target on shares of BXP from $83.00 to $82.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. KeyCorp raised BXP from a “sector weight” rating to an “overweight” rating and set a $80.00 price objective on the stock in a research note on Thursday, December 4th. Finally, Wells Fargo & Company lowered their target price on BXP from $77.00 to $74.00 and set an “overweight” rating for the company in a research note on Tuesday, November 25th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $77.05.

BXP Stock Down 0.9%

Shares of NYSE BXP opened at $63.18 on Tuesday. The company has a current ratio of 5.36, a quick ratio of 4.50 and a debt-to-equity ratio of 2.21. The business has a 50-day moving average of $67.85 and a 200-day moving average of $70.10. The firm has a market capitalization of $10.01 billion, a price-to-earnings ratio of -49.75, a PEG ratio of 2.71 and a beta of 1.01. BXP has a 12 month low of $54.22 and a 12 month high of $79.33.

BXP Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Wednesday, December 31st. BXP’s dividend payout ratio is currently -220.47%.

Insider Buying and Selling

In other BXP news, EVP Raymond A. Ritchey sold 36,314 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $72.18, for a total value of $2,621,144.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John J. Stroman sold 16,838 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $72.17, for a total transaction of $1,215,198.46. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 57,288 shares of company stock valued at $4,136,823 over the last quarter. 1.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On BXP

A number of institutional investors have recently bought and sold shares of BXP. Loomis Sayles & Co. L P bought a new stake in BXP during the 2nd quarter valued at approximately $25,000. Muzinich & Co. Inc. bought a new stake in shares of BXP during the third quarter valued at approximately $27,000. Elyxium Wealth LLC bought a new stake in shares of BXP during the fourth quarter valued at approximately $25,000. Princeton Global Asset Management LLC grew its stake in BXP by 892.5% in the fourth quarter. Princeton Global Asset Management LLC now owns 397 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 357 shares during the period. Finally, MUFG Securities EMEA plc bought a new position in BXP in the second quarter worth $29,000. 98.72% of the stock is owned by institutional investors.

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.