Boston Properties (NYSE:BXP) Releases Q2 2024 Earnings Guidance

Boston Properties (NYSE:BXP) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 1.700-1.720 for the period, compared to the consensus estimate of 1.780. The company issued revenue guidance of -. Boston Properties also updated its FY 2024 guidance to 6.980-7.100 EPS.

Boston Properties Price Performance

Boston Properties stock traded down $0.95 during mid-day trading on Tuesday, reaching $61.89. 1,180,268 shares of the company were exchanged, compared to its average volume of 1,421,962. The firm has a market cap of $9.72 billion, a PE ratio of 51.15 and a beta of 1.15. The company has a debt-to-equity ratio of 1.99, a current ratio of 5.40 and a quick ratio of 5.40. Boston Properties has a 12 month low of $46.80 and a 12 month high of $73.97. The company has a fifty day simple moving average of $63.03 and a 200-day simple moving average of $63.02.

Boston Properties (NYSE:BXP) last announced its earnings results on Wednesday, January 31st. The real estate investment trust reported $0.76 EPS for the quarter, missing the consensus estimate of $1.81 by ($1.05). Boston Properties had a net margin of 5.81% and a return on equity of 2.32%. The company had revenue of $828.90 million during the quarter, compared to the consensus estimate of $811.59 million. During the same quarter in the previous year, the company earned $1.86 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that Boston Properties will post 7.12 earnings per share for the current fiscal year.

Boston Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a dividend of $0.98 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $3.92 annualized dividend and a dividend yield of 6.33%. Boston Properties’s payout ratio is 323.97%.

Analyst Ratings Changes

BXP has been the subject of several recent analyst reports. Barclays reduced their price objective on shares of Boston Properties from $67.00 to $66.00 and set an equal weight rating for the company in a research report on Wednesday, March 27th. Deutsche Bank Aktiengesellschaft started coverage on Boston Properties in a research report on Tuesday, January 30th. They issued a hold rating and a $74.00 target price for the company. Jefferies Financial Group raised Boston Properties from a hold rating to a buy rating and upped their target price for the stock from $57.00 to $80.00 in a research report on Tuesday, January 2nd. Truist Financial reduced their price target on shares of Boston Properties from $77.00 to $75.00 and set a hold rating for the company in a research report on Tuesday, March 5th. Finally, BMO Capital Markets lowered their price objective on shares of Boston Properties from $80.00 to $78.00 and set an outperform rating on the stock in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $69.44.

Insiders Place Their Bets

In other news, EVP Raymond A. Ritchey sold 14,150 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $62.84, for a total transaction of $889,186.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.35% of the company’s stock.

Boston Properties Company Profile

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.