Scotiabank Increases Boston Properties (NYSE:BXP) Price Target to $82.00

Boston Properties (NYSE:BXP) had its price objective upped by Scotiabank from $76.00 to $82.00 in a report published on Wednesday morning, Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

BXP has been the topic of a number of other research reports. Barclays lowered their target price on Boston Properties from $66.00 to $65.00 and set an equal weight rating on the stock in a research note on Friday, May 24th. Morgan Stanley restated an equal weight rating and issued a $62.00 target price on shares of Boston Properties in a research note on Thursday, June 20th. Wedbush upped their price target on Boston Properties from $63.00 to $70.00 and gave the stock a neutral rating in a report on Monday, August 5th. Wells Fargo & Company upped their price target on Boston Properties from $73.00 to $80.00 and gave the stock an overweight rating in a report on Wednesday. Finally, StockNews.com raised Boston Properties from a sell rating to a hold rating in a report on Thursday, August 8th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Boston Properties has a consensus rating of Hold and a consensus price target of $73.54.

Boston Properties Stock Up 1.8 %

Shares of BXP opened at $80.06 on Wednesday. Boston Properties has a 52 week low of $50.64 and a 52 week high of $80.58. The company has a quick ratio of 4.83, a current ratio of 4.83 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $12.57 billion, a price-to-earnings ratio of 65.62, a PEG ratio of 0.35 and a beta of 1.18. The stock’s 50-day moving average price is $70.41 and its 200-day moving average price is $64.80.

Boston Properties (NYSE:BXP) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($1.21). Boston Properties had a return on equity of 2.05% and a net margin of 5.01%. The company had revenue of $850.48 million during the quarter, compared to analysts’ expectations of $819.49 million. During the same quarter in the previous year, the company earned $1.86 EPS. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts predict that Boston Properties will post 7.11 EPS for the current year.

Boston Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a dividend of $0.98 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 4.90%. Boston Properties’s payout ratio is currently 321.31%.

Insider Buying and Selling at Boston Properties

In related news, EVP Peter V. Otteni sold 4,785 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $73.44, for a total value of $351,410.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Raymond A. Ritchey sold 21,835 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $74.25, for a total value of $1,621,248.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter V. Otteni sold 4,785 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $73.44, for a total value of $351,410.40. The disclosure for this sale can be found here. Insiders own 1.35% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new position in Boston Properties in the second quarter worth approximately $1,114,000. Point72 Asset Management L.P. purchased a new position in Boston Properties in the second quarter worth approximately $12,914,000. Northwestern Mutual Wealth Management Co. grew its position in Boston Properties by 61.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,438 shares of the real estate investment trust’s stock worth $89,000 after acquiring an additional 547 shares during the period. Creative Planning grew its position in Boston Properties by 7.7% in the second quarter. Creative Planning now owns 25,570 shares of the real estate investment trust’s stock worth $1,574,000 after acquiring an additional 1,835 shares during the period. Finally, Scientech Research LLC grew its position in Boston Properties by 91.4% in the second quarter. Scientech Research LLC now owns 15,151 shares of the real estate investment trust’s stock worth $933,000 after acquiring an additional 7,237 shares during the period. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

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.