Boston Properties (NYSE:BXP) Posts Quarterly Earnings Results, Misses Estimates By $1.28 EPS

Boston Properties (NYSE:BXP) released its quarterly earnings data on Tuesday. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the consensus estimate of $1.81 by ($1.28), Yahoo Finance reports. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The firm had revenue of $859.23 million during the quarter, compared to the consensus estimate of $829.91 million. During the same quarter in the previous year, the firm earned $1.86 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year. Boston Properties updated its FY24 guidance to $7.09-7.11 EPS and its FY 2024 guidance to 7.090-7.110 EPS.

Boston Properties Stock Performance

BXP stock traded down $3.05 during midday trading on Wednesday, reaching $83.14. The stock had a trading volume of 1,269,568 shares, compared to its average volume of 1,262,726. The firm has a fifty day simple moving average of $80.23 and a two-hundred day simple moving average of $69.31. Boston Properties has a 52-week low of $50.64 and a 52-week high of $90.11. The company has a debt-to-equity ratio of 1.90, a quick ratio of 4.83 and a current ratio of 4.83. The stock has a market cap of $13.06 billion, a PE ratio of 67.45, a P/E/G ratio of 0.56 and a beta of 1.18.

Boston Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date is Monday, September 30th. Boston Properties’s dividend payout ratio (DPR) is presently 321.31%.

Wall Street Analysts Forecast Growth

BXP has been the subject of several research reports. StockNews.com raised shares of Boston Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Barclays upped their target price on Boston Properties from $65.00 to $88.00 and gave the stock an “equal weight” rating in a report on Monday. Evercore ISI lifted their price target on Boston Properties from $77.00 to $84.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Truist Financial lifted their target price on Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Finally, Wedbush increased their price target on shares of Boston Properties from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Boston Properties has an average rating of “Moderate Buy” and an average price target of $80.82.

Insider Buying and Selling

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

About Boston Properties

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.