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

Boston Properties (NYSE:BXP) issued its earnings results on Tuesday. The real estate investment trust reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $1.81 by ($1.28), Yahoo Finance reports. The business had revenue of $859.23 million during the quarter, compared to analysts’ expectations of $829.91 million. Boston Properties had a return on equity of 2.05% and a net margin of 5.01%. Boston Properties’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.86 EPS. 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 Down 3.6 %

Shares of Boston Properties stock traded down $3.08 during midday trading on Wednesday, hitting $83.11. The company had a trading volume of 1,315,242 shares, compared to its average volume of 1,262,943. 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 capitalization of $13.05 billion, a P/E ratio of 67.45, a P/E/G ratio of 0.56 and a beta of 1.18. The company has a 50 day moving average of $80.23 and a 200 day moving average of $69.31.

Boston Properties Announces Dividend

The firm also recently announced 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. The ex-dividend date is Monday, September 30th. This represents a $3.92 annualized dividend and a dividend yield of 4.72%. Boston Properties’s payout ratio is 321.31%.

Insider Buying and Selling at Boston Properties

In related news, EVP Raymond A. Ritchey sold 21,835 shares of the 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Raymond A. Ritchey sold 21,835 shares of the company’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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Peter V. Otteni sold 4,785 shares of the stock in a transaction 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. 1.35% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BXP shares. Truist Financial increased their target price on Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Scotiabank increased their price objective on Boston Properties from $82.00 to $91.00 and gave the company a “sector outperform” rating in a research note on Friday, October 25th. Barclays lifted their target price on shares of Boston Properties from $65.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Monday. Evercore ISI increased their price target on shares of Boston Properties from $77.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Finally, Piper Sandler upgraded shares of Boston Properties from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $78.00 to $105.00 in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Boston Properties currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.82.

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.