Boston Properties Inc. (BXP) Downgraded to Neutral at Bank of America Corp.
Bank of America Corp. downgraded shares of Boston Properties Inc. (NYSE:BXP) from a buy rating to a neutral rating in a report published on Friday. Bank of America Corp. currently has $148.00 price target on the stock.
BXP has been the subject of several other reports. JPMorgan Chase & Co. boosted their price target on Boston Properties from $133.00 to $144.00 and gave the stock a neutral rating in a research report on Thursday, August 11th. Morgan Stanley cut Boston Properties from an overweight rating to an equal weight rating and boosted their price target for the stock from $140.00 to $145.00 in a research report on Monday, July 25th. Jefferies Group dropped their price target on Boston Properties from $141.00 to $138.00 and set a hold rating for the company in a research report on Monday, August 22nd. Zacks Investment Research cut Boston Properties from a buy rating to a hold rating in a research report on Tuesday, June 21st. Finally, Barclays PLC boosted their price target on Boston Properties from $149.00 to $159.00 and gave the stock an overweight rating in a research report on Tuesday, July 19th. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Boston Properties has a consensus rating of Buy and an average target price of $145.08.
Shares of Boston Properties (NYSE:BXP) traded down 0.04% during mid-day trading on Friday, reaching $126.85. The company had a trading volume of 267,664 shares. The stock’s 50-day moving average price is $135.71 and its 200 day moving average price is $133.12. The company has a market capitalization of $19.50 billion, a PE ratio of 32.53 and a beta of 0.64. Boston Properties has a 1-year low of $107.28 and a 1-year high of $144.02.
Boston Properties (NYSE:BXP) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.04. Boston Properties had a return on equity of 7.89% and a net margin of 24.01%. The firm earned $623.50 million during the quarter, compared to analysts’ expectations of $612.38 million. During the same period in the previous year, the business earned $1.36 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts expect that Boston Properties will post $5.98 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be issued a dividend of $0.65 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 annualized dividend and a yield of 2.04%. Boston Properties’s dividend payout ratio (DPR) is 66.50%.
In other Boston Properties news, insider Frank D. Burt sold 4,573 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $142.26, for a total transaction of $650,554.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Martin Turchin sold 1,504 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $140.31, for a total value of $211,026.24. Following the sale, the director now owns 2,857 shares in the company, valued at approximately $400,865.67. The disclosure for this sale can be found here. Company insiders own 6.17% of the company’s stock.
A number of large investors have recently modified their holdings of the company. FMR LLC increased its stake in shares of Boston Properties by 11.6% in the second quarter. FMR LLC now owns 9,786,504 shares of the company’s stock valued at $1,290,839,000 after buying an additional 1,019,047 shares during the period. Bank of Montreal Can bought a new stake in shares of Boston Properties during the second quarter valued at $123,626,000. Emerald Acquisition Ltd. bought a new stake in shares of Boston Properties during the second quarter valued at $86,216,000. Westwood Holdings Group Inc. increased its stake in shares of Boston Properties by 82,635.9% in the second quarter. Westwood Holdings Group Inc. now owns 653,614 shares of the company’s stock valued at $86,212,000 after buying an additional 652,824 shares during the period. Finally, Lord Abbett & CO. LLC increased its stake in shares of Boston Properties by 156.7% in the second quarter. Lord Abbett & CO. LLC now owns 873,915 shares of the company’s stock valued at $115,269,000 after buying an additional 533,444 shares during the period. Institutional investors own 95.55% of the company’s stock.
About Boston Properties
Boston Properties, Inc is a real estate investment trust. The Company is an owner and developer of office properties in the United States. The Company’s segments by geographic area are Boston, New York, San Francisco and Washington, DC. The Company conducts its operations through Boston Properties Limited Partnership.
Receive News & Ratings for Boston Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Boston Properties Inc. and related companies with MarketBeat.com's FREE daily email newsletter.