Boston Properties (BXP) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Boston Properties (NYSE:BXP) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. The firm currently has $141.00 price objective on the real estate investment trust’s stock.
According to Zacks, “Shares of Boston Properties have outperformed its industry over the past year. Further, the trend in 2018 funds from operations (FFO) per share estimate revisions indicates a favorable outlook for the company. In a bid to finance its green projects, the company recently priced senior unsecured notes worth $1 billion. Notably, the company’s Class A office assets located in top-tier gateway cities along with a diversified tenant and industry base will likely drive its long-term growth. Also, efforts to reposition its portfolio through accretive acquisitions and monetizing of non-core assets are anticipated to benefit the company in the long-term. Nonetheless, geographic concentration of its assets and rising interest rates remain concerns.”
A number of other equities analysts also recently commented on the stock. DA Davidson upgraded shares of Boston Properties from a neutral rating to a buy rating and upped their target price for the stock from $135.00 to $145.00 in a research note on Monday. Scotiabank assumed coverage on shares of Boston Properties in a research note on Tuesday, October 16th. They issued a sector perform rating on the stock. Jefferies Financial Group upgraded shares of Boston Properties from a hold rating to a buy rating and set a $139.00 target price on the stock in a research note on Monday, October 15th. Barclays restated a buy rating and issued a $125.00 target price on shares of Boston Properties in a research note on Sunday, October 14th. Finally, JPMorgan Chase & Co. upgraded shares of Boston Properties from a neutral rating to an overweight rating in a research note on Friday, October 5th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Boston Properties has an average rating of Buy and a consensus target price of $135.86.
Boston Properties (NYSE:BXP) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.05. The business had revenue of $686.28 million for the quarter, compared to the consensus estimate of $674.30 million. Boston Properties had a net margin of 20.18% and a return on equity of 6.75%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.76 EPS. On average, equities analysts forecast that Boston Properties will post 6.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 31st. Stockholders of record on Friday, September 28th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.55%.
Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its stake in Boston Properties by 1.1% in the second quarter. BlackRock Inc. now owns 15,893,856 shares of the real estate investment trust’s stock valued at $1,993,407,000 after acquiring an additional 169,036 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in Boston Properties by 14.0% in the third quarter. IFM Investors Pty Ltd now owns 8,333 shares of the real estate investment trust’s stock valued at $1,026,000 after acquiring an additional 1,022 shares in the last quarter. Van ECK Associates Corp acquired a new stake in Boston Properties in the second quarter valued at approximately $4,049,000. Atria Investments LLC acquired a new stake in Boston Properties in the third quarter valued at approximately $226,000. Finally, Exane Derivatives boosted its stake in Boston Properties by 222,400.0% in the third quarter. Exane Derivatives now owns 2,225 shares of the real estate investment trust’s stock valued at $274,000 after acquiring an additional 2,224 shares in the last quarter. Institutional investors own 96.30% of the company’s stock.
Boston Properties Company Profile
Boston Properties is a fully integrated real estate company, organized as a real estate investment trust, that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office space totaling 50.2 million square feet and consisting of 166 office properties (including nine properties under construction), six residential properties (including three properties under construction), five retail properties and one hotel.
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