Boston Properties (NYSE:BXP) Shares Gap Down on Disappointing Earnings

Boston Properties, Inc. (NYSE:BXP) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $61.89, but opened at $58.00. Boston Properties shares last traded at $58.93, with a volume of 276,537 shares changing hands.

The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.22). Boston Properties had a return on equity of 2.32% and a net margin of 5.81%. The firm had revenue of $839.44 million during the quarter, compared to analyst estimates of $808.68 million. During the same period last year, the business earned $1.73 EPS. The firm’s revenue was up 4.5% on a year-over-year basis.

Boston Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were given a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 6.62%. The ex-dividend date of this dividend was Wednesday, March 27th. Boston Properties’s dividend payout ratio is currently 323.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Truist Financial lowered their price target on Boston Properties from $77.00 to $75.00 and set a “hold” rating on the stock in a report on Tuesday, March 5th. Deutsche Bank Aktiengesellschaft started coverage on shares of Boston Properties in a research report on Tuesday, January 30th. They set a “hold” rating and a $74.00 price target on the stock. BMO Capital Markets decreased their price objective on shares of Boston Properties from $80.00 to $78.00 and set an “outperform” rating for the company in a report on Monday, April 8th. StockNews.com raised Boston Properties from a “sell” rating to a “hold” rating in a report on Thursday, February 1st. Finally, Barclays decreased their price target on Boston Properties from $67.00 to $66.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $69.40.

Insider Activity

In other news, EVP Raymond A. Ritchey sold 14,150 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $62.84, for a total value of $889,186.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Boston Properties

A number of large investors have recently made changes to their positions in the business. Manchester Capital Management LLC boosted its position in Boston Properties by 435.9% during the fourth quarter. Manchester Capital Management LLC now owns 418 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 340 shares during the last quarter. McGlone Suttner Wealth Management Inc. bought a new stake in shares of Boston Properties in the 4th quarter valued at approximately $29,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Boston Properties in the 4th quarter valued at approximately $34,000. Sound Income Strategies LLC raised its position in Boston Properties by 770.9% during the fourth quarter. Sound Income Strategies LLC now owns 479 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 424 shares in the last quarter. Finally, Cambridge Trust Co. lifted its stake in Boston Properties by 80.1% in the fourth quarter. Cambridge Trust Co. now owns 562 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 250 shares during the last quarter. Institutional investors and hedge funds own 98.72% of the company’s stock.

Boston Properties Price Performance

The company has a market capitalization of $9.31 billion, a P/E ratio of 48.97 and a beta of 1.15. The company’s 50-day simple moving average is $62.81 and its 200 day simple moving average is $63.04. The company has a quick ratio of 5.40, a current ratio of 5.40 and a debt-to-equity ratio of 1.99.

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.