Piper Sandler Upgrades Boston Properties (NYSE:BXP) to “Overweight”

Piper Sandler upgraded shares of Boston Properties (NYSE:BXP) from a neutral rating to an overweight rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. They currently have $105.00 target price on the real estate investment trust’s stock, up from their prior target price of $78.00.

BXP has been the topic of several other reports. Wells Fargo & Company raised their price target on Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Evercore ISI lifted their price target on Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Scotiabank increased their price objective on Boston Properties from $76.00 to $82.00 and gave the company a “sector outperform” rating in a research report on Wednesday, September 11th. Truist Financial boosted their target price on shares of Boston Properties from $67.00 to $77.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Finally, StockNews.com raised shares of Boston Properties from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.73.

Boston Properties Trading Down 0.7 %

Shares of NYSE:BXP opened at $86.99 on Wednesday. Boston Properties has a 1 year low of $50.64 and a 1 year high of $90.11. The firm has a fifty day moving average price of $79.25 and a 200 day moving average price of $68.71. The company has a current ratio of 4.83, a quick ratio of 4.83 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $13.66 billion, a PE ratio of 71.53, a P/E/G ratio of 0.56 and a beta of 1.18.

Boston Properties (NYSE:BXP) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($1.21). The company had revenue of $850.48 million during the quarter, compared to the consensus estimate of $819.49 million. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.86 earnings per share. Analysts expect that Boston Properties will post 7.11 EPS for the current fiscal year.

Boston Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a $0.98 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a yield of 4.51%. Boston Properties’s payout ratio is currently 321.31%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BXP. Sun Life Financial Inc. acquired a new stake in shares of Boston Properties during the third quarter worth $9,674,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Boston Properties by 2.7% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 133,871 shares of the real estate investment trust’s stock worth $10,771,000 after acquiring an additional 3,502 shares during the last quarter. Whittier Trust Co. grew its holdings in Boston Properties by 4.2% during the third quarter. Whittier Trust Co. now owns 296,354 shares of the real estate investment trust’s stock valued at $23,844,000 after purchasing an additional 12,018 shares during the period. Raymond James & Associates increased its stake in Boston Properties by 11.9% in the third quarter. Raymond James & Associates now owns 110,587 shares of the real estate investment trust’s stock valued at $8,898,000 after purchasing an additional 11,752 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Boston Properties by 60.5% in the third quarter. Blue Trust Inc. now owns 5,669 shares of the real estate investment trust’s stock valued at $456,000 after purchasing an additional 2,138 shares in the last quarter. Institutional investors and hedge funds own 98.72% 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.