Russell Investments Group Ltd. cut its position in shares of Boston Properties, Inc. (NYSE:BXP) by 58.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 144,163 shares of the real estate investment trust’s stock after selling 199,227 shares during the quarter. Russell Investments Group Ltd. owned 0.09% of Boston Properties worth $18,746,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Invesco Ltd. lifted its stake in Boston Properties by 5,758.3% during the second quarter. Invesco Ltd. now owns 241,485,891 shares of the real estate investment trust’s stock worth $31,151,683,000 after purchasing an additional 237,363,784 shares during the last quarter. Nuveen Asset Management LLC increased its position in Boston Properties by 203.4% in the second quarter. Nuveen Asset Management LLC now owns 3,537,443 shares of the real estate investment trust’s stock worth $456,331,000 after buying an additional 2,371,683 shares during the period. Northern Trust Corp increased its position in Boston Properties by 1.7% in the second quarter. Northern Trust Corp now owns 2,648,190 shares of the real estate investment trust’s stock worth $341,616,000 after buying an additional 45,390 shares during the period. Charles Schwab Investment Management Inc. increased its position in Boston Properties by 4.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,954,141 shares of the real estate investment trust’s stock worth $252,085,000 after buying an additional 90,867 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Boston Properties by 26.0% in the second quarter. Bank of New York Mellon Corp now owns 1,801,201 shares of the real estate investment trust’s stock worth $232,357,000 after buying an additional 372,110 shares during the period. Hedge funds and other institutional investors own 90.76% of the company’s stock.
Several brokerages have weighed in on BXP. Goldman Sachs Group began coverage on Boston Properties in a research report on Friday. They issued a “buy” rating and a $156.00 target price on the stock. Deutsche Bank increased their target price on Boston Properties from $145.00 to $148.00 and gave the stock a “hold” rating in a research report on Thursday, October 10th. Morgan Stanley raised Boston Properties from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $123.00 to $126.00 in a research report on Tuesday, September 10th. They noted that the move was a valuation call. Barclays reaffirmed a “buy” rating and issued a $149.00 target price on shares of Boston Properties in a research report on Sunday, October 13th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $134.00 target price (up from $131.00) on shares of Boston Properties in a research report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $142.54.
Boston Properties (NYSE:BXP) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $743.55 million for the quarter, compared to analyst estimates of $730.74 million. Boston Properties had a return on equity of 6.70% and a net margin of 18.20%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company earned $1.64 earnings per share. On average, equities research analysts expect that Boston Properties, Inc. will post 6.99 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Friday, September 27th. Boston Properties’s dividend payout ratio (DPR) is 60.32%.
About Boston Properties
Boston Properties (NYSE: BXP) is one of the largest publicly-held developers and owners of Class A office properties in the United States, concentrated in five markets – Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space.
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