Wells Fargo & Company Raises Boston Properties (NYSE:BXP) Price Target to $80.00

Boston Properties (NYSE:BXP) had its target price hoisted by Wells Fargo & Company from $73.00 to $80.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

Several other equities analysts have also issued reports on BXP. Evercore ISI raised their price objective on Boston Properties from $76.00 to $77.00 and gave the stock an outperform rating in a report on Wednesday, August 28th. Piper Sandler raised their price objective on Boston Properties from $70.00 to $78.00 and gave the stock a neutral rating in a report on Tuesday, September 3rd. Barclays dropped their price objective on Boston Properties from $66.00 to $65.00 and set an equal weight rating on the stock in a report on Friday, May 24th. Truist Financial raised their price objective on Boston Properties from $67.00 to $77.00 and gave the stock a hold rating in a report on Tuesday, August 27th. Finally, Morgan Stanley reiterated an equal weight rating and set a $62.00 target price on shares of Boston Properties in a research note on Thursday, June 20th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $73.54.

Boston Properties Stock Performance

NYSE:BXP opened at $80.06 on Wednesday. The firm has a market capitalization of $12.57 billion, a PE ratio of 65.62, a price-to-earnings-growth ratio of 0.35 and a beta of 1.18. The business’s fifty day moving average price is $70.41 and its 200 day moving average price is $64.80. The company has a debt-to-equity ratio of 1.90, a current ratio of 4.83 and a quick ratio of 4.83. Boston Properties has a 12 month low of $50.64 and a 12 month high of $80.58.

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

Boston Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a $0.98 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a yield of 4.90%. Boston Properties’s payout ratio is currently 321.31%.

Insider Activity at Boston Properties

In related news, EVP Peter V. Otteni sold 4,785 shares of the firm’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Peter V. Otteni sold 4,785 shares of Boston Properties stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $73.44, for a total transaction of $351,410.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Raymond A. Ritchey sold 21,835 shares of Boston Properties stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $74.25, for a total transaction of $1,621,248.75. The disclosure for this sale can be found here. 1.35% of the stock is owned by insiders.

Institutional Investors Weigh In On Boston Properties

Hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in shares of Boston Properties by 593.7% during the 4th quarter. Victory Capital Management Inc. now owns 35,109 shares of the real estate investment trust’s stock worth $2,464,000 after purchasing an additional 30,048 shares in the last quarter. Principal Securities Inc. purchased a new position in shares of Boston Properties during the 4th quarter worth approximately $93,000. Versor Investments LP purchased a new position in shares of Boston Properties during the 4th quarter worth approximately $260,000. Jump Financial LLC purchased a new position in shares of Boston Properties during the 4th quarter worth approximately $337,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Boston Properties by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,228,879 shares of the real estate investment trust’s stock worth $156,407,000 after purchasing an additional 22,074 shares in the last quarter. 98.72% of the stock is currently owned by institutional investors and hedge funds.

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.