Boston Properties (NYSE:BXP) Issues FY24 Earnings Guidance

Boston Properties (NYSE:BXP) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $7.09-7.11 for the period, compared to the consensus EPS estimate of $7.11. Boston Properties also updated its FY 2024 guidance to 7.090-7.110 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Compass Point raised their price objective on Boston Properties from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday. StockNews.com raised Boston Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Barclays raised their price objective on Boston Properties from $65.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday. Scotiabank raised their price objective on Boston Properties from $82.00 to $91.00 and gave the company a “sector outperform” rating in a research report on Friday, October 25th. Finally, Truist Financial raised their price target on Boston Properties from $67.00 to $77.00 and gave the stock a “hold” rating in a report on Tuesday, August 27th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $80.75.

Boston Properties Stock Performance

Shares of NYSE:BXP traded down $2.19 during trading on Thursday, hitting $80.56. The stock had a trading volume of 1,875,002 shares, compared to its average volume of 1,270,013. Boston Properties has a 12-month low of $50.64 and a 12-month high of $90.11. The stock has a market capitalization of $12.65 billion, a price-to-earnings ratio of 34.87, a price-to-earnings-growth ratio of 0.56 and a beta of 1.18. The company has a quick ratio of 4.83, a current ratio of 4.83 and a debt-to-equity ratio of 1.90. The stock has a 50-day simple moving average of $80.67 and a two-hundred day simple moving average of $69.48.

Boston Properties (NYSE:BXP) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($1.28). Boston Properties had a return on equity of 2.05% and a net margin of 5.01%. The firm had revenue of $859.23 million during the quarter, compared to analysts’ expectations of $829.91 million. During the same quarter in the previous year, the business earned $1.86 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts expect that Boston Properties will post 7.11 earnings per share for the current fiscal year.

Boston Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 4.87%. The ex-dividend date of this dividend is Monday, September 30th. Boston Properties’s dividend payout ratio is currently 169.70%.

Insider Activity at Boston Properties

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

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.