JPMorgan Chase & Co. Cuts BXP (NYSE:BXP) Price Target to $79.00

BXP (NYSE:BXP) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $82.00 to $79.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 54.79% from the stock’s current price.

Several other equities analysts have also commented on BXP. Truist Financial lowered their price objective on shares of BXP from $74.00 to $70.00 and set a “hold” rating for the company in a research report on Monday, February 2nd. KeyCorp upgraded shares of BXP from a “sector weight” rating to an “overweight” rating and set a $80.00 target price on the stock in a report on Thursday, December 4th. Mizuho cut shares of BXP from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $79.00 to $62.00 in a research report on Tuesday, February 24th. Scotiabank lowered their price target on shares of BXP from $74.00 to $65.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Finally, Weiss Ratings upgraded BXP from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, March 2nd. Ten equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, BXP currently has an average rating of “Hold” and an average price target of $74.10.

BXP Price Performance

Shares of NYSE BXP traded down $0.86 during midday trading on Wednesday, reaching $51.04. 2,109,955 shares of the stock traded hands, compared to its average volume of 2,647,291. The company’s 50 day moving average is $58.54 and its 200 day moving average is $66.71. BXP has a one year low of $49.72 and a one year high of $79.33. The company has a debt-to-equity ratio of 2.21, a current ratio of 5.36 and a quick ratio of 5.36. The stock has a market capitalization of $8.10 billion, a PE ratio of 29.33, a P/E/G ratio of 2.21 and a beta of 1.01.

Insider Activity at BXP

In other BXP news, EVP Hilary J. Spann sold 5,495 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $59.69, for a total transaction of $327,996.55. Following the completion of the transaction, the executive vice president owned 17,832 shares in the company, valued at $1,064,392.08. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Owen D. Thomas sold 1,198 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.22, for a total value of $73,341.56. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,887 shares of company stock valued at $476,930 in the last 90 days. Company insiders own 1.35% of the company’s stock.

Hedge Funds Weigh In On BXP

Several hedge funds have recently bought and sold shares of BXP. Loomis Sayles & Co. L P bought a new stake in shares of BXP during the second quarter worth $25,000. Elyxium Wealth LLC bought a new position in shares of BXP in the fourth quarter worth about $25,000. Muzinich & Co. Inc. purchased a new position in BXP in the 3rd quarter worth about $27,000. Princeton Global Asset Management LLC increased its stake in BXP by 892.5% in the 4th quarter. Princeton Global Asset Management LLC now owns 397 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 357 shares during the period. Finally, MUFG Securities EMEA plc bought a new stake in BXP during the 2nd quarter valued at about $29,000. Institutional investors own 98.72% of the company’s stock.

BXP Company Profile

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.