Boston Properties (NYSE:BXP) Releases FY24 Earnings Guidance

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

Wall Street Analyst Weigh In

Several analysts have issued reports on BXP shares. Wells Fargo & Company increased their price objective on shares of Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Wedbush raised their price target on shares of Boston Properties from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Piper Sandler upgraded shares of Boston Properties from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $78.00 to $105.00 in a report on Wednesday, October 23rd. Scotiabank upped their price objective on shares of Boston Properties from $82.00 to $91.00 and gave the company a “sector outperform” rating in a research report on Friday. Finally, StockNews.com raised Boston Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.82.

Boston Properties Stock Performance

NYSE:BXP traded down $1.20 during trading hours on Tuesday, reaching $86.19. 1,311,182 shares of the stock were exchanged, compared to its average volume of 1,262,693. The stock has a market capitalization of $13.54 billion, a P/E ratio of 70.65, a P/E/G ratio of 0.56 and a beta of 1.18. The firm has a 50 day simple moving average of $79.91 and a 200-day simple moving average of $69.13. The company has a quick ratio of 4.83, a current ratio of 4.83 and a debt-to-equity ratio of 1.90. Boston Properties has a 52 week low of $50.64 and a 52 week high of $90.11.

Boston Properties (NYSE:BXP) last posted its quarterly 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). Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The business had revenue of $850.48 million during the quarter, compared to analyst estimates of $819.49 million. During the same period last year, the firm posted $1.86 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, sell-side analysts forecast that Boston Properties will post 7.11 earnings per share for the current fiscal year.

Boston Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend is Monday, September 30th. Boston Properties’s payout ratio is 321.31%.

Insider Buying and Selling

In other news, EVP Raymond A. Ritchey sold 21,835 shares of the business’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Raymond A. Ritchey sold 21,835 shares of Boston Properties stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $74.25, for a total transaction of $1,621,248.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Peter V. Otteni sold 4,785 shares of the 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 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.