Boston Properties (NYSE:BXP) Updates FY 2024 Earnings Guidance

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on BXP. Truist Financial upped their target price on Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. Evercore ISI increased their target price on Boston Properties from $77.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Wells Fargo & Company increased their target price on Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Piper Sandler raised Boston Properties from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $78.00 to $105.00 in a research report on Wednesday, October 23rd. Finally, Scotiabank raised their price objective on Boston Properties from $82.00 to $91.00 and gave the stock a “sector outperform” rating in a research report on Friday. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Boston Properties presently has an average rating of “Moderate Buy” and an average price target of $80.82.

Boston Properties Price Performance

Shares of Boston Properties stock traded down $1.22 on Tuesday, hitting $86.17. The company’s stock had a trading volume of 1,311,260 shares, compared to its average volume of 1,262,693. The company has a debt-to-equity ratio of 1.90, a quick ratio of 4.83 and a current ratio of 4.83. Boston Properties has a 1 year low of $50.64 and a 1 year high of $90.11. The company has a market capitalization of $13.53 billion, a price-to-earnings ratio of 70.63, a price-to-earnings-growth ratio of 0.56 and a beta of 1.18. The firm has a fifty day moving average price of $80.23 and a 200-day moving average price of $69.31.

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

Boston Properties Dividend Announcement

The company 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 annualized dividend and a dividend yield of 4.55%. The ex-dividend date is Monday, September 30th. Boston Properties’s payout ratio is presently 321.31%.

Insider Activity

In other news, EVP Raymond A. Ritchey sold 21,835 shares of the company’s stock in a transaction 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 document filed with the SEC, which is accessible through this link. In other Boston Properties news, EVP Peter V. Otteni sold 4,785 shares of the 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Raymond A. Ritchey sold 21,835 shares of the stock in a transaction dated 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. Corporate insiders own 1.35% of the company’s stock.

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.