Boston Properties (NYSE:BXP) Issues Earnings Results, Misses Expectations By $1.28 EPS

Boston Properties (NYSE:BXP) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.53 EPS for the quarter, missing the consensus estimate of $1.81 by ($1.28), Yahoo Finance reports. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The firm had revenue of $859.23 million for the quarter, compared to analyst estimates of $829.91 million. During the same quarter in the prior year, the business posted $1.86 EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. Boston Properties updated its FY24 guidance to $7.09-7.11 EPS and its FY 2024 guidance to 7.090-7.110 EPS.

Boston Properties Trading Down 4.4 %

Shares of Boston Properties stock traded down $3.82 during trading hours on Wednesday, hitting $82.37. The company’s stock had a trading volume of 1,121,750 shares, compared to its average volume of 1,262,022. The stock has a market cap of $12.94 billion, a price-to-earnings ratio of 67.45, a P/E/G ratio of 0.56 and a beta of 1.18. 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 twelve month low of $50.64 and a twelve month high of $90.11. The firm has a fifty day moving average of $80.23 and a 200-day moving average of $69.31.

Boston Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.98 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a yield of 4.76%. Boston Properties’s dividend payout ratio is currently 321.31%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BXP. Barclays increased their target price on Boston Properties from $65.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday. Truist Financial lifted their target price on shares of Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. StockNews.com upgraded shares of Boston Properties from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Evercore ISI lifted their price objective on Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Finally, Wedbush boosted their price objective on Boston Properties from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Boston Properties has a consensus rating of “Moderate Buy” and an average target price of $80.82.

Insider Buying and Selling

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 transaction of $351,410.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Peter V. Otteni sold 4,785 shares of the 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 legal filing with the Securities & Exchange Commission, which is available at 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. Corporate insiders own 1.35% of the company’s stock.

Boston Properties Company Profile

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.