Scotiabank Raises Boston Properties (NYSE:BXP) Price Target to $91.00

Boston Properties (NYSE:BXP) had its target price raised by Scotiabank from $82.00 to $91.00 in a research report released on Friday, Benzinga reports. The firm currently has a sector outperform rating on the real estate investment trust’s stock.

Several other analysts have also issued reports on BXP. Evercore ISI raised their price target on shares of Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Truist Financial upped their price target on Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a report on Tuesday, August 27th. Wells Fargo & Company upped their target price on Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Wedbush lifted their price target on shares of Boston Properties from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Finally, Piper Sandler upgraded shares of Boston Properties from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $78.00 to $105.00 in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.73.

Boston Properties Price Performance

NYSE BXP opened at $86.99 on Friday. Boston Properties has a fifty-two week low of $50.64 and a fifty-two week high of $90.11. The stock’s 50-day moving average is $79.25 and its two-hundred day moving average is $68.71. The firm has a market cap of $13.66 billion, a P/E ratio of 71.53, a price-to-earnings-growth ratio of 0.56 and a beta of 1.18. The company has a debt-to-equity ratio of 1.90, a current ratio of 4.83 and a quick ratio of 4.83.

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

Boston Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 4.51%. The ex-dividend date of this dividend is Monday, September 30th. Boston Properties’s payout ratio is 321.31%.

Insider Transactions at Boston Properties

In related news, EVP Peter V. Otteni sold 4,785 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was 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 through this link. In other Boston Properties news, EVP Peter V. Otteni sold 4,785 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Raymond A. Ritchey sold 21,835 shares of the 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. 1.35% of the stock is owned by company insiders.

Institutional Trading of Boston Properties

A number of large investors have recently bought and sold shares of BXP. Sun Life Financial Inc. bought a new stake in shares of Boston Properties during the third quarter worth $9,674,000. Whittier Trust Co. of Nevada Inc. increased its holdings in Boston Properties by 2.7% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 133,871 shares of the real estate investment trust’s stock worth $10,771,000 after purchasing an additional 3,502 shares in the last quarter. Whittier Trust Co. raised its stake in shares of Boston Properties by 4.2% in the 3rd quarter. Whittier Trust Co. now owns 296,354 shares of the real estate investment trust’s stock valued at $23,844,000 after purchasing an additional 12,018 shares during the period. Raymond James & Associates raised its stake in shares of Boston Properties by 11.9% in the 3rd quarter. Raymond James & Associates now owns 110,587 shares of the real estate investment trust’s stock valued at $8,898,000 after purchasing an additional 11,752 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of Boston Properties by 60.5% in the third quarter. Blue Trust Inc. now owns 5,669 shares of the real estate investment trust’s stock valued at $456,000 after purchasing an additional 2,138 shares in the last quarter. 98.72% of the stock is owned by institutional investors.

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.