Zacks Investment Research downgraded shares of Boston Properties (NYSE:BXP) from a hold rating to a sell rating in a report published on Tuesday morning.
According to Zacks, “Shares of Boston Properties have underperformed its industry, over the past year. Also, the stock has seen the Zacks Consensus Estimate for fourth-quarter 2017 funds from operations (FFO) per share being revised downward in two months’ time. Notably, there is growth in supply of office space in the market and this remains a concern because higher supply usually leads to lesser absorption and also curtails the landlord’s capability to demand more rents. There is also a trend of increased concessions in some of the markets. Moreover, big financial players are opting for resizing of their business and cost containment efforts, which is affecting demand for office space. Furthermore, rate hikes have added to its woes. Nevertheless, Boston Properties’ assets located in select, high-rent, high barrier-to-entry geographic markets, diversified tenant and industry base have the capacity to drive long-term growth.”
BXP has been the topic of several other reports. Mizuho reiterated a hold rating and issued a $122.00 price target on shares of Boston Properties in a research note on Friday, November 3rd. SunTrust Banks restated a hold rating and set a $130.00 price objective on shares of Boston Properties in a research note on Monday, October 9th. Evercore ISI restated an in-line rating and set a $133.00 price objective (up from $127.00) on shares of Boston Properties in a research note on Friday, October 6th. KeyCorp restated a hold rating on shares of Boston Properties in a research note on Wednesday, October 4th. Finally, Royal Bank of Canada set a $140.00 price objective on shares of Boston Properties and gave the stock a buy rating in a research note on Monday, November 27th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $131.00.
Shares of Boston Properties (NYSE:BXP) traded down $1.53 during mid-day trading on Tuesday, reaching $122.33. 637,036 shares of the company’s stock traded hands, compared to its average volume of 824,556. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.92. Boston Properties has a 12-month low of $116.77 and a 12-month high of $140.13. The firm has a market cap of $19,114.36, a price-to-earnings ratio of 38.23, a P/E/G ratio of 3.48 and a beta of 0.63.
Boston Properties (NYSE:BXP) last issued its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.03. Boston Properties had a net margin of 19.42% and a return on equity of 6.43%. The firm had revenue of $657.70 million for the quarter, compared to analyst estimates of $649.84 million. During the same period in the previous year, the business earned $1.42 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. equities analysts expect that Boston Properties will post 6.23 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 30th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.80 per share. The ex-dividend date is Thursday, December 28th. This is a positive change from Boston Properties’s previous quarterly dividend of $0.75. This represents a $3.20 annualized dividend and a dividend yield of 2.62%. Boston Properties’s payout ratio is currently 100.00%.
In other news, insider Bryan J. Koop sold 5,868 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $124.55, for a total transaction of $730,859.40. Following the transaction, the insider now directly owns 585 shares in the company, valued at approximately $72,861.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.17% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Amica Retiree Medical Trust bought a new stake in shares of Boston Properties during the 3rd quarter worth about $105,000. NewSquare Capital LLC boosted its holdings in shares of Boston Properties by 12,184.0% during the 3rd quarter. NewSquare Capital LLC now owns 122,840 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 121,840 shares during the period. Fieldpoint Private Securities LLC bought a new stake in shares of Boston Properties during the 3rd quarter worth about $125,000. Sun Life Financial INC boosted its holdings in shares of Boston Properties by 10,118.2% during the 2nd quarter. Sun Life Financial INC now owns 1,124 shares of the real estate investment trust’s stock worth $138,000 after buying an additional 1,113 shares during the period. Finally, Americafirst Capital Management LLC bought a new stake in shares of Boston Properties during the 3rd quarter worth about $169,000. 95.22% of the stock is owned by institutional investors and hedge funds.
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Boston Properties Company Profile
Boston Properties, Inc is a real estate investment trust. The Company is an owner and developer of office properties in the United States. Its segments by geographic area are Boston, New York, San Francisco and Washington, DC. Its segments by property type include Office, Residential and Hotel. As of December 31, 2016, the Company owned or had interests in 174 commercial real estate properties, aggregating approximately 47.7 million net rentable square feet of primarily Class A office properties, including eight properties under construction/redevelopment totaling approximately 4.0 million net rentable square feet.
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