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 guidance of $6.98-7.10 for the period, compared to the consensus earnings per share estimate of $7.13. Boston Properties also updated its FY 2024 guidance to 6.980-7.100 EPS.

Analyst Upgrades and Downgrades

Several brokerages have commented on BXP. Jefferies Financial Group raised Boston Properties from a hold rating to a buy rating and lifted their target price for the stock from $57.00 to $80.00 in a report on Tuesday, January 2nd. Deutsche Bank Aktiengesellschaft began coverage on Boston Properties in a research note on Tuesday, January 30th. They issued a hold rating and a $74.00 price objective on the stock. Barclays decreased their target price on shares of Boston Properties from $67.00 to $66.00 and set an equal weight rating for the company in a research report on Wednesday, March 27th. StockNews.com upgraded shares of Boston Properties from a sell rating to a hold rating in a research report on Thursday, February 1st. Finally, Truist Financial reduced their price objective on shares of Boston Properties from $77.00 to $75.00 and set a hold rating on the stock in a research note on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $69.44.

Boston Properties Stock Down 1.5 %

Boston Properties stock traded down $0.95 during mid-day trading on Tuesday, reaching $61.89. The stock had a trading volume of 1,180,268 shares, compared to its average volume of 1,421,962. The stock’s 50-day simple moving average is $62.94 and its 200-day simple moving average is $63.06. Boston Properties has a fifty-two week low of $46.80 and a fifty-two week high of $73.97. The company has a debt-to-equity ratio of 1.99, a quick ratio of 5.40 and a current ratio of 5.40. The firm has a market capitalization of $9.72 billion, a PE ratio of 51.15 and a beta of 1.15.

Boston Properties (NYSE:BXP) last issued its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $1.81 by ($1.05). Boston Properties had a return on equity of 2.32% and a net margin of 5.81%. The company had revenue of $828.90 million for the quarter, compared to the consensus estimate of $811.59 million. During the same period in the prior year, the firm posted $1.86 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that Boston Properties will post 7.12 EPS for the current fiscal year.

Boston Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 6.33%. The ex-dividend date of this dividend is Wednesday, March 27th. Boston Properties’s dividend payout ratio (DPR) is presently 323.97%.

Insider Buying and Selling

In other news, EVP Raymond A. Ritchey sold 14,150 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $62.84, for a total value of $889,186.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.35% of the stock is owned by corporate insiders.

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.