Boston Properties (NYSE:BXP) Updates Q2 Earnings Guidance

Boston Properties (NYSE:BXP) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.70-1.72 for the period, compared to the consensus earnings per share estimate of $1.78. Boston Properties also updated its FY 2024 guidance to 6.980-7.100 EPS.

Boston Properties Stock Performance

Shares of BXP traded down $0.95 during mid-day trading on Tuesday, hitting $61.89. The company’s stock had a trading volume of 1,180,268 shares, compared to its average volume of 1,421,962. The stock’s 50-day moving average is $62.94 and its two-hundred day moving average is $63.06. 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 has a one year low of $46.80 and a one year high of $73.97.

Boston Properties (NYSE:BXP) last issued its earnings results 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). The firm had revenue of $828.90 million during the quarter, compared to analyst estimates of $811.59 million. Boston Properties had a net margin of 5.81% and a return on equity of 2.32%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.86 earnings per share. As a group, sell-side analysts anticipate that Boston Properties will post 7.12 EPS for the current year.

Boston Properties Announces Dividend

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. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $3.92 annualized dividend and a yield of 6.33%. Boston Properties’s dividend payout ratio is currently 323.97%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Boston Properties in a research note on Tuesday, January 30th. They set a hold rating and a $74.00 price objective for the company. Barclays dropped their price objective on Boston Properties from $67.00 to $66.00 and set an equal weight rating for the company in a research note on Wednesday, March 27th. BMO Capital Markets decreased their target price on Boston Properties from $80.00 to $78.00 and set an outperform rating on the stock in a report on Monday, April 8th. Jefferies Financial Group upgraded Boston Properties from a hold rating to a buy rating and increased their target price for the stock from $57.00 to $80.00 in a report on Tuesday, January 2nd. Finally, StockNews.com upgraded Boston Properties from a sell rating to a hold rating in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $69.44.

Insider Transactions at Boston Properties

In other news, EVP Raymond A. Ritchey sold 14,150 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $62.84, for a total transaction of $889,186.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.35% of the stock is currently owned by 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.