Boston Properties (NYSE:BXP) Issues FY 2024 Earnings Guidance

Boston Properties (NYSE:BXP) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 7.090-7.110 for the period, compared to the consensus estimate of 7.110. The company issued revenue guidance of -. Boston Properties also updated its FY24 guidance to $7.09-7.11 EPS.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Wells Fargo & Company raised their price target on shares of Boston Properties from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. StockNews.com lowered Boston Properties from a “hold” rating to a “sell” rating in a research report on Thursday. Barclays increased their price target on Boston Properties from $65.00 to $88.00 and gave the stock an “equal weight” rating in a report on Monday. Scotiabank boosted their price objective on Boston Properties from $82.00 to $91.00 and gave the company a “sector outperform” rating in a report on Friday, October 25th. Finally, Piper Sandler upgraded Boston Properties from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $78.00 to $105.00 in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Boston Properties currently has an average rating of “Hold” and a consensus price target of $80.75.

Boston Properties Stock Performance

Shares of BXP traded down $2.19 on Thursday, reaching $80.56. 1,875,002 shares of the company’s stock traded hands, compared to its average volume of 1,270,013. The stock’s 50 day simple moving average is $80.67 and its two-hundred day simple moving average is $69.48. The stock has a market cap of $12.65 billion, a PE ratio of 34.87, a PEG ratio of 0.56 and a beta of 1.18. Boston Properties has a 52-week low of $50.64 and a 52-week high of $90.11. The company has a current ratio of 4.83, a quick ratio of 4.83 and a debt-to-equity ratio of 1.90.

Boston Properties (NYSE:BXP) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($1.28). The business had revenue of $859.23 million for the quarter, compared to analysts’ expectations of $829.91 million. Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.86 earnings per share. On average, analysts forecast that Boston Properties will post 7.11 earnings per share for the current fiscal year.

Boston Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date of this dividend is Monday, September 30th. Boston Properties’s dividend payout ratio is currently 169.70%.

Insider Buying and Selling

In other news, EVP Raymond A. Ritchey sold 21,835 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $74.25, for a total transaction of $1,621,248.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Peter V. Otteni sold 4,785 shares of Boston Properties stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $73.44, for a total value of $351,410.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Raymond A. Ritchey sold 21,835 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $74.25, for a total value of $1,621,248.75. The disclosure for this sale can be found here. 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.