Sun Life Financial Inc. Takes $9.67 Million Position in Boston Properties, Inc. (NYSE:BXP)

Sun Life Financial Inc. acquired a new stake in shares of Boston Properties, Inc. (NYSE:BXP) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 120,239 shares of the real estate investment trust’s stock, valued at approximately $9,674,000. Boston Properties comprises approximately 0.5% of Sun Life Financial Inc.’s portfolio, making the stock its 24th largest holding. Sun Life Financial Inc. owned 0.08% of Boston Properties as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BXP. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Boston Properties by 212.1% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 568 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 386 shares during the last quarter. UMB Bank n.a. grew its stake in Boston Properties by 115.5% in the 2nd quarter. UMB Bank n.a. now owns 709 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 380 shares during the period. Abich Financial Wealth Management LLC raised its holdings in Boston Properties by 59.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,063 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 395 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Boston Properties by 61.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,438 shares of the real estate investment trust’s stock worth $89,000 after purchasing an additional 547 shares during the period. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Boston Properties during the second quarter worth $91,000. Hedge funds and other institutional investors own 98.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BXP. Truist Financial upped their target price on Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a research note on Tuesday, August 27th. StockNews.com upgraded shares of Boston Properties from a “sell” rating to a “hold” rating in a report on Thursday, August 8th. Wells Fargo & Company boosted their price objective on shares of Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Wedbush upped their price target on Boston Properties from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Finally, Evercore ISI boosted their target price on Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.73.

Boston Properties Trading Up 1.2 %

BXP opened at $88.03 on Monday. The firm’s 50 day moving average is $79.59 and its 200-day moving average is $68.95. Boston Properties, Inc. has a 52-week low of $50.64 and a 52-week high of $90.11. The company has a quick ratio of 4.83, a current ratio of 4.83 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $13.83 billion, a P/E ratio of 71.97, a P/E/G ratio of 0.56 and a beta of 1.18.

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

Boston Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.98 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.92 dividend on an annualized basis and a yield of 4.45%. Boston Properties’s dividend payout ratio (DPR) is presently 321.31%.

Insider Buying and Selling at Boston Properties

In related news, EVP Peter V. Otteni sold 4,785 shares of Boston Properties stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $73.44, for a total value of $351,410.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Raymond A. Ritchey sold 21,835 shares of Boston Properties stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $74.25, for a total value of $1,621,248.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter V. Otteni sold 4,785 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $73.44, for a total value of $351,410.40. The disclosure for this sale can be found here. 1.35% of the stock is currently 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.