Boston Properties (NYSE:BXP) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

BXP has been the subject of several recent research reports. Compass Point increased their price objective on Boston Properties from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday. Piper Sandler upgraded Boston Properties from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $78.00 to $105.00 in a report on Wednesday, October 23rd. Evercore ISI increased their target price on shares of Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. Wells Fargo & Company raised their price target on Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Finally, Truist Financial raised their price target on Boston Properties from $67.00 to $77.00 and gave the company a “hold” rating in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $80.75.

Boston Properties Price Performance

NYSE BXP traded down $1.02 on Friday, hitting $79.54. 409,535 shares of the company were exchanged, compared to its average volume of 1,265,954. The company has a current ratio of 5.51, a quick ratio of 4.83 and a debt-to-equity ratio of 2.01. The company has a market cap of $12.49 billion, a P/E ratio of 35.05, a P/E/G ratio of 0.57 and a beta of 1.18. Boston Properties has a 1-year low of $50.64 and a 1-year high of $90.11. The firm has a 50 day moving average of $80.67 and a two-hundred day moving average of $69.48.

Boston Properties (NYSE:BXP) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.81 by ($1.28). Boston Properties had a net margin of 10.75% and a return on equity of 4.40%. The company had revenue of $859.23 million during the quarter, compared to analyst estimates of $829.91 million. During the same period in the prior year, the business earned $1.86 EPS. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities analysts predict that Boston Properties will post 7.1 EPS for the current year.

Boston Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were issued a $0.98 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.92 annualized dividend and a yield of 4.93%. Boston Properties’s dividend payout ratio is currently 169.70%.

Insiders Place Their Bets

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 value of $1,621,248.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Raymond A. Ritchey sold 21,835 shares of the company’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter V. Otteni sold 4,785 shares of Boston Properties stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $73.44, for a total transaction of $351,410.40. The disclosure for this sale can be found here. Company insiders own 1.35% of the company’s stock.

About Boston Properties

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.