Boston Properties (NYSE:BXP) Releases FY24 Earnings Guidance

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

Boston Properties Trading Down 1.4 %

Shares of BXP traded down $1.20 during midday trading on Tuesday, hitting $86.19. The stock had a trading volume of 1,307,749 shares, compared to its average volume of 1,262,676. Boston Properties has a fifty-two week low of $50.64 and a fifty-two week high of $90.11. The business has a 50-day simple moving average of $79.91 and a two-hundred day simple moving average of $69.13. The company has a current ratio of 4.83, a quick ratio of 4.83 and a debt-to-equity ratio of 1.90. The firm has a market cap of $13.54 billion, a P/E ratio of 71.63, a price-to-earnings-growth ratio of 0.56 and a beta of 1.18.

Boston Properties (NYSE:BXP) last announced its 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). Boston Properties had a net margin of 5.01% and a return on equity of 2.05%. The firm had revenue of $850.48 million for the quarter, compared to analyst estimates of $819.49 million. During the same period last year, the firm earned $1.86 earnings per share. Boston Properties’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities analysts forecast that Boston Properties will post 7.11 EPS for the current year.

Boston Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors 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 yield of 4.55%. The ex-dividend date of this dividend is Monday, September 30th. Boston Properties’s payout ratio is presently 321.31%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BXP shares. Evercore ISI increased their price objective on Boston Properties from $77.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. StockNews.com raised Boston Properties from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. Wells Fargo & Company boosted their price target on Boston Properties from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Scotiabank boosted their target price on shares of Boston Properties from $82.00 to $91.00 and gave the stock a “sector outperform” rating in a research report on Friday. Finally, Barclays raised their price target on shares of Boston Properties from $65.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Boston Properties presently has an average rating of “Moderate Buy” and a consensus price target of $80.82.

Insider Transactions at Boston Properties

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

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.