Wells Fargo & Company Raises Boston Properties (NYSE:BXP) Price Target to $80.00

Boston Properties (NYSE:BXP) had its price objective hoisted by analysts at Wells Fargo & Company from $73.00 to $80.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.25% from the company’s previous close.

A number of other brokerages have also commented on BXP. Scotiabank upped their target price on Boston Properties from $74.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. 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. Piper Sandler upped their target price on Boston Properties from $70.00 to $78.00 and gave the company a “neutral” rating in a research note on Tuesday, September 3rd. Wedbush upped their target price on Boston Properties from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Barclays cut their target price on Boston Properties from $66.00 to $65.00 and set an “equal weight” rating for the company in a research note on Friday, May 24th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $73.08.

Boston Properties Stock Performance

Shares of BXP traded down $0.61 during mid-day trading on Wednesday, hitting $73.90. The company’s stock had a trading volume of 169,356 shares, compared to its average volume of 1,285,401. Boston Properties has a one year low of $50.64 and a one year high of $75.73. The company has a debt-to-equity ratio of 1.90, a quick ratio of 4.83 and a current ratio of 4.83. The firm has a market capitalization of $11.61 billion, a PE ratio of 60.57, a price-to-earnings-growth ratio of 0.35 and a beta of 1.18. The stock’s 50-day moving average is $69.37 and its two-hundred day moving average is $64.51.

Boston Properties (NYSE:BXP) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.51 earnings per share 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 business had revenue of $850.48 million during the quarter, compared to the consensus estimate of $819.49 million. During the same period in the prior year, the company posted $1.86 earnings per share. The firm’s revenue was up 4.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Boston Properties will post 7.11 EPS for the current year.

Insider Activity

In other news, EVP Peter V. Otteni sold 4,785 shares of the firm’s 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Peter V. Otteni sold 4,785 shares of the firm’s 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Raymond A. Ritchey sold 21,835 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were 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.

Hedge Funds Weigh In On Boston Properties

Several hedge funds have recently added to or reduced their stakes in BXP. Victory Capital Management Inc. boosted its holdings in Boston Properties by 593.7% in the fourth quarter. Victory Capital Management Inc. now owns 35,109 shares of the real estate investment trust’s stock valued at $2,464,000 after acquiring an additional 30,048 shares during the last quarter. Principal Securities Inc. bought a new position in Boston Properties during the fourth quarter worth about $93,000. Versor Investments LP bought a new position in Boston Properties during the fourth quarter worth about $260,000. Jump Financial LLC bought a new position in Boston Properties during the fourth quarter worth about $337,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Boston Properties by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,228,879 shares of the real estate investment trust’s stock worth $156,407,000 after buying an additional 22,074 shares during the last quarter. Institutional investors own 98.72% 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.