Boston Properties (NYSE:BXP) Releases Quarterly Earnings Results, Misses Estimates By $1.28 EPS

Boston Properties (NYSE:BXP) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.81 by ($1.28), Yahoo Finance reports. Boston Properties had a return on equity of 2.05% and a net margin of 5.01%. The firm had revenue of $859.23 million during the quarter, compared to analysts’ expectations of $829.91 million. During the same quarter last year, the business earned $1.86 earnings per share. The business’s quarterly revenue was up 4.2% on a year-over-year basis. Boston Properties updated its FY24 guidance to $7.09-7.11 EPS and its FY 2024 guidance to 7.090-7.110 EPS.

Boston Properties Price Performance

Shares of NYSE:BXP traded down $3.08 during trading on Wednesday, hitting $83.11. 1,315,242 shares of the company’s stock were exchanged, compared to its average volume of 1,262,943. The business’s 50-day simple moving average is $80.23 and its 200 day simple moving average is $69.31. The company has a market cap of $13.05 billion, a price-to-earnings ratio of 67.45, 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 debt-to-equity ratio of 1.90, a current ratio of 4.83 and a quick ratio of 4.83.

Boston Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 4.72%. The ex-dividend date of this dividend is Monday, September 30th. Boston Properties’s dividend payout ratio (DPR) is 321.31%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BXP. Truist Financial raised their target price on Boston Properties from $67.00 to $77.00 and gave the stock a “hold” rating in a research report on Tuesday, August 27th. Evercore ISI boosted their target price on shares of Boston Properties from $77.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Barclays upped their target price on shares of Boston Properties from $65.00 to $88.00 and gave the company an “equal weight” rating in a report on Monday. Wells Fargo & Company lifted their price target on shares of Boston Properties from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. Finally, Wedbush upped their price objective on Boston Properties from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.82.

Insider Buying and Selling

In other Boston Properties news, EVP Raymond A. Ritchey sold 21,835 shares of the stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Boston Properties news, EVP Raymond A. Ritchey sold 21,835 shares of the business’s stock in a transaction on Monday, September 9th. The shares were 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 SEC, which is accessible through this hyperlink. Also, EVP Peter V. Otteni sold 4,785 shares of the firm’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 disclosure for this sale can be found here. 1.35% of the stock is 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.