Barclays Cuts BXP (NYSE:BXP) Price Target to $66.00

BXP (NYSE:BXP) had its target price cut by Barclays from $81.00 to $66.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings restated a “sell (d+)” rating on shares of BXP in a research note on Monday, December 29th. Evercore decreased their price objective on BXP from $76.00 to $73.00 and set an “in-line” rating for the company in a report on Thursday, January 29th. JPMorgan Chase & Co. dropped their target price on BXP from $83.00 to $82.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Mizuho cut BXP from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $79.00 to $62.00 in a research note on Tuesday, February 24th. Finally, Royal Bank Of Canada raised BXP to an “outperform” rating in a report on Thursday, December 4th. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $75.45.

BXP Price Performance

Shares of BXP stock opened at $57.69 on Thursday. The stock’s 50-day moving average is $64.97 and its 200 day moving average is $69.47. BXP has a 1-year low of $54.22 and a 1-year high of $79.33. The company has a debt-to-equity ratio of 2.21, a current ratio of 5.36 and a quick ratio of 4.50. The company has a market cap of $9.14 billion, a P/E ratio of 33.15, a PEG ratio of 2.45 and a beta of 1.01.

BXP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 29th. Investors of record on Wednesday, December 31st were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 4.9%. The ex-dividend date was Wednesday, December 31st. BXP’s dividend payout ratio is 160.92%.

Insiders Place Their Bets

In other BXP news, EVP Raymond A. Ritchey sold 36,314 shares of BXP stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $72.18, for a total transaction of $2,621,144.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Owen D. Thomas sold 1,198 shares of the stock in a transaction on Friday, February 13th. The stock was sold at an average price of $61.22, for a total transaction of $73,341.56. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 38,706 shares of company stock valued at $2,770,078. 1.49% of the stock is owned by insiders.

Hedge Funds Weigh In On BXP

Institutional investors and hedge funds have recently modified their holdings of the stock. Loomis Sayles & Co. L P acquired a new stake in BXP during the second quarter worth about $25,000. Elyxium Wealth LLC acquired a new position in BXP in the fourth quarter valued at approximately $25,000. Muzinich & Co. Inc. acquired a new position in BXP in the third quarter valued at approximately $27,000. Princeton Global Asset Management LLC boosted its position in BXP by 892.5% in the 4th quarter. Princeton Global Asset Management LLC now owns 397 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 357 shares in the last quarter. Finally, MUFG Securities EMEA plc acquired a new stake in shares of BXP during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 98.72% of the company’s stock.

BXP Company Profile

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.