Wedbush Cuts Boston Properties (NYSE:BXP) Price Target to $63.00

Boston Properties (NYSE:BXP) had its price objective lowered by equities research analysts at Wedbush from $66.00 to $63.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. Wedbush’s target price would suggest a potential upside of 6.33% from the company’s current price.

BXP has been the subject of a number of other research reports. Barclays cut their price target on Boston Properties from $67.00 to $66.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 27th. Truist Financial dropped their price objective on Boston Properties from $77.00 to $75.00 and set a “hold” rating for the company in a research note on Tuesday, March 5th. Deutsche Bank Aktiengesellschaft assumed coverage on Boston Properties in a research note on Tuesday, January 30th. They set a “hold” rating and a $74.00 target price on the stock. StockNews.com raised Boston Properties from a “sell” rating to a “hold” rating in a report on Thursday, February 1st. Finally, BMO Capital Markets cut their price objective on shares of Boston Properties from $80.00 to $78.00 and set an “outperform” rating for the company in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Boston Properties currently has an average rating of “Hold” and an average price target of $69.47.

Boston Properties Trading Down 4.3 %

Shares of NYSE:BXP opened at $59.25 on Thursday. Boston Properties has a 12-month low of $46.80 and a 12-month high of $73.97. The company has a market cap of $9.31 billion, a PE ratio of 48.57 and a beta of 1.15. The stock has a 50 day moving average of $62.81 and a 200 day moving average of $63.04. The company has a current ratio of 5.40, a quick ratio of 5.40 and a debt-to-equity ratio of 1.99.

Boston Properties (NYSE:BXP) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.22). The firm had revenue of $839.44 million during the quarter, compared to the consensus estimate of $808.68 million. Boston Properties had a return on equity of 2.35% and a net margin of 5.81%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.73 earnings per share. As a group, equities research analysts expect that Boston Properties will post 7.12 EPS for the current year.

Insider Buying and Selling at Boston Properties

In related news, EVP Raymond A. Ritchey sold 14,150 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $62.84, for a total value of $889,186.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.35% of the stock is owned by company insiders.

Hedge Funds Weigh In On Boston Properties

Several large investors have recently modified their holdings of BXP. Mirae Asset Global Investments Co. Ltd. lifted its position in Boston Properties by 8.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,851 shares of the real estate investment trust’s stock worth $1,819,000 after buying an additional 2,276 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Boston Properties by 6.3% during the first quarter. Sequoia Financial Advisors LLC now owns 3,348 shares of the real estate investment trust’s stock valued at $219,000 after acquiring an additional 199 shares during the last quarter. Norden Group LLC purchased a new stake in shares of Boston Properties in the first quarter valued at $287,000. Van ECK Associates Corp raised its stake in shares of Boston Properties by 2.9% in the first quarter. Van ECK Associates Corp now owns 63,617 shares of the real estate investment trust’s stock valued at $4,155,000 after acquiring an additional 1,817 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Boston Properties by 6.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 135,580 shares of the real estate investment trust’s stock worth $8,855,000 after acquiring an additional 7,784 shares during the last quarter. Institutional investors own 98.72% of the company’s stock.

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.