Boston Properties (BXP) Cut to “Market Perform” at BMO Capital Markets

BMO Capital Markets downgraded shares of Boston Properties (NYSE:BXP) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday morning. They currently have $134.00 target price on the real estate investment trust’s stock. The analysts noted that the move was a valuation call.

BXP has been the subject of several other research reports. Argus dropped their price target on Boston Properties to $140.00 and set a buy rating for the company in a research report on Thursday, November 16th. Evercore ISI reiterated an in-line rating and issued a $133.00 price target (up previously from $127.00) on shares of Boston Properties in a research report on Friday, October 6th. KeyCorp reiterated a hold rating on shares of Boston Properties in a research report on Friday, November 3rd. Mizuho reiterated a hold rating and issued a $122.00 price target on shares of Boston Properties in a research report on Friday, November 3rd. Finally, Royal Bank of Canada set a $140.00 price target on Boston Properties and gave the stock a buy rating in a research report on Monday, November 27th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $131.00.

Shares of Boston Properties (NYSE BXP) traded down $1.53 during mid-day trading on Tuesday, hitting $122.33. The stock had a trading volume of 637,036 shares, compared to its average volume of 824,556. Boston Properties has a 1 year low of $116.77 and a 1 year high of $140.13. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $19,114.36, a PE ratio of 38.23, a price-to-earnings-growth ratio of 3.48 and a beta of 0.63.

Boston Properties (NYSE:BXP) last issued its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.54 by $0.03. Boston Properties had a return on equity of 6.43% and a net margin of 19.42%. The firm had revenue of $657.70 million for the quarter, compared to analysts’ expectations of $649.84 million. During the same period in the previous year, the firm posted $1.42 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. research analysts forecast that Boston Properties will post 6.23 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 30th. Shareholders of record on Friday, December 29th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Thursday, December 28th. This is a positive change from Boston Properties’s previous quarterly dividend of $0.75. Boston Properties’s payout ratio is 100.00%.

In other Boston Properties news, insider Bryan J. Koop sold 5,868 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $124.55, for a total transaction of $730,859.40. Following the completion of the transaction, the insider now owns 585 shares in the company, valued at $72,861.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.17% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its position in shares of Boston Properties by 2.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 53,106 shares of the real estate investment trust’s stock valued at $6,905,000 after buying an additional 1,490 shares during the period. DnB Asset Management AS boosted its position in shares of Boston Properties by 5.7% during the fourth quarter. DnB Asset Management AS now owns 16,640 shares of the real estate investment trust’s stock valued at $2,164,000 after buying an additional 900 shares during the period. Parametric Portfolio Associates LLC boosted its position in shares of Boston Properties by 15.2% during the third quarter. Parametric Portfolio Associates LLC now owns 271,919 shares of the real estate investment trust’s stock valued at $33,413,000 after buying an additional 35,776 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Boston Properties by 1.6% during the third quarter. Public Employees Retirement System of Ohio now owns 240,004 shares of the real estate investment trust’s stock valued at $29,492,000 after buying an additional 3,884 shares during the period. Finally, Davis Selected Advisers boosted its position in shares of Boston Properties by 63.5% during the third quarter. Davis Selected Advisers now owns 121,572 shares of the real estate investment trust’s stock valued at $14,939,000 after buying an additional 47,238 shares during the period. Institutional investors and hedge funds own 95.22% of the company’s stock.

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About Boston Properties

Boston Properties, Inc is a real estate investment trust. The Company is an owner and developer of office properties in the United States. Its segments by geographic area are Boston, New York, San Francisco and Washington, DC. Its segments by property type include Office, Residential and Hotel. As of December 31, 2016, the Company owned or had interests in 174 commercial real estate properties, aggregating approximately 47.7 million net rentable square feet of primarily Class A office properties, including eight properties under construction/redevelopment totaling approximately 4.0 million net rentable square feet.

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