Boston Properties (BXP) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Boston Properties (NYSE:BXP) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $149.00 price objective on the real estate investment trust’s stock.

According to Zacks, “Boston Properties recently reported fourth-quarter 2018 funds from operations (FFO) per share of $1.59, missing the Zacks Consensus Estimate of $1.68. Nonetheless, the bottom line witnessed year over year growth. The company recorded strong leasing activity, while period-end occupancy remained high. In January the company entered into a agreement with TMG Partners to co-develop an urban office campus — Platform 16 in downtown San Jose. Notably, with Class A office assets located in top-tier gateway cities, along with a diversified tenant and industry base, the company is well poised to grow supported by an improving economy and favorable job market environment. Also, shares of Boston Properties have outperformed its industry over the past three months. Yet, escalating supply of office space is expected to affect its pricing power in the upcoming quarters.”

BXP has been the topic of several other reports. Morgan Stanley raised their price objective on Boston Properties from $118.00 to $130.00 and gave the company an equal weight rating in a research note on Monday, December 17th. Robert W. Baird raised Boston Properties from a neutral rating to an outperform rating and set a $142.00 price objective on the stock in a research note on Tuesday, January 8th. DA Davidson raised Boston Properties from a neutral rating to a buy rating and raised their price objective for the company from $135.00 to $145.00 in a research note on Monday, November 19th. BTIG Research lifted their price target on Boston Properties to $145.00 and gave the company a buy rating in a research note on Thursday, January 31st. Finally, Jefferies Financial Group raised Boston Properties from a hold rating to a buy rating and set a $139.00 price target on the stock in a research note on Monday, October 15th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $137.07.

NYSE:BXP opened at $132.69 on Tuesday. The stock has a market capitalization of $20.49 billion, a P/E ratio of 21.06, a price-to-earnings-growth ratio of 3.06 and a beta of 0.94. The company has a current ratio of 4.81, a quick ratio of 3.74 and a debt-to-equity ratio of 1.37. Boston Properties has a twelve month low of $107.84 and a twelve month high of $133.72.

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 30th. Stockholders of record on Monday, December 31st were paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.86%. This is a positive change from Boston Properties’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Friday, December 28th. Boston Properties’s dividend payout ratio (DPR) is presently 60.32%.

Hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its stake in shares of Boston Properties by 0.8% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 13,569 shares of the real estate investment trust’s stock worth $1,528,000 after acquiring an additional 107 shares during the period. JOYN Advisors Inc. lifted its stake in shares of Boston Properties by 63.3% in the fourth quarter. JOYN Advisors Inc. now owns 276 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 107 shares during the period. FDx Advisors Inc. lifted its stake in shares of Boston Properties by 5.5% in the fourth quarter. FDx Advisors Inc. now owns 2,242 shares of the real estate investment trust’s stock worth $252,000 after acquiring an additional 117 shares during the period. Moody National Bank Trust Division lifted its stake in shares of Boston Properties by 4.0% in the fourth quarter. Moody National Bank Trust Division now owns 3,368 shares of the real estate investment trust’s stock worth $379,000 after acquiring an additional 128 shares during the period. Finally, Nissay Asset Management Corp Japan ADV lifted its stake in shares of Boston Properties by 0.6% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 22,738 shares of the real estate investment trust’s stock worth $2,559,000 after acquiring an additional 130 shares during the period. 96.94% of the stock is currently owned by hedge funds and other institutional investors.

Boston Properties Company Profile

Boston Properties (NYSE: BXP) is one of the largest publicly-held developers and owners of Class A office properties in the United States, concentrated in five markets – Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space.

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