Boston Properties (NYSE:BXP) Releases FY24 Earnings Guidance

Boston Properties (NYSE:BXP) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $6.98-7.10 for the period, compared to the consensus estimate of $7.13. Boston Properties also updated its FY 2024 guidance to 6.980-7.100 EPS.

Boston Properties Price Performance

Shares of BXP traded down $0.95 during mid-day trading on Tuesday, hitting $61.89. The company’s stock had a trading volume of 1,180,268 shares, compared to its average volume of 1,421,962. The firm has a 50-day moving average price of $62.94 and a 200 day moving average price of $63.06. The stock has a market capitalization of $9.72 billion, a price-to-earnings ratio of 51.15 and a beta of 1.15. The company has a debt-to-equity ratio of 1.99, a current ratio of 5.40 and a quick ratio of 5.40. Boston Properties has a fifty-two week low of $46.80 and a fifty-two week high of $73.97.

Boston Properties (NYSE:BXP) last announced its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.81 by ($1.05). The business had revenue of $828.90 million during the quarter, compared to analyst estimates of $811.59 million. Boston Properties had a return on equity of 2.32% and a net margin of 5.81%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.86 EPS. On average, research analysts predict that Boston Properties will post 7.12 EPS for the current fiscal year.

Boston Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a $0.98 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $3.92 annualized dividend and a dividend yield of 6.33%. Boston Properties’s dividend payout ratio is currently 323.97%.

Wall Street Analyst Weigh In

BXP has been the topic of several analyst reports. Barclays dropped their target price on shares of Boston Properties from $67.00 to $66.00 and set an equal weight rating on the stock in a research report on Wednesday, March 27th. Jefferies Financial Group raised shares of Boston Properties from a hold rating to a buy rating and lifted their target price for the stock from $57.00 to $80.00 in a research report on Tuesday, January 2nd. Truist Financial dropped their target price on shares of Boston Properties from $77.00 to $75.00 and set a hold rating on the stock in a research report on Tuesday, March 5th. BMO Capital Markets dropped their target price on shares of Boston Properties from $80.00 to $78.00 and set an outperform rating on the stock in a research report on Monday, April 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Boston Properties in a research report on Tuesday, January 30th. They issued a hold rating and a $74.00 target price on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $69.44.

Insider Buying and Selling

In related news, EVP Raymond A. Ritchey sold 14,150 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $62.84, for a total transaction of $889,186.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.35% of the stock is currently owned by corporate insiders.

About Boston Properties

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.