Royal Bank Of Canada Lowers Boston Properties, Inc. (BXP) to Outperform
Boston Properties, Inc. (NYSE:BXP) was downgraded by equities researchers at Royal Bank Of Canada from a “top pick” rating to an “outperform” rating in a research note issued on Thursday, Marketbeat Ratings reports. They presently have a $140.00 target price on the real estate investment trust’s stock, down from their prior target price of $150.00. Royal Bank Of Canada’s price target suggests a potential upside of 14.73% from the company’s previous close.
A number of other brokerages also recently issued reports on BXP. TheStreet raised Boston Properties from a “c” rating to a “b-” rating in a research note on Tuesday, August 1st. BidaskClub downgraded Boston Properties from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Barclays PLC cut their target price on Boston Properties from $141.00 to $137.00 and set an “overweight” rating for the company in a research note on Tuesday, July 18th. Zacks Investment Research downgraded Boston Properties from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $121.00 target price on shares of Boston Properties in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $134.73.
Shares of Boston Properties (BXP) traded down 0.15% during midday trading on Thursday, reaching $121.85. 210,190 shares of the company traded hands. Boston Properties has a 1-year low of $113.69 and a 1-year high of $143.65. The firm has a market capitalization of $18.80 billion, a PE ratio of 41.31 and a beta of 0.64. The stock has a 50 day moving average price of $121.25 and a 200 day moving average price of $127.50.
Boston Properties (NYSE:BXP) last announced its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.05. The company had revenue of $656.90 million for the quarter, compared to analyst estimates of $645.96 million. Boston Properties had a return on equity of 9.58% and a net margin of 25.42%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.44 EPS. Analysts expect that Boston Properties will post $2.78 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of BXP. Harbour Capital Advisors LLC increased its stake in shares of Boston Properties by 12,201.8% in the second quarter. Harbour Capital Advisors LLC now owns 13,532 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 13,422 shares during the last quarter. Sun Life Financial INC increased its stake in shares of Boston Properties by 10,118.2% in the second quarter. Sun Life Financial INC now owns 1,124 shares of the real estate investment trust’s stock worth $138,000 after buying an additional 1,113 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Boston Properties during the first quarter worth about $200,000. Garner Asset Management Corp acquired a new stake in shares of Boston Properties during the second quarter worth about $214,000. Finally, Atria Investments LLC acquired a new stake in shares of Boston Properties during the first quarter worth about $224,000. 93.80% of the stock is owned by hedge funds and other institutional investors.
Boston Properties Company Profile
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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