Wells Fargo & Company Lowers Boston Properties (NYSE:BXP) Price Target to $78.00

Boston Properties (NYSE:BXP) had its price target lowered by equities research analysts at Wells Fargo & Company from $80.00 to $78.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 15.44% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Jefferies Financial Group began coverage on shares of Boston Properties in a report on Monday, March 17th. They issued a “buy” rating and a $78.00 price target on the stock. Wedbush cut shares of Boston Properties from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 30th. Piper Sandler decreased their price objective on shares of Boston Properties from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. UBS Group decreased their price objective on shares of Boston Properties from $80.00 to $68.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Finally, Barclays decreased their price objective on shares of Boston Properties from $89.00 to $79.00 and set an “equal weight” rating on the stock in a research report on Friday, March 14th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $78.67.

Boston Properties Trading Down 0.5%

BXP stock opened at $67.57 on Monday. The company has a market capitalization of $10.70 billion, a PE ratio of 675.77, a price-to-earnings-growth ratio of 0.91 and a beta of 1.12. Boston Properties has a one year low of $54.22 and a one year high of $90.11. The company’s 50 day moving average price is $64.93 and its two-hundred day moving average price is $71.24. The company has a debt-to-equity ratio of 2.09, a quick ratio of 5.51 and a current ratio of 5.69.

Boston Properties (NYSE:BXP) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $1.64 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.01). Boston Properties had a return on equity of 3.90% and a net margin of 0.38%. The business had revenue of $865.22 million for the quarter, compared to analysts’ expectations of $833.89 million. During the same period last year, the business posted $1.73 earnings per share. The company’s revenue was up 3.1% compared to the same quarter last year. As a group, analysts predict that Boston Properties will post 6.91 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Donna D. Garesche sold 2,143 shares of Boston Properties stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $67.87, for a total transaction of $145,445.41. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.49% of the company’s stock.

Institutional Investors Weigh In On Boston Properties

A number of large investors have recently modified their holdings of the stock. Brooklyn Investment Group boosted its stake in shares of Boston Properties by 19.8% during the 4th quarter. Brooklyn Investment Group now owns 858 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 142 shares in the last quarter. Crossmark Global Holdings Inc. boosted its stake in Boston Properties by 1.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 8,731 shares of the real estate investment trust’s stock worth $650,000 after acquiring an additional 156 shares in the last quarter. Huntington National Bank boosted its stake in Boston Properties by 29.8% during the fourth quarter. Huntington National Bank now owns 1,145 shares of the real estate investment trust’s stock worth $85,000 after acquiring an additional 263 shares in the last quarter. Canada Post Corp Registered Pension Plan bought a new stake in Boston Properties during the fourth quarter worth about $32,000. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in Boston Properties by 4.1% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 11,215 shares of the real estate investment trust’s stock worth $754,000 after acquiring an additional 441 shares in the last quarter. Institutional investors own 98.72% of the company’s stock.

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.