Citigroup Cuts BXP (NYSE:BXP) Price Target to $58.00

BXP (NYSE:BXP) had its target price decreased by Citigroup from $68.00 to $58.00 in a report released on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating and set a $79.00 price objective on shares of BXP in a research note on Thursday, January 29th. UBS Group lowered their price objective on BXP from $74.00 to $71.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $70.00 price objective on shares of BXP in a research note on Tuesday, January 6th. JPMorgan Chase & Co. lowered their price objective on BXP from $82.00 to $79.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Finally, Truist Financial lowered their price objective on BXP from $74.00 to $70.00 and set a “hold” rating for the company in a research note on Monday, February 2nd. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $73.60.

BXP Price Performance

Shares of NYSE BXP opened at $58.00 on Wednesday. BXP has a fifty-two week low of $49.72 and a fifty-two week high of $79.33. The business has a 50 day moving average price of $55.68 and a two-hundred day moving average price of $64.77. The company has a quick ratio of 5.36, a current ratio of 5.36 and a debt-to-equity ratio of 2.21. The firm has a market cap of $9.20 billion, a PE ratio of 33.33, a price-to-earnings-growth ratio of 2.39 and a beta of 1.03.

BXP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be given a $0.70 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $2.80 annualized dividend and a dividend yield of 4.8%. BXP’s dividend payout ratio (DPR) is presently 160.92%.

Insider Buying and Selling

In related news, CEO Owen D. Thomas sold 1,198 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.22, for a total transaction of $73,341.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Hilary J. Spann sold 5,495 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $59.69, for a total value of $327,996.55. Following the transaction, the executive vice president owned 17,832 shares of the company’s stock, valued at $1,064,392.08. This represents a 23.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,887 shares of company stock valued at $476,930 in the last 90 days. Insiders own 1.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. boosted its position in BXP by 2.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,544 shares of the real estate investment trust’s stock valued at $487,000 after purchasing an additional 159 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in BXP by 2.5% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 6,476 shares of the real estate investment trust’s stock valued at $481,000 after purchasing an additional 160 shares during the period. Stonehaven Wealth & Tax Solutions LLC boosted its position in BXP by 4.6% during the 4th quarter. Stonehaven Wealth & Tax Solutions LLC now owns 3,691 shares of the real estate investment trust’s stock valued at $249,000 after purchasing an additional 162 shares during the period. Sage Mountain Advisors LLC boosted its position in BXP by 4.8% during the 4th quarter. Sage Mountain Advisors LLC now owns 3,722 shares of the real estate investment trust’s stock valued at $251,000 after purchasing an additional 171 shares during the period. Finally, Signaturefd LLC boosted its position in BXP by 2.5% during the 4th quarter. Signaturefd LLC now owns 7,383 shares of the real estate investment trust’s stock valued at $498,000 after purchasing an additional 179 shares during the period. Institutional investors and hedge funds own 98.72% of the company’s stock.

BXP Company Profile

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.