BXP (NYSE:BXP) Given New $58.00 Price Target at Citigroup

Key Points

• Citigroup lowered its price target on BXP to $58.00 (from $68) and maintained a "neutral" rating, implying roughly a 3.6% upside from the current share price.
• Analyst sentiment is mixed: BXP has ten Buy and eleven Hold ratings, giving a consensus rating of Hold and a consensus price target of $73.60, well above Citigroup's forecast.
• Insiders have been selling recently—7,887 shares worth about $476,930 in the last 90 days (including sales by the CEO and an EVP)—and company insiders now own 1.35% of the stock.

BXP (NYSE:BXP - Get Free Report) had its price objective reduced by Citigroup from $68.00 to $58.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the real estate investment trust's stock. Citigroup's target price would indicate a potential upside of 3.64% from the stock's current price.

Several other brokerages have also commented on BXP. UBS Group reduced their price objective on BXP from $74.00 to $71.00 and set a "neutral" rating on the stock in a research report on Thursday, January 8th. Weiss Ratings upgraded BXP from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, March 2nd. Deutsche Bank Aktiengesellschaft reiterated 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. decreased their price target 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, Mizuho lowered BXP from an "outperform" rating to a "neutral" rating and cut their price objective for the stock from $79.00 to $62.00 in a report on Tuesday, February 24th. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, BXP presently has a consensus rating of "Hold" and a consensus price target of $73.60.

BXP Stock Performance

Shares of NYSE BXP traded up $0.93 during trading on Wednesday, reaching $55.96. 2,352,499 shares of the stock traded hands, compared to its average volume of 2,553,255. The company has a 50-day moving average of $56.11 and a 200-day moving average of $65.02. The stock has a market capitalization of $8.88 billion, a P/E ratio of 32.16, a price-to-earnings-growth ratio of 2.28 and a beta of 1.03. The company has a debt-to-equity ratio of 2.21, a current ratio of 5.36 and a quick ratio of 5.36. BXP has a 52-week low of $49.72 and a 52-week high of $79.33.

Insider Buying and Selling

In other news, CEO Owen D. Thomas sold 1,198 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.22, for a total value of $73,341.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Hilary J. Spann sold 5,495 shares of the company's stock in a transaction on Friday, February 27th. The stock was sold at an average price of $59.69, for a total value of $327,996.55. Following the completion of the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 7,887 shares of company stock worth $476,930. Company insiders own 1.35% of the company's stock.

Institutional Trading of BXP

Institutional investors have recently made changes to their positions in the business. Allianz Asset Management GmbH increased its stake in shares of BXP by 57.7% in the 3rd quarter. Allianz Asset Management GmbH now owns 149,860 shares of the real estate investment trust's stock valued at $11,141,000 after purchasing an additional 54,803 shares in the last quarter. SG Americas Securities LLC lifted its holdings in BXP by 546.2% in the fourth quarter. SG Americas Securities LLC now owns 43,708 shares of the real estate investment trust's stock valued at $2,949,000 after acquiring an additional 36,944 shares during the last quarter. Barclays PLC lifted its holdings in BXP by 14.9% in the third quarter. Barclays PLC now owns 1,261,556 shares of the real estate investment trust's stock valued at $93,784,000 after acquiring an additional 163,949 shares during the last quarter. Voya Investment Management LLC lifted its holdings in BXP by 1.0% in the third quarter. Voya Investment Management LLC now owns 1,492,925 shares of the real estate investment trust's stock valued at $110,835,000 after acquiring an additional 15,507 shares during the last quarter. Finally, Nan Fung Trinity HK Ltd. lifted its stake in BXP by 94.9% during the third quarter. Nan Fung Trinity HK Ltd. now owns 91,224 shares of the real estate investment trust's stock worth $6,782,000 after purchasing an additional 44,424 shares in the last quarter. 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.

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