Sumitomo Mitsui Trust Group Inc. Sells 51,587 Shares of BXP, Inc. $BXP

Key Points

• Sumitomo Mitsui Trust Group cut its stake in BXP by 7.3%, selling 51,587 shares and now owns 659,275 shares (~0.42%) valued at about $44.5 million.
• Boston Properties declared a quarterly dividend of $0.70 (annualized $2.80) — a ~5.0% yield — payable April 30, with a March 31 record/ex-dividend date and a payout ratio of 160.92%.
• Company insiders sold 7,887 shares over the past 90 days (including sales by the EVP and CEO), while analysts have trimmed targets, leaving a consensus Hold rating and an average price target of $73.60.

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of BXP, Inc. (NYSE:BXP - Free Report) by 7.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 659,275 shares of the real estate investment trust's stock after selling 51,587 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.42% of BXP worth $44,488,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Muzinich & Co. Inc. bought a new position in BXP during the third quarter valued at $27,000. Princeton Global Asset Management LLC increased its position in BXP by 892.5% during the fourth quarter. Princeton Global Asset Management LLC now owns 397 shares of the real estate investment trust's stock valued at $27,000 after acquiring an additional 357 shares during the last quarter. MUFG Securities EMEA plc bought a new position in BXP during the second quarter valued at $29,000. Avalon Trust Co bought a new position in BXP during the third quarter valued at $36,000. Finally, Quent Capital LLC bought a new position in BXP during the third quarter valued at $44,000. Institutional investors own 98.72% of the company's stock.

BXP Trading Up 1.7%

NYSE BXP opened at $55.96 on Thursday. The company's 50-day moving average price is $55.96 and its 200-day moving average price is $64.96. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 2.21. The stock has a market cap of $8.88 billion, a PE ratio of 32.16, a PEG ratio of 2.35 and a beta of 1.03. BXP, Inc. has a 12 month low of $49.72 and a 12 month high of $79.33.

BXP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be issued a $0.70 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $2.80 dividend on an annualized basis and a dividend yield of 5.0%. BXP's dividend payout ratio is presently 160.92%.

Insider Transactions at BXP

In other BXP news, EVP Hilary J. Spann sold 5,495 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $59.69, for a total transaction of $327,996.55. Following the transaction, the executive vice president directly owned 17,832 shares in the company, valued at $1,064,392.08. This represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Owen D. Thomas sold 1,198 shares of the stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $61.22, for a total transaction of $73,341.56. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 7,887 shares of company stock worth $476,930. Company insiders own 1.49% of the company's stock.

Analyst Upgrades and Downgrades

BXP has been the topic of a number of analyst reports. Barclays cut their price objective on shares of BXP from $81.00 to $66.00 and set an "overweight" rating on the stock in a research report on Thursday, February 26th. Citigroup cut their price objective on shares of BXP from $68.00 to $58.00 and set a "neutral" rating on the stock in a research report on Wednesday. Evercore cut their price target on shares of BXP from $76.00 to $73.00 and set an "in-line" rating on the stock in a report on Thursday, January 29th. Mizuho cut shares of BXP from an "outperform" rating to a "neutral" rating and cut their price target for the stock from $79.00 to $62.00 in a report on Tuesday, February 24th. Finally, The Goldman Sachs Group set a $72.00 price target on shares of BXP in a report on Wednesday, February 4th. Ten research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $73.60.

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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