Boston Properties (NYSE:BXP) Shares Gap Down Following Weak Earnings

Boston Properties, Inc. (NYSE:BXP - Get Free Report)'s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $61.89, but opened at $58.00. Boston Properties shares last traded at $58.93, with a volume of 276,537 shares.

The real estate investment trust reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $1.73 by ($1.22). The firm had revenue of $839.44 million for the quarter, compared to analysts' expectations of $808.68 million. Boston Properties had a return on equity of 2.32% and a net margin of 5.81%. The firm's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.73 earnings per share.

Boston Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were given a dividend of $0.98 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.92 dividend on an annualized basis and a yield of 6.62%. Boston Properties's payout ratio is 323.97%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Truist Financial decreased their target price on Boston Properties from $77.00 to $75.00 and set a "hold" rating on the stock in a research report on Tuesday, March 5th. BMO Capital Markets reduced their price objective on Boston Properties from $80.00 to $78.00 and set an "outperform" rating on the stock in a research report on Monday, April 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Boston Properties in a research report on Tuesday, January 30th. They issued a "hold" rating and a $74.00 price objective on the stock. StockNews.com upgraded Boston Properties from a "sell" rating to a "hold" rating in a research report on Thursday, February 1st. Finally, Jefferies Financial Group upgraded Boston Properties from a "hold" rating to a "buy" rating and upped their price objective for the company from $57.00 to $80.00 in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $69.44.

Insiders Place Their Bets

In other news, EVP Raymond A. Ritchey sold 14,150 shares of the firm's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $62.84, for a total value of $889,186.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Boston Properties

A number of large investors have recently modified their holdings of BXP. Norges Bank purchased a new position in shares of Boston Properties in the 4th quarter worth about $890,848,000. Ameriprise Financial Inc. raised its holdings in shares of Boston Properties by 86.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,957,055 shares of the real estate investment trust's stock worth $112,977,000 after purchasing an additional 906,069 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of Boston Properties in the 3rd quarter worth about $43,709,000. Centersquare Investment Management LLC raised its holdings in shares of Boston Properties by 30.9% during the 4th quarter. Centersquare Investment Management LLC now owns 1,986,707 shares of the real estate investment trust's stock valued at $139,407,000 after buying an additional 468,950 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Boston Properties by 27.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,986,269 shares of the real estate investment trust's stock valued at $118,143,000 after buying an additional 429,587 shares during the period. 98.72% of the stock is currently owned by hedge funds and other institutional investors.

Boston Properties Trading Down 4.3 %

The firm has a market capitalization of $9.31 billion, a PE ratio of 48.97 and a beta of 1.15. The company has a debt-to-equity ratio of 1.99, a quick ratio of 5.40 and a current ratio of 5.40. The firm has a fifty day moving average of $62.81 and a 200 day moving average of $63.04.

Boston Properties Company Profile

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.