Bank of America Corp DE lifted its holdings in Boston Properties, Inc. (NYSE:BXP – Get Rating) by 27.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,197,176 shares of the real estate investment trust’s stock after purchasing an additional 255,311 shares during the quarter. Bank of America Corp DE’s holdings in Boston Properties were worth $154,195,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of BXP. Norges Bank purchased a new position in shares of Boston Properties in the fourth quarter valued at $1,501,665,000. BlackRock Inc. grew its holdings in shares of Boston Properties by 6.9% in the fourth quarter. BlackRock Inc. now owns 17,343,626 shares of the real estate investment trust’s stock valued at $1,997,639,000 after purchasing an additional 1,119,895 shares in the last quarter. Cullen Capital Management LLC grew its holdings in shares of Boston Properties by 17,612.1% in the first quarter. Cullen Capital Management LLC now owns 919,611 shares of the real estate investment trust’s stock valued at $118,446,000 after purchasing an additional 914,419 shares in the last quarter. State Street Corp grew its holdings in shares of Boston Properties by 7.8% in the fourth quarter. State Street Corp now owns 10,388,227 shares of the real estate investment trust’s stock valued at $1,206,521,000 after purchasing an additional 754,483 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in shares of Boston Properties in the fourth quarter valued at $75,689,000. 92.47% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Boston Properties
In other Boston Properties news, EVP Raymond A. Ritchey sold 22,472 shares of Boston Properties stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $89.96, for a total value of $2,021,581.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.09% of the stock is currently owned by corporate insiders.
Boston Properties Stock Performance
Boston Properties (NYSE:BXP – Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $1.42 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.64. Boston Properties had a return on equity of 8.17% and a net margin of 22.04%. During the same period in the prior year, the company earned $1.72 earnings per share. As a group, equities research analysts forecast that Boston Properties, Inc. will post 7.52 EPS for the current fiscal year.
Boston Properties Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be issued a $0.98 dividend. The ex-dividend date is Thursday, September 29th. This represents a $3.92 annualized dividend and a dividend yield of 5.04%. Boston Properties’s payout ratio is currently 93.33%.
Analyst Ratings Changes
A number of brokerages recently issued reports on BXP. Morgan Stanley lowered their price target on Boston Properties from $80.00 to $78.00 and set an “equal weight” rating for the company in a research report on Friday, September 9th. Credit Suisse Group began coverage on Boston Properties in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $108.00 price target for the company. Piper Sandler lowered their price target on Boston Properties from $100.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, September 15th. Mizuho lowered their price target on Boston Properties from $135.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, July 6th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Boston Properties from $139.00 to $104.00 in a research report on Wednesday, July 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Boston Properties currently has an average rating of “Hold” and an average price target of $100.43.
Boston Properties Company Profile
Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets – Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space.
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