The Vanguard Group, Inc. recently announced the acquisition of new stake in Boston Properties Inc. (NYSE:BXP). The institutional investor has increased its shareholding in the Real Estate company by 0.27% to 22.85 million shares with purchase of 61349.0 shares. This fresh investment now brings its stake to 14.58% valued currently at $1.5 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 14273.0 to 11.09 million shares. And BlackRock Fund Advisors has lifted its position by 4.49% or 0.45 million shares – to 10.47 million shares.
With over 2.77 million Boston Properties Inc. (BXP) shares trading Friday and a closing price of $57.44 on the day, the dollar volume was approximately $159.17 million. The shares have shown a negative half year performance of -32.93% and its price on 03/10/23 lost nearly -7.27%. Currently, there are 156.78M common shares owned by the public and among those 156.46M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for BXP have a consensus price objective of $78.35. The analysts have set the share’s price value over the next 12 months at a high of $101.00 and a low of $65.00. The average price target is 26.47% above its recent price level and an upside to the estimated low will see the stock gain 11.63% over that period. But an upside of 43.13% will see the stock hit the forecast high price target while median target price for the stock is $76.00.
Insiders at the company have transacted a total of 9 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 15,783 shares. Insider sales of the common stock occurred on 3 occasions, with total insider shares sold totaling 5,605 shares.
The top 3 mutual fund holders in Boston Properties Inc. are Government Pension Fund – Global, Stichting Pensioenfonds ABP, and Vanguard Real Estate Index Fund. Government Pension Fund – Global owns 12.66 million shares of the company’s stock, all valued at over $828.85 million. The company sold -0.34 million shares recently to bring their total holdings to about 8.07% of the shares outstanding. Stichting Pensioenfonds ABP bought 0.16 million shares to see its total holdings expand to 7.25 million shares valued at over $474.53 million and representing 4.62% of the shares outstanding. Vanguard Real Estate Index Fund sold 2503.0 shares to bring its total holdings to over 6.64 million shares at a value of $435.05 million. Vanguard Real Estate Index Fund now owns shares totaling to 4.24% of the shares outstanding.
Shares of Boston Properties Inc. (NYSE: BXP) opened at $61.75, down -$0.19 from a prior closing price of $61.94. However, the script later moved the day high at 62.02, down -7.27%. The company’s stock has a 5-day price change of -12.52% and -11.63% over the past three months. BXP shares are trading -15.00% year to date (YTD), with the 12-month market performance down to -53.68% lower. It has a 12-month low price of $61.84 and touched a high of $133.11 over the same period. BXP has an average intraday trading volume of 1.37 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -15.50%, -17.38%, and -27.18% respectively.
Institutional ownership of Boston Properties Inc. (NYSE: BXP) shares accounts for 99.80% of the company’s 156.78M shares outstanding. Mutual fund holders own 34.10%, while other institutional holders and individual stakeholders account for 64.69% and 1.41% respectively.
It has a market capitalization of $9.71B and a beta (3y monthly) value of 1.12. The stock’s trailing 12-month PE ratio is 10.64, while the earnings-per-share (ttm) stands at $5.40. The company has a PEG of 1.52 and the debt-to-equity ratio at 2.36. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.13% over the week and 2.75% over the month.
Analysts forecast that Boston Properties Inc. (BXP) will achieve an EPS of $0.51 for the current quarter, $0.6 for the next quarter and $2.46 for 2024. The lowest estimate earnings-per-share for the quarter is $0.44 while analysts give the company a high EPS estimate of $0.59. Comparatively, EPS for the current quarter was $0.91 a year ago. Earnings per share for the fiscal year are expected to increase by 70.10%, and 1.36% over the next financial year. EPS should shrink at an annualized rate of 7.00% over the next five years, compared to 13.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Boston Properties Inc. (BXP) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 12 of the 22 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the BXP, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on January 04, 2023, with the firm’s price target at $91-$74. BTIG Research was of a view on October 19, 2022 that the stock is Neutral, while Scotiabank gave the stock Sector Outperform rating on September 22, 2022, issuing a price target of $102- $94. Evercore ISI on their part issued Outperform rating on September 22, 2022.
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