Boston Properties (BXP) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Boston Properties (NYSE:BXP) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $142.00 price target on the real estate investment trust’s stock.
According to Zacks, “Shares of Boston Properties have outperformed its industry over the past six months. Further, the trend in 2018 funds from operations (FFO) per share estimate revisions indicates a favorable outlook for the company. Notably, the company’s Class A office assets located in top-tier gateway cities along with a diversified tenant and industry base will likely drive its long-term growth. Also, efforts to reposition its portfolio through accretive acquisitions and monetizing of non-core assets are anticipated to benefit the company in the long-term. Further, recovery in the economy and job market is expected to boost demand for the company’s office properties. Nonetheless, geographic concentration of its assets and rising interest rates remain concerns.”
Other equities research analysts have also issued research reports about the company. Jefferies Financial Group raised Boston Properties from a hold rating to a buy rating and set a $139.00 price objective for the company in a research note on Monday, October 15th. Barclays reissued a buy rating and set a $125.00 price objective on shares of Boston Properties in a research note on Sunday, October 14th. DA Davidson raised Boston Properties from a neutral rating to a buy rating and lifted their price objective for the company from $135.00 to $145.00 in a research note on Monday, November 19th. SunTrust Banks dropped their price objective on Boston Properties from $137.00 to $135.00 and set a hold rating for the company in a research note on Sunday, November 25th. Finally, JPMorgan Chase & Co. raised Boston Properties from a neutral rating to an overweight rating in a research note on Friday, October 5th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $135.46.
Boston Properties (NYSE:BXP) last posted its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.05. The company had revenue of $686.28 million during the quarter, compared to analyst estimates of $674.30 million. Boston Properties had a return on equity of 6.75% and a net margin of 20.18%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.76 earnings per share. Equities analysts forecast that Boston Properties will post 6.39 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of the business. Riverhead Capital Management LLC increased its holdings in shares of Boston Properties by 7.3% in the second quarter. Riverhead Capital Management LLC now owns 5,723 shares of the real estate investment trust’s stock worth $718,000 after buying an additional 388 shares during the period. Creative Planning increased its holdings in Boston Properties by 7.7% during the 3rd quarter. Creative Planning now owns 6,253 shares of the real estate investment trust’s stock valued at $770,000 after purchasing an additional 447 shares during the period. Mackenzie Financial Corp increased its holdings in Boston Properties by 22.9% during the 3rd quarter. Mackenzie Financial Corp now owns 2,885 shares of the real estate investment trust’s stock valued at $355,000 after purchasing an additional 538 shares during the period. Hamel Associates Inc. increased its holdings in Boston Properties by 3.2% during the 3rd quarter. Hamel Associates Inc. now owns 17,875 shares of the real estate investment trust’s stock valued at $2,200,000 after purchasing an additional 550 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in Boston Properties by 1.4% during the 2nd quarter. CIBC Asset Management Inc now owns 43,296 shares of the real estate investment trust’s stock valued at $5,430,000 after purchasing an additional 618 shares during the period. 95.68% of the stock is owned by hedge funds and other institutional investors.
About Boston Properties
Boston Properties (NYSE: BXP) is one of the largest publicly-held developers and owners 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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