State Treasurer State of Michigan reduced its stake in shares of Boston Properties, Inc. (NYSE:BXP) by 16.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,028 shares of the real estate investment trust’s stock after selling 7,500 shares during the quarter. State Treasurer State of Michigan’s holdings in Boston Properties were worth $4,777,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in BXP. BlackRock Inc. grew its holdings in shares of Boston Properties by 1.0% in the 1st quarter. BlackRock Inc. now owns 16,286,406 shares of the real estate investment trust’s stock worth $2,180,423,000 after purchasing an additional 165,724 shares during the last quarter. Principal Financial Group Inc. increased its stake in Boston Properties by 77.5% during the 1st quarter. Principal Financial Group Inc. now owns 3,058,174 shares of the real estate investment trust’s stock worth $409,428,000 after purchasing an additional 1,335,446 shares in the last quarter. Northern Trust Corp increased its stake in Boston Properties by 1.2% during the 1st quarter. Northern Trust Corp now owns 2,602,800 shares of the real estate investment trust’s stock worth $348,463,000 after purchasing an additional 29,927 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Boston Properties by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 2,437,060 shares of the real estate investment trust’s stock worth $273,894,000 after acquiring an additional 186,025 shares in the last quarter. Finally, Boston Partners grew its stake in shares of Boston Properties by 0.9% during the 1st quarter. Boston Partners now owns 2,376,246 shares of the real estate investment trust’s stock worth $318,132,000 after acquiring an additional 20,692 shares in the last quarter. Hedge funds and other institutional investors own 90.72% of the company’s stock.
In related news, insider Bryan J. Koop sold 4,121 shares of Boston Properties stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $134.40, for a total value of $553,862.40. Following the transaction, the insider now directly owns 585 shares of the company’s stock, valued at $78,624. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Bryan J. Koop sold 5,616 shares of Boston Properties stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $133.95, for a total value of $752,263.20. Following the completion of the transaction, the insider now directly owns 10,175 shares in the company, valued at $1,362,941.25. The disclosure for this sale can be found here. Insiders own 0.99% of the company’s stock.
Boston Properties (NYSE:BXP) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.68). Boston Properties had a return on equity of 6.80% and a net margin of 18.96%. The firm had revenue of $733.74 million for the quarter, compared to analyst estimates of $725.14 million. During the same period in the prior year, the business posted $0.83 EPS. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. Equities research analysts forecast that Boston Properties, Inc. will post 7.03 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Thursday, June 27th. Boston Properties’s dividend payout ratio is presently 60.32%.
Several equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Boston Properties from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Morgan Stanley raised their target price on shares of Boston Properties from $116.00 to $123.00 and gave the company an “underweight” rating in a research note on Monday, June 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. Boston Properties presently has a consensus rating of “Hold” and an average target price of $137.50.
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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