Citigroup Lowers BXP (NYSE:BXP) Price Target to $58.00

BXP (NYSE:BXP) had its price target reduced by investment analysts at Citigroup from $68.00 to $58.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price target suggests a potential upside of 3.38% from the company’s previous close.

Several other research firms also recently commented on BXP. The Goldman Sachs Group set a $72.00 price objective on shares of BXP in a report on Wednesday, February 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $79.00 price objective on shares of BXP in a report on Thursday, January 29th. Mizuho downgraded shares of BXP from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $79.00 to $62.00 in a report on Tuesday, February 24th. UBS Group decreased their price objective on shares of BXP from $74.00 to $71.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. Finally, Weiss Ratings upgraded shares of BXP from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, March 2nd. Ten research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $73.60.

BXP Price Performance

Shares of BXP opened at $56.11 on Wednesday. The company has a market cap of $8.90 billion, a price-to-earnings ratio of 32.24, a PEG ratio of 2.38 and a beta of 1.03. BXP has a 1-year low of $49.72 and a 1-year high of $79.33. The company’s fifty day simple moving average is $55.81 and its 200 day simple moving average is $64.89. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 2.21.

Insider Transactions at BXP

In other news, CEO Owen D. Thomas sold 1,198 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $61.22, for a total value of $73,341.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Hilary J. Spann sold 5,495 shares of the business’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $59.69, for a total transaction of $327,996.55. Following the completion of the sale, the executive vice president directly owned 17,832 shares of the company’s stock, valued at approximately $1,064,392.08. The trade was a 23.56% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 7,887 shares of company stock valued at $476,930. 1.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BXP

A number of institutional investors have recently modified their holdings of the business. Cohen & Steers Inc. boosted its position in shares of BXP by 41.4% in the fourth quarter. Cohen & Steers Inc. now owns 15,382,890 shares of the real estate investment trust’s stock valued at $1,038,176,000 after acquiring an additional 4,503,738 shares during the period. Norges Bank bought a new stake in shares of BXP in the fourth quarter valued at about $689,419,000. APG Asset Management US Inc. boosted its position in shares of BXP by 3.2% in the third quarter. APG Asset Management US Inc. now owns 7,401,513 shares of the real estate investment trust’s stock valued at $564,883,000 after acquiring an additional 232,591 shares during the period. Geode Capital Management LLC boosted its position in shares of BXP by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 4,270,027 shares of the real estate investment trust’s stock valued at $287,121,000 after acquiring an additional 55,621 shares during the period. Finally, Invesco Ltd. boosted its position in shares of BXP by 5.2% in the fourth quarter. Invesco Ltd. now owns 4,101,236 shares of the real estate investment trust’s stock valued at $276,751,000 after acquiring an additional 204,258 shares during the period. Institutional investors own 98.72% of the company’s stock.

BXP Company Profile

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.