Analyst Price Forecast Suggests 6.14% Upside
As of August 31, 2023, the average one-year price target for Boston Properties is $70.31. The forecasts range from a low of $52.52 to a high of $89.25. The average price target represents an increase of 6.14% from its latest reported closing price of $66.24.
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The projected annual revenue for Boston Properties is $3,203MM, an increase of 1.06%. The projected annual non-GAAP EPS is $2.43.
Boston Properties Declares $0.98 Dividend
On June 20, 2023, the company declared a regular quarterly dividend of $0.98 per share ($3.92 annualized). Shareholders of record as of June 30, 2023 received the payment on July 31, 2023. Previously, the company paid $0.98 per share.
At the current share price of $66.24 per share, the stock’s dividend yield is 5.92%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.05%, the lowest has been 2.52%, and the highest has been 7.98%. The standard deviation of yields is 1.29 (n=236).
The current dividend yield is 1.45 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.92. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, typically resulting in a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings to invest in those growth prospects, translating to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
What is the Fund Sentiment?
There are 1127 funds or institutions reporting positions in Boston Properties. This is a decrease of 67 owners or 5.61% in the last quarter. The average portfolio weight of all funds dedicated to BXP is 0.20%, an increase of 3.25%. Total shares owned by institutions increased in the last three months by 3.69% to 173,555K shares. The put/call ratio of BXP is 1.35, indicating a bearish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 8,228K shares representing 5.25% ownership of the company. In its prior filing, the firm reported owning 6,729K shares, representing an increase of 18.22%. The firm increased its portfolio allocation in BXP by 824.32% over the last quarter.
APG Asset Management US holds 7,526K shares representing 4.80% ownership of the company. In its prior filing, the firm reported owning 7,361K shares, representing an increase of 2.19%. The firm increased its portfolio allocation in BXP by 6.44% over the last quarter.
Capital Research Global Investors holds 6,557K shares representing 4.18% ownership of the company. In its prior filing, the firm reported owning 6,258K shares, representing an increase of 4.57%. The firm increased its portfolio allocation in BXP by 4.69% over the last quarter.
VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 6,544K shares representing 4.17% ownership of the company. In its prior filing, the firm reported owning 6,641K shares, representing a decrease of 1.47%. The firm decreased its portfolio allocation in BXP by 21.82% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,405K shares representing 2.81% ownership of the company. In its prior filing, the firm reported owning 4,379K shares, representing an increase of 0.60%. The firm decreased its portfolio allocation in BXP by 1.23% over the last quarter.
Boston Properties Background Information
(This description is provided by the company.)
Boston Properties 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. The Company’s portfolio totals 51.2 million square feet and 196 properties, including seven properties under construction.
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