Municipal Employees Retirement System of Michigan lessened its holdings in shares of Boston Properties, Inc. (NYSE:BXP) by 18.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,990 shares of the real estate investment trust’s stock after selling 930 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Boston Properties were worth $490,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in BXP. Harbour Capital Advisors LLC boosted its stake in Boston Properties by 12,201.8% during the 2nd quarter. Harbour Capital Advisors LLC now owns 13,532 shares of the real estate investment trust’s stock valued at $110,000 after purchasing an additional 13,422 shares during the period. Daiwa Securities Group Inc. boosted its stake in Boston Properties by 13.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 26,000 shares of the real estate investment trust’s stock valued at $3,199,000 after purchasing an additional 3,000 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in Boston Properties by 9.9% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 12,942 shares of the real estate investment trust’s stock valued at $1,592,000 after purchasing an additional 1,170 shares during the period. Retirement Systems of Alabama boosted its stake in Boston Properties by 0.3% during the 2nd quarter. Retirement Systems of Alabama now owns 74,599 shares of the real estate investment trust’s stock valued at $9,177,000 after purchasing an additional 239 shares during the period. Finally, Independent Order of Foresters boosted its stake in Boston Properties by 3.6% during the 2nd quarter. Independent Order of Foresters now owns 28,443 shares of the real estate investment trust’s stock valued at $3,499,000 after purchasing an additional 1,000 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.
In related news, insider Bryan J. Koop sold 5,868 shares of the stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $124.55, for a total transaction of $730,859.40. Following the completion of the sale, the insider now directly owns 585 shares of the company’s stock, valued at $72,861.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.86% of the stock is owned by corporate insiders.
Boston Properties (NYSE:BXP) last released its earnings results on Wednesday, November 1st. The real estate investment trust reported $1.57 EPS for the quarter, beating the consensus estimate of $1.54 by $0.03. Boston Properties had a net margin of 19.42% and a return on equity of 6.43%. The business had revenue of $657.70 million during the quarter, compared to analyst estimates of $649.84 million. During the same period in the prior year, the business earned $1.42 earnings per share. The business’s quarterly revenue was up 5.2% on a year-over-year basis. equities analysts predict that Boston Properties, Inc. will post 6.25 EPS for the current year.
A number of brokerages have recently weighed in on BXP. Barclays reduced their price target on shares of Boston Properties from $137.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, August 31st. Royal Bank Of Canada lowered shares of Boston Properties from a “top pick” rating to an “outperform” rating and reduced their price target for the stock from $150.00 to $140.00 in a research note on Thursday, August 17th. Argus reduced their price target on shares of Boston Properties to $140.00 and set a “buy” rating for the company in a research note on Thursday, November 16th. Evercore ISI reaffirmed an “in-line” rating and issued a $133.00 price target (up from $127.00) on shares of Boston Properties in a research note on Friday, October 6th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Boston Properties in a research note on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $133.73.
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Boston Properties Company Profile
Boston Properties, Inc is a real estate investment trust. The Company is an owner and developer of office properties in the United States. Its segments by geographic area are Boston, New York, San Francisco and Washington, DC. Its segments by property type include Office, Residential and Hotel. As of December 31, 2016, the Company owned or had interests in 174 commercial real estate properties, aggregating approximately 47.7 million net rentable square feet of primarily Class A office properties, including eight properties under construction/redevelopment totaling approximately 4.0 million net rentable square feet.
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