Bank of Montreal Can Reduces Stake in BXP, Inc. by 12.5%

Bank of Montreal Can has reduced its holdings in BXP, Inc. (NYSE:BXP) by 12.5%, selling 23,178 shares during the second quarter of 2023. This decision was disclosed in the firm’s recent Form 13F filing with the Securities and Exchange Commission. Following the sale, Bank of Montreal Can now owns 162,944 shares of the real estate investment trust, which were valued at approximately $10,994,000 at the end of the reporting period.

Various institutional investors and hedge funds have also adjusted their positions in BXP. REAP Financial Group LLC significantly increased its holdings by 193.2% during the same quarter, acquiring an additional 311 shares to reach a total of 472 shares, valued at $32,000. Meanwhile, Caitong International Asset Management Co. Ltd purchased a new stake valued at about $43,000.

Assetmark Inc. raised its position in BXP by 143.7%, now owning 1,226 shares worth approximately $83,000, after acquiring 723 shares in the last quarter. Additionally, CX Institutional increased its stake by 24.6%, holding 1,526 shares valued at $103,000. Hilltop National Bank also entered the market with a new investment worth around $111,000. Notably, institutional investors collectively own 98.72% of BXP’s stock.

Market Performance and Dividend Update

As of the latest trading session, shares of BXP opened at $72.39, reflecting a 3.3% increase. The company maintains a significant debt-to-equity ratio of 2.26 and a current ratio of 4.50. BXP has experienced a one-year low of $54.22 and a high of $84.75. Its market capitalization stands at $11.46 billion, with a P/E ratio of -57.00 and a PEG ratio of 7.35. The fifty-day moving average price is $73.63, while the 200-day average is $70.01.

In a recent announcement, BXP declared a quarterly dividend of $0.70 per share, which was distributed on October 31, 2023. This dividend is indicative of an annualized payout of $2.80 and offers a yield of 3.9%. The company’s dividend payout ratio currently stands at -220.47%.

Analysts’ Ratings and Future Outlook

Several equities analysts have provided insights regarding BXP’s future. Truist Financial recently raised their target price from $71.00 to $77.00, maintaining a “hold” rating. In a contrasting view, JPMorgan Chase & Co. upgraded BXP from “neutral” to “overweight” with a target price of $83.00. New Street Research set an even higher price objective of $85.00.

Further, Jefferies Financial Group increased its target price from $79.00 to $84.00 and rated the stock as a “buy.” Piper Sandler also raised its price target from $80.00 to $90.00, assigning an “overweight” rating. The consensus among analysts indicates that BXP currently holds an average rating of “hold” with a target price of $79.26 according to data from MarketBeat.com.

Founded over 50 years ago, BXP is the largest publicly traded developer, owner, and manager of premium workplaces in the United States. The company focuses on six key markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP continues to deliver spaces that enhance the productivity of its clients and positively impact communities. For further updates on BXP, stakeholders can access the latest 13F filings and insider trades through platforms such as HoldingsChannel.com.