Sun Sep 15 12:06:54 UTC 2024: ## State of New Jersey Pension Fund Cuts Boston Properties Holdings Amidst Mixed Investor Sentiment

**New York, NY (MarketBeat News) -** The State of New Jersey Common Pension Fund D reduced its stake in Boston Properties, Inc. (NYSE: BXP) by 32.4% during the second quarter, according to a recent SEC filing. The pension fund now holds 131,597 shares of the real estate investment trust, representing a value of $8.1 million.

While the New Jersey fund trimmed its holdings, other large investors have taken a different approach. Norges Bank acquired a new stake in Boston Properties worth approximately $890.8 million during the fourth quarter. Earnest Partners LLC, Centersquare Investment Management LLC, Los Angeles Capital Management LLC, and Sei Investments Co. all boosted their positions in the company during the first quarter.

Analysts remain divided on the outlook for Boston Properties. Morgan Stanley maintains an “equal weight” rating with a price target of $62.00, while Wells Fargo & Company upgraded their rating to “overweight” and increased their price target to $80.00. Evercore ISI lifted their target price to $77.00 and issued an “outperform” rating, while Barclays decreased their target price to $65.00 and maintained an “equal weight” rating. Wedbush, meanwhile, upgraded their rating to “neutral” with a target price of $70.00. Overall, analysts have assigned a “Hold” rating to Boston Properties with a consensus price target of $73.54.

Boston Properties recently reported disappointing earnings for the second quarter, missing analysts’ estimates by $1.21 per share. The company’s stock opened at $80.06 on Friday, with a market cap of $12.57 billion. The company’s dividend payout ratio is currently 321.31%, with a dividend yield of 4.90%.

Boston Properties, Inc. remains a prominent developer and manager of premium office spaces across six major US markets, including Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, D.C. The company has a history of developing spaces that cater to the needs of their clients and communities.

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