Blackstone Mortgage Trust (BXMT) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Blackstone Mortgage Trust (NYSE:BXMT) from a buy rating to a hold rating in a research report released on Wednesday.

According to Zacks, “Blackstone Mortgage Trust, Inc. is a real estate investment trust. It operates as a real estate finance and investment management company. The company’s investment programs focuses on loans and securities backed by commercial real estate assets. Blackstone Mortgage Trust, Inc. formerly known as Capital Trust, Inc.is headquartered in New York. “

A number of other brokerages have also recently commented on BXMT. TheStreet upgraded Blackstone Mortgage Trust from a c+ rating to a b+ rating in a report on Wednesday, October 31st. Credit Suisse Group increased their target price on Blackstone Mortgage Trust from $33.00 to $35.00 and gave the company an outperform rating in a report on Tuesday, August 21st. ValuEngine upgraded Blackstone Mortgage Trust from a hold rating to a buy rating in a report on Wednesday, October 24th. BTIG Research assumed coverage on Blackstone Mortgage Trust in a report on Monday, October 8th. They set a neutral rating on the stock. Finally, Citigroup assumed coverage on Blackstone Mortgage Trust in a report on Friday, October 12th. They set a neutral rating and a $33.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $35.25.

Shares of NYSE:BXMT opened at $35.01 on Wednesday. The firm has a market cap of $4.27 billion, a price-to-earnings ratio of 13.51, a P/E/G ratio of 2.67 and a beta of 0.45. Blackstone Mortgage Trust has a one year low of $29.51 and a one year high of $35.70.

Blackstone Mortgage Trust (NYSE:BXMT) last announced its earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. The firm had revenue of $105.15 million for the quarter, compared to analysts’ expectations of $97.06 million. Blackstone Mortgage Trust had a return on equity of 9.36% and a net margin of 50.60%. During the same quarter in the prior year, the firm earned $0.69 EPS. Equities research analysts forecast that Blackstone Mortgage Trust will post 2.64 earnings per share for the current year.

In other news, Treasurer Douglas N. Armer sold 806 shares of the firm’s stock in a transaction on Friday, November 30th. The stock was sold at an average price of $34.93, for a total transaction of $28,153.58. Following the sale, the treasurer now owns 79,481 shares in the company, valued at $2,776,271.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leonard W. Cotton acquired 3,000 shares of the firm’s stock in a transaction dated Wednesday, October 31st. The shares were acquired at an average price of $33.87 per share, for a total transaction of $101,610.00. Following the acquisition, the director now directly owns 19,074 shares of the company’s stock, valued at $646,036.38. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 2,417 shares of company stock worth $84,309. 0.96% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Blackstone Mortgage Trust by 11.5% during the third quarter. Vanguard Group Inc. now owns 11,080,478 shares of the real estate investment trust’s stock worth $371,306,000 after purchasing an additional 1,142,710 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Blackstone Mortgage Trust by 9.6% during the third quarter. Legal & General Group Plc now owns 67,443 shares of the real estate investment trust’s stock worth $2,260,000 after purchasing an additional 5,909 shares during the last quarter. Griffin Asset Management Inc. acquired a new stake in shares of Blackstone Mortgage Trust during the third quarter worth $1,162,000. Teachers Advisors LLC boosted its holdings in shares of Blackstone Mortgage Trust by 2.0% during the third quarter. Teachers Advisors LLC now owns 432,509 shares of the real estate investment trust’s stock worth $14,493,000 after purchasing an additional 8,679 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its holdings in shares of Blackstone Mortgage Trust by 44.1% during the third quarter. Glenmede Trust Co. NA now owns 19,600 shares of the real estate investment trust’s stock worth $656,000 after purchasing an additional 6,000 shares during the last quarter. Institutional investors and hedge funds own 64.12% of the company’s stock.

Blackstone Mortgage Trust Company Profile

Blackstone Mortgage Trust, Inc, a real estate finance company, originates senior loans collateralized by properties in North America and Europe. The company operates as a real estate investment trust for federal income tax purposes. It generally would not be subject to U.S. federal income taxes if it distributes at least 90% of its taxable income to its stockholders.

Further Reading: How does a reverse stock split work?

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Analyst Recommendations for Blackstone Mortgage Trust (NYSE:BXMT)

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