Blackstone Mortgage Trust (NYSE:BXMT) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Blackstone Mortgage Trust to “Hold” from “Strong Sell.” The broader analyst consensus is also “Hold,” with four Buy, four Hold, and one Sell rating and an average price target of $19.20.
• BXMT shares opened at $11.24, near their 52-week low of $10.78 and well below the $20.67 high. The company’s latest quarterly results included EPS of $0.31, missing estimates of $0.41, while revenue slightly exceeded expectations.
• Director Henry Nassau bought 10,000 shares worth $143,400, while institutional investors own approximately 64.15% of the company. Blackstone Mortgage Trust focuses on floating-rate senior loans secured by commercial real estate.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday, Zacks reports.

A number of other research analysts have also issued reports on BXMT. Wells Fargo & Company decreased their target price on Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Weiss Ratings downgraded Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, July 31st. JPMorgan Chase & Co. reduced their price target on Blackstone Mortgage Trust from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $16.00 price objective (down from $20.00) on shares of Blackstone Mortgage Trust in a research note on Friday, July 31st. Finally, Citigroup reissued a "market perform" rating on shares of Blackstone Mortgage Trust in a research report on Tuesday, August 25th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.20.

Blackstone Mortgage Trust Stock Up 2.1%

Blackstone Mortgage Trust stock opened at $11.24 on Monday. The firm has a market cap of $1.89 billion, a PE ratio of 124.91, a price-to-earnings-growth ratio of 0.26 and a beta of 0.92. Blackstone Mortgage Trust has a 52-week low of $10.78 and a 52-week high of $20.67. The company's 50 day moving average is $13.60 and its two-hundred day moving average is $16.65.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.31 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.10). Blackstone Mortgage Trust had a net margin of 1.57% and a return on equity of 7.72%. The business had revenue of $158.06 million during the quarter, compared to analysts' expectations of $157.32 million. On average, equities research analysts anticipate that Blackstone Mortgage Trust will post 0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Blackstone Mortgage Trust news, Director Henry Nassau purchased 10,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was bought at an average cost of $14.34 per share, with a total value of $143,400.00. Following the acquisition, the director directly owned 218,523 shares of the company's stock, valued at approximately $3,133,619.82. This represents a 4.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 3,716 shares of company stock valued at $46,815 in the last 90 days. 1.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Blackstone Mortgage Trust

Several hedge funds and other institutional investors have recently made changes to their positions in BXMT. Northside Capital Management LLC acquired a new position in Blackstone Mortgage Trust in the second quarter valued at approximately $28,000. Central Pacific Bank Trust Division raised its holdings in Blackstone Mortgage Trust by 50.0% during the third quarter. Central Pacific Bank Trust Division now owns 3,000 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 1,000 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Blackstone Mortgage Trust during the 2nd quarter worth approximately $39,000. Ascentis Independent Advisors purchased a new stake in shares of Blackstone Mortgage Trust during the 1st quarter worth approximately $41,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Blackstone Mortgage Trust by 1,142.4% in the 3rd quarter. Versant Capital Management Inc now owns 6,858 shares of the real estate investment trust's stock valued at $79,000 after buying an additional 6,306 shares in the last quarter. Institutional investors and hedge funds own 64.15% of the company's stock.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust, Inc NYSE: BXMT is a real estate finance company organized as a real estate investment trust. The company originates and holds senior loans secured by commercial properties, with a focus on institutional-quality assets and experienced real estate sponsors.

Its portfolio primarily consists of floating-rate mortgage loans used to finance acquisitions, refinancings, development and other capital needs for commercial real estate. The properties securing its loans may include office buildings, multifamily communities, hotels, industrial facilities, retail centers and other commercial assets.

Blackstone Mortgage Trust is externally managed by BXMT Advisors L.P., an affiliate of Blackstone.

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