Blackstone Mortgage Trust (NYSE:BXMT) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Blackstone Mortgage Trust from a "strong-buy" to a "hold"; the stock carries a consensus rating of Hold with a consensus target price of $21.38 (three Buy, four Hold).
• Shares opened at $19.95, trading down about 0.4%, with a market capitalization of $3.37 billion and a 12‑month range of $17.67–$20.67.
• President Fernando Austin Pena sold 1,666 shares at $18.88 (insiders own 1.02%), while institutional ownership stands at 64.15% after sizable stakes added by Norges Bank, Bamco, UBS and Invesco.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Wednesday,Zacks.com reports.

BXMT has been the topic of a number of other reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Blackstone Mortgage Trust in a research note on Monday, December 29th. Keefe, Bruyette & Woods increased their target price on shares of Blackstone Mortgage Trust from $21.00 to $21.50 and gave the company an "outperform" rating in a research report on Thursday, February 12th. JPMorgan Chase & Co. upgraded shares of Blackstone Mortgage Trust from a "neutral" rating to an "overweight" rating and set a $21.00 price target for the company in a report on Thursday, April 16th. Finally, BTIG Research restated a "buy" rating and issued a $23.00 price target on shares of Blackstone Mortgage Trust in a research report on Tuesday, February 10th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $21.38.

Blackstone Mortgage Trust Trading Down 0.4%

Shares of BXMT opened at $19.95 on Wednesday. The company has a market capitalization of $3.37 billion, a PE ratio of 30.68 and a beta of 1.00. Blackstone Mortgage Trust has a 12 month low of $17.67 and a 12 month high of $20.67. The stock's 50-day moving average price is $19.27 and its two-hundred day moving average price is $19.18.

Insider Activity at Blackstone Mortgage Trust

In related news, President Fernando Austin Pena sold 1,666 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $18.88, for a total transaction of $31,454.08. Following the completion of the sale, the president owned 76,967 shares of the company's stock, valued at $1,453,136.96. This trade represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blackstone Mortgage Trust

A number of institutional investors and hedge funds have recently modified their holdings of BXMT. Norges Bank acquired a new stake in shares of Blackstone Mortgage Trust during the 4th quarter worth approximately $38,239,000. Bamco Inc. NY lifted its position in shares of Blackstone Mortgage Trust by 1,498.1% during the 2nd quarter. Bamco Inc. NY now owns 1,594,613 shares of the real estate investment trust's stock valued at $30,696,000 after acquiring an additional 1,494,830 shares during the period. UBS Group AG boosted its stake in Blackstone Mortgage Trust by 24.4% during the third quarter. UBS Group AG now owns 3,082,005 shares of the real estate investment trust's stock worth $56,740,000 after acquiring an additional 603,588 shares in the last quarter. Invesco Ltd. grew its holdings in Blackstone Mortgage Trust by 70.8% in the third quarter. Invesco Ltd. now owns 1,077,590 shares of the real estate investment trust's stock worth $19,838,000 after purchasing an additional 446,838 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Blackstone Mortgage Trust in the fourth quarter worth $7,733,000. 64.15% of the stock is currently owned by institutional investors.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust, Inc NYSE: BXMT is a publicly traded real estate finance company that originates, acquires and manages commercial mortgage loans and other CRE debt investments. As an externally managed real estate investment trust (REIT), it seeks to generate attractive risk-adjusted returns through the deployment of senior floating-rate and fixed-rate loans backed by income-producing properties.

The firm's core business activities span the origination of senior mortgage loans, the acquisition of loan portfolios and other real estate debt instruments, and the active management of those investments.

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