Bank of America Corp DE Buys 233,357 Shares of Blackstone Mortgage Trust, Inc. $BXMT

Key Points

• Bank of America increased its BXMT stake by 21.9%, buying 233,357 additional shares to hold 1.30 million shares, or 0.77% of Blackstone Mortgage Trust. Institutional investors collectively own 64.15% of the company.
• BXMT shares opened at $14.26, well below their 50-day and 200-day moving averages. The company’s latest quarterly EPS of $0.31 missed estimates of $0.41, while revenue slightly exceeded expectations.
• Blackstone Mortgage Trust maintains a quarterly dividend of $0.47 per share, equivalent to a 13.2% annualized yield. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $19.20.

Bank of America Corp DE boosted its holdings in shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Free Report) by 21.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,297,062 shares of the real estate investment trust's stock after acquiring an additional 233,357 shares during the quarter. Bank of America Corp DE owned 0.77% of Blackstone Mortgage Trust worth $24,839,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Jones Financial Companies Lllp increased its position in shares of Blackstone Mortgage Trust by 45.5% during the 1st quarter. Jones Financial Companies Lllp now owns 1,715 shares of the real estate investment trust's stock valued at $34,000 after purchasing an additional 536 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Blackstone Mortgage Trust by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 570,233 shares of the real estate investment trust's stock valued at $11,405,000 after acquiring an additional 37,838 shares in the last quarter. Intech Investment Management LLC lifted its holdings in Blackstone Mortgage Trust by 5.0% in the first quarter. Intech Investment Management LLC now owns 73,679 shares of the real estate investment trust's stock valued at $1,474,000 after acquiring an additional 3,478 shares during the period. Invesco Ltd. boosted its position in shares of Blackstone Mortgage Trust by 28.1% in the second quarter. Invesco Ltd. now owns 630,752 shares of the real estate investment trust's stock worth $12,142,000 after purchasing an additional 138,469 shares during the period. Finally, Jump Financial LLC bought a new position in Blackstone Mortgage Trust during the second quarter valued at $226,000. Institutional investors and hedge funds own 64.15% of the company's stock.

Blackstone Mortgage Trust Stock Down 1.5%

Shares of Blackstone Mortgage Trust stock opened at $14.26 on Tuesday. The firm's 50 day moving average price is $16.58 and its 200-day moving average price is $18.20. Blackstone Mortgage Trust, Inc. has a 52-week low of $13.73 and a 52-week high of $20.67. The company has a market cap of $2.40 billion, a P/E ratio of 158.44, a PEG ratio of 0.34 and a beta of 0.91.

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

Blackstone Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 13.2%. The ex-dividend date was Tuesday, June 30th. Blackstone Mortgage Trust's payout ratio is 2,088.89%.

Insider Buying and Selling at Blackstone Mortgage Trust

In other news, President Fernando Austin Pena sold 2,398 shares of the company's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $17.48, for a total transaction of $41,917.04. Following the transaction, the president owned 74,569 shares in the company, valued at $1,303,466.12. This represents a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Henry N. Nassau acquired 10,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 218,523 shares in the company, valued at $3,133,619.82. The trade was a 4.80% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 5,420 shares of company stock worth $95,233. 1.18% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. UBS Group began coverage on shares of Blackstone Mortgage Trust in a research report on Tuesday, June 2nd. They issued a "buy" rating and a $21.00 price objective for the company. Wells Fargo & Company lowered their price target 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. JPMorgan Chase & Co. dropped their price objective on Blackstone Mortgage Trust from $19.00 to $18.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Zacks Research downgraded Blackstone Mortgage Trust from a "hold" rating to a "strong sell" rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings downgraded Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, July 31st. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Blackstone Mortgage Trust currently has a consensus rating of "Hold" and a consensus target price of $19.20.

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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