PNC Financial Services Group Inc. Increases Stock Holdings in Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Blackstone Mortgage Trust by 69.4% during the first quarter, owning approximately $2.12 million worth of shares.
• Blackstone Mortgage Trust recently announced a $0.47 quarterly dividend, translating to an annualized dividend yield of 10.0%.
• Current market consensus rates Blackstone Mortgage Trust as a "Hold", with an average price target of $20.00.

PNC Financial Services Group Inc. lifted its stake in shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Free Report) by 69.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,985 shares of the real estate investment trust's stock after purchasing an additional 43,416 shares during the quarter. PNC Financial Services Group Inc. owned about 0.06% of Blackstone Mortgage Trust worth $2,120,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Rossby Financial LCC acquired a new position in Blackstone Mortgage Trust during the first quarter worth $49,000. GAMMA Investing LLC grew its holdings in Blackstone Mortgage Trust by 187.8% during the first quarter. GAMMA Investing LLC now owns 2,979 shares of the real estate investment trust's stock worth $60,000 after acquiring an additional 1,944 shares during the period. Wellington Shields & Co. LLC grew its holdings in Blackstone Mortgage Trust by 39.8% during the first quarter. Wellington Shields & Co. LLC now owns 4,410 shares of the real estate investment trust's stock worth $88,000 after acquiring an additional 1,255 shares during the period. Sound Income Strategies LLC grew its holdings in Blackstone Mortgage Trust by 18,595.8% during the first quarter. Sound Income Strategies LLC now owns 4,487 shares of the real estate investment trust's stock worth $90,000 after acquiring an additional 4,463 shares during the period. Finally, Sterling Capital Management LLC grew its holdings in Blackstone Mortgage Trust by 814.9% during the fourth quarter. Sterling Capital Management LLC now owns 5,471 shares of the real estate investment trust's stock worth $95,000 after acquiring an additional 4,873 shares during the period. Hedge funds and other institutional investors own 64.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BXMT. JMP Securities reaffirmed a "market perform" rating on shares of Blackstone Mortgage Trust in a report on Thursday, May 1st. JPMorgan Chase & Co. lowered their target price on Blackstone Mortgage Trust from $20.00 to $18.50 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their target price on Blackstone Mortgage Trust from $20.00 to $19.50 and set a "market perform" rating on the stock in a report on Thursday, July 31st. Finally, UBS Group upped their target price on Blackstone Mortgage Trust from $19.50 to $20.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $20.00.

Blackstone Mortgage Trust Price Performance

Blackstone Mortgage Trust stock traded up $0.39 during trading hours on Tuesday, hitting $18.99. The stock had a trading volume of 964,743 shares, compared to its average volume of 1,486,389. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -271.27 and a beta of 1.12. Blackstone Mortgage Trust, Inc. has a 1-year low of $16.51 and a 1-year high of $21.24. The stock's fifty day moving average is $19.33 and its two-hundred day moving average is $19.30.

Blackstone Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 9.9%. Blackstone Mortgage Trust's dividend payout ratio (DPR) is presently -2,685.71%.

Insiders Place Their Bets

In related news, CEO Katharine A. Keenan sold 6,931 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $19.13, for a total transaction of $132,590.03. Following the sale, the chief executive officer owned 236,914 shares of the company's stock, valued at $4,532,164.82. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony F. Marone, Jr. sold 1,517 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $19.20, for a total value of $29,126.40. Following the transaction, the chief financial officer owned 64,082 shares in the company, valued at $1,230,374.40. This trade represents a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,248 shares of company stock worth $177,028. Corporate insiders own 1.02% of the company's stock.

Blackstone Mortgage Trust Profile

Blackstone Mortgage Trust, Inc, a real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia. The company originates and acquires senior floating rate mortgage loans that are secured by a first-priority mortgage on commercial real estate assets.