Blackstone Mortgage Trust (NYSE:BXMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $26.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target suggests a potential upside of 9.80% from the stock’s previous close.
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. “
Several other research firms have also recently weighed in on BXMT. ValuEngine cut shares of Blackstone Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. Deutsche Bank raised their target price on shares of Blackstone Mortgage Trust from $25.00 to $26.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Blackstone Mortgage Trust currently has an average rating of “Hold” and a consensus target price of $28.21.
Blackstone Mortgage Trust (NYSE:BXMT) last posted its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.13. Blackstone Mortgage Trust had a net margin of 16.38% and a return on equity of 8.36%. The company had revenue of $107.13 million for the quarter, compared to the consensus estimate of $105.95 million. During the same period last year, the company earned $0.68 earnings per share. On average, research analysts predict that Blackstone Mortgage Trust will post 2.18 EPS for the current fiscal year.
In other news, President Katharine A. Keenan sold 2,782 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $24.36, for a total value of $67,769.52. Following the completion of the sale, the president now owns 72,558 shares of the company’s stock, valued at $1,767,512.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 6,906 shares of company stock valued at $166,774. Company insiders own 1.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Blackstone Mortgage Trust by 3.3% in the second quarter. Vanguard Group Inc. now owns 13,613,581 shares of the real estate investment trust’s stock valued at $327,951,000 after acquiring an additional 437,094 shares during the period. Blackstone Group Inc raised its stake in Blackstone Mortgage Trust by 17.3% in the second quarter. Blackstone Group Inc now owns 6,829,864 shares of the real estate investment trust’s stock valued at $164,531,000 after purchasing an additional 1,009,170 shares in the last quarter. Geode Capital Management LLC raised its stake in Blackstone Mortgage Trust by 24.4% in the first quarter. Geode Capital Management LLC now owns 2,344,632 shares of the real estate investment trust’s stock valued at $44,054,000 after purchasing an additional 460,098 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Blackstone Mortgage Trust by 10.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,475,700 shares of the real estate investment trust’s stock valued at $35,550,000 after purchasing an additional 138,794 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Blackstone Mortgage Trust by 29.7% in the second quarter. Nuveen Asset Management LLC now owns 780,095 shares of the real estate investment trust’s stock valued at $18,793,000 after purchasing an additional 178,442 shares in the last quarter. 60.52% of the stock is owned by institutional investors.
About Blackstone Mortgage Trust
Blackstone Mortgage Trust, Inc, a real estate finance company, originates senior loans collateralized by properties in North America, Europe, and Australia. 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.
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