Blackstone Mortgage Trust (BXMT) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Blackstone Mortgage Trust (NYSE:BXMT) from a hold rating to a buy rating in a research report sent to investors on Friday. The brokerage currently has $40.00 price objective on the real estate investment trust’s stock.

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. “

Other analysts have also issued reports about the stock. TheStreet upgraded shares of Blackstone Mortgage Trust from a c+ rating to a b+ rating in a research report on Wednesday, October 31st. ValuEngine upgraded shares of Blackstone Mortgage Trust from a hold rating to a buy rating in a research report on Wednesday, October 24th. Citigroup started coverage on shares of Blackstone Mortgage Trust in a research report on Friday, October 12th. They set a neutral rating and a $33.00 price target for the company. BTIG Research started coverage on shares of Blackstone Mortgage Trust in a research report on Monday, October 8th. They set a neutral rating for the company. Finally, Credit Suisse Group upped their price target on shares of Blackstone Mortgage Trust from $33.00 to $35.00 and gave the company an outperform rating in a research report on Tuesday, August 21st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $35.25.

BXMT traded down $0.26 during trading on Friday, reaching $35.01. The stock had a trading volume of 1,546,437 shares, compared to its average volume of 1,204,465. Blackstone Mortgage Trust has a one year low of $29.51 and a one year high of $35.70. The stock has a market cap of $4.27 billion, a PE ratio of 15.16, a P/E/G ratio of 2.67 and a beta of 0.45.

Blackstone Mortgage Trust (NYSE:BXMT) last posted its quarterly earnings results on Tuesday, October 23rd. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. Blackstone Mortgage Trust had a net margin of 50.60% and a return on equity of 9.36%. The business had revenue of $105.15 million during the quarter, compared to analyst estimates of $97.06 million. During the same period in the prior year, the business posted $0.69 earnings per share. As a group, equities research analysts predict that Blackstone Mortgage Trust will post 2.64 EPS for the current year.

In other news, Director Leonard W. Cotton bought 3,000 shares of the company’s stock in a transaction dated Wednesday, October 31st. The stock was bought at an average cost of $33.87 per share, for a total transaction of $101,610.00. Following the completion of the acquisition, the director now owns 19,074 shares in the company, valued at approximately $646,036.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Treasurer Douglas N. Armer sold 909 shares of the stock in a transaction dated Thursday, November 8th. The stock was sold at an average price of $34.84, for a total transaction of $31,669.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,417 shares of company stock valued at $84,309. Company insiders own 0.96% of the company’s stock.

Several institutional investors have recently bought and sold shares of BXMT. Janney Montgomery Scott LLC purchased a new stake in shares of Blackstone Mortgage Trust during the second quarter worth about $287,000. BNP Paribas Arbitrage SA boosted its holdings in shares of Blackstone Mortgage Trust by 1,328.1% during the second quarter. BNP Paribas Arbitrage SA now owns 6,055 shares of the real estate investment trust’s stock worth $190,000 after purchasing an additional 5,631 shares during the period. First Trust Advisors LP boosted its holdings in shares of Blackstone Mortgage Trust by 45.8% during the second quarter. First Trust Advisors LP now owns 247,539 shares of the real estate investment trust’s stock worth $7,780,000 after purchasing an additional 77,814 shares during the period. Barnett & Company Inc. boosted its holdings in shares of Blackstone Mortgage Trust by 113.8% during the second quarter. Barnett & Company Inc. now owns 9,937 shares of the real estate investment trust’s stock worth $312,000 after purchasing an additional 5,290 shares during the period. Finally, Rhumbline Advisers purchased a new stake in shares of Blackstone Mortgage Trust during the second quarter worth about $3,331,000. Institutional investors own 64.12% of the company’s stock.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust, Inc, a real estate finance company, originates senior loans collateralized by properties in North America and Europe. 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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