Blackstone Mortgage Trust Inc. (BXMT) Rating Increased to Buy at Zacks Investment Research
Blackstone Mortgage Trust Inc. (NYSE:BXMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $32.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s target price would indicate a potential upside of 11.30% from the company’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 analysts also recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on Blackstone Mortgage Trust from $29.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday, July 28th. Deutsche Bank AG restated a “buy” rating and set a $33.00 price objective on shares of Blackstone Mortgage Trust in a research report on Thursday, July 28th. Finally, FBR & Co increased their target price on Blackstone Mortgage Trust from $29.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 27th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $30.67.
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Blackstone Mortgage Trust (NYSE:BXMT) traded up 0.14% during trading on Monday, hitting $28.75. The stock had a trading volume of 289,790 shares. The company has a 50-day moving average of $29.30 and a 200 day moving average of $28.26. Blackstone Mortgage Trust has a 52 week low of $22.13 and a 52 week high of $30.46. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 10.70 and a beta of 1.03.
Blackstone Mortgage Trust (NYSE:BXMT) last announced its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.02. Blackstone Mortgage Trust had a return on equity of 9.44% and a net margin of 59.73%. The business earned $81.40 million during the quarter, compared to the consensus estimate of $78.34 million. During the same period in the prior year, the company earned $0.36 EPS. Blackstone Mortgage Trust’s revenue for the quarter was up 63.5% on a year-over-year basis. On average, equities research analysts anticipate that Blackstone Mortgage Trust will post $2.61 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a dividend of $0.62 per share. The ex-dividend date was Wednesday, September 28th. This represents a $2.48 annualized dividend and a yield of 8.63%. Blackstone Mortgage Trust’s dividend payout ratio is currently 91.85%.
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Blackstone Mortgage Trust by 4.1% in the second quarter. Vanguard Group Inc. now owns 6,318,698 shares of the real estate investment trust’s stock valued at $174,838,000 after buying an additional 251,660 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in Blackstone Mortgage Trust by 14.5% in the second quarter. Neuberger Berman Group LLC now owns 3,352,512 shares of the real estate investment trust’s stock valued at $92,764,000 after buying an additional 423,904 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Blackstone Mortgage Trust by 25.5% in the second quarter. BlackRock Fund Advisors now owns 2,339,042 shares of the real estate investment trust’s stock valued at $64,721,000 after buying an additional 474,826 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in Blackstone Mortgage Trust by 8.5% in the fourth quarter. OppenheimerFunds Inc. now owns 2,113,255 shares of the real estate investment trust’s stock valued at $56,551,000 after buying an additional 165,200 shares in the last quarter. Finally, Egerton Capital UK LLP boosted its stake in Blackstone Mortgage Trust by 0.3% in the fourth quarter. Egerton Capital UK LLP now owns 1,821,151 shares of the real estate investment trust’s stock valued at $48,734,000 after buying an additional 5,425 shares in the last quarter. 74.64% of the stock is owned by institutional investors and hedge funds.
About Blackstone Mortgage Trust
Blackstone Mortgage Trust, Inc is a holding company, which conducts its operations as a real estate investment trust. The Company is a real estate finance company that originates and purchases senior loans collateralized by properties in North America and Europe. Its business is focused on originating or acquiring senior, floating rate mortgage loans that are secured by a first priority mortgage on commercial real estate assets primarily in the office, lodging, residential, retail, industrial and healthcare sectors in North America and Europe.
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