Blackstone Mortgage Trust Inc. (BXMT) Upgraded by Zacks Investment Research to “Buy”
Blackstone Mortgage Trust Inc. (NYSE:BXMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $32.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price suggests a potential upside of 11.30% 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. “
BXMT has been the topic of a number of other research reports. FBR & Co boosted their target price on Blackstone Mortgage Trust from $29.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Deutsche Bank AG reiterated a “buy” rating and issued a $33.00 price objective on shares of Blackstone Mortgage Trust in a research note on Thursday, July 28th. Finally, Keefe, Bruyette & Woods upped their price objective on Blackstone Mortgage Trust from $29.00 to $31.00 and gave the company a “market perform” rating in a research note on Thursday, July 28th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Blackstone Mortgage Trust has an average rating of “Buy” and an average price target of $30.67.
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Shares of 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. Blackstone Mortgage Trust has a 52 week low of $22.13 and a 52 week high of $30.46. The company’s 50 day moving average price is $29.30 and its 200 day moving average price is $28.26. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 10.70 and a beta of 1.03.
Blackstone Mortgage Trust (NYSE:BXMT) last issued its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.02. The business earned $81.40 million during the quarter, compared to analyst estimates of $78.34 million. Blackstone Mortgage Trust had a return on equity of 9.44% and a net margin of 59.73%. The firm’s revenue was up 63.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 EPS. Analysts predict that Blackstone Mortgage Trust will post $2.61 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a dividend of $0.62 per share. The ex-dividend date was Wednesday, September 28th. This represents a $2.48 dividend on an annualized basis and a yield of 8.63%. Blackstone Mortgage Trust’s payout ratio is 91.85%.
A number of large investors have recently modified their holdings of BXMT. Vanguard Group Inc. boosted its position 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 worth $174,838,000 after buying an additional 251,660 shares in the last quarter. Neuberger Berman Group LLC raised 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 worth $92,764,000 after buying an additional 423,904 shares in the last quarter. BlackRock Fund Advisors raised 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 worth $64,721,000 after buying an additional 474,826 shares in the last quarter. Royal Bank of Canada raised its stake in Blackstone Mortgage Trust by 12.1% in the second quarter. Royal Bank of Canada now owns 1,586,479 shares of the real estate investment trust’s stock worth $43,898,000 after buying an additional 171,861 shares in the last quarter. Finally, Toronto Dominion Bank raised its stake in Blackstone Mortgage Trust by 96.2% in the second quarter. Toronto Dominion Bank now owns 1,175,449 shares of the real estate investment trust’s stock worth $32,525,000 after buying an additional 576,449 shares in the last quarter. 74.64% of the stock is currently owned by institutional investors and hedge funds.
Blackstone Mortgage Trust Company Profile
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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