Covestor Ltd Sells 5,970 Shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

Covestor Ltd trimmed its stake in Blackstone Mortgage Trust, Inc. (NYSE:BXMT) by 51.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,555 shares of the real estate investment trust’s stock after selling 5,970 shares during the quarter. Covestor Ltd’s holdings in Blackstone Mortgage Trust were worth $106,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BXMT. Concurrent Investment Advisors LLC bought a new stake in shares of Blackstone Mortgage Trust during the third quarter valued at approximately $253,000. QRG Capital Management Inc. grew its position in Blackstone Mortgage Trust by 11.1% in the 3rd quarter. QRG Capital Management Inc. now owns 234,337 shares of the real estate investment trust’s stock valued at $4,455,000 after purchasing an additional 23,495 shares during the period. Van ECK Associates Corp increased its stake in Blackstone Mortgage Trust by 4.9% during the 3rd quarter. Van ECK Associates Corp now owns 823,935 shares of the real estate investment trust’s stock valued at $15,737,000 after purchasing an additional 38,436 shares in the last quarter. Glassy Mountain Advisors Inc. raised its holdings in Blackstone Mortgage Trust by 2.6% during the third quarter. Glassy Mountain Advisors Inc. now owns 61,445 shares of the real estate investment trust’s stock worth $1,168,000 after buying an additional 1,534 shares during the last quarter. Finally, GFS Advisors LLC lifted its stake in shares of Blackstone Mortgage Trust by 9,068.6% in the third quarter. GFS Advisors LLC now owns 458,430 shares of the real estate investment trust’s stock valued at $8,715,000 after buying an additional 453,430 shares in the last quarter. 64.15% of the stock is owned by institutional investors.

Blackstone Mortgage Trust Stock Down 3.7 %

Shares of NYSE BXMT opened at $18.28 on Wednesday. The stock’s 50 day moving average price is $18.71 and its 200-day moving average price is $18.17. The company has a market capitalization of $3.16 billion, a PE ratio of -13.65 and a beta of 1.50. Blackstone Mortgage Trust, Inc. has a twelve month low of $16.53 and a twelve month high of $23.29.

Blackstone Mortgage Trust declared that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to purchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

BXMT has been the topic of several recent research reports. JMP Securities reaffirmed a “market perform” rating on shares of Blackstone Mortgage Trust in a research report on Tuesday, July 23rd. Wells Fargo & Company lifted their target price on Blackstone Mortgage Trust from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Finally, BTIG Research reiterated a “buy” rating and set a $23.00 price target on shares of Blackstone Mortgage Trust in a report on Friday, July 19th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.08.

About Blackstone Mortgage Trust

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.