State of New Jersey Common Pension Fund D Has $2.07 Million Stock Holdings in Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

State of New Jersey Common Pension Fund D trimmed its position in Blackstone Mortgage Trust, Inc. (NYSE:BXMT) by 1.5% in the third quarter, Holdings Channel.com reports. The firm owned 108,630 shares of the real estate investment trust’s stock after selling 1,616 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Blackstone Mortgage Trust were worth $2,065,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its stake in shares of Blackstone Mortgage Trust by 7.4% during the first quarter. ProShare Advisors LLC now owns 34,760 shares of the real estate investment trust’s stock worth $692,000 after buying an additional 2,397 shares during the last quarter. Bracebridge Capital LLC acquired a new position in shares of Blackstone Mortgage Trust in the 1st quarter valued at $4,141,000. Covestor Ltd boosted its position in shares of Blackstone Mortgage Trust by 60.0% in the 1st quarter. Covestor Ltd now owns 4,880 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 1,830 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc grew its stake in shares of Blackstone Mortgage Trust by 400.0% during the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 50,000 shares of the real estate investment trust’s stock worth $996,000 after purchasing an additional 40,000 shares during the period. Finally, UniSuper Management Pty Ltd bought a new stake in Blackstone Mortgage Trust in the first quarter valued at about $1,069,000. 64.15% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on BXMT. JMP Securities restated a “market perform” rating on shares of Blackstone Mortgage Trust in a report on Tuesday, July 23rd. Wells Fargo & Company boosted their price objective on shares of Blackstone Mortgage Trust from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 20th. Finally, BTIG Research reiterated a “buy” rating and issued a $23.00 target price on shares of Blackstone Mortgage Trust in a report on Friday, July 19th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Blackstone Mortgage Trust has an average rating of “Hold” and a consensus target price of $20.08.

Blackstone Mortgage Trust Stock Performance

NYSE BXMT opened at $17.86 on Friday. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -12.85 and a beta of 1.50. The business has a 50 day simple moving average of $18.70 and a 200 day simple moving average of $18.17. Blackstone Mortgage Trust, Inc. has a 52-week low of $16.53 and a 52-week high of $23.29.

Blackstone Mortgage Trust announced that its Board of Directors has approved a share repurchase program on Wednesday, July 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.