Principal Financial Group Inc. Trims Stock Position in Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

Principal Financial Group Inc. cut its stake in Blackstone Mortgage Trust, Inc. (NYSE:BXMT) by 4.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 818,486 shares of the real estate investment trust’s stock after selling 37,772 shares during the period. Principal Financial Group Inc.’s holdings in Blackstone Mortgage Trust were worth $15,559,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quadrature Capital Ltd lifted its position in Blackstone Mortgage Trust by 229.8% in the first quarter. Quadrature Capital Ltd now owns 49,743 shares of the real estate investment trust’s stock valued at $990,000 after acquiring an additional 34,659 shares during the last quarter. Transcend Capital Advisors LLC raised its holdings in shares of Blackstone Mortgage Trust by 160.0% in the second quarter. Transcend Capital Advisors LLC now owns 69,264 shares of the real estate investment trust’s stock valued at $1,207,000 after buying an additional 42,623 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in shares of Blackstone Mortgage Trust in the first quarter valued at about $1,069,000. Point72 Asset Management L.P. purchased a new stake in shares of Blackstone Mortgage Trust in the second quarter valued at about $10,656,000. Finally, Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of Blackstone Mortgage Trust in the second quarter valued at about $3,061,000. 64.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BXMT has been the subject of a number of research reports. Wells Fargo & Company upped their target price 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. JMP Securities reaffirmed a “market perform” rating on shares of Blackstone Mortgage Trust in a report on Tuesday, July 23rd. Finally, BTIG Research restated a “buy” rating and issued a $23.00 price objective on shares of Blackstone Mortgage Trust in a research report on Friday, July 19th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Blackstone Mortgage Trust presently has an average rating of “Hold” and a consensus target price of $20.08.

Blackstone Mortgage Trust Stock Performance

BXMT opened at $17.86 on Friday. The company has a 50-day moving average of $18.70 and a 200-day moving average of $18.17. The company has a market capitalization of $3.09 billion, a P/E ratio of -12.99 and a beta of 1.50. Blackstone Mortgage Trust, Inc. has a 1-year low of $16.53 and a 1-year high of $23.29.

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

Blackstone Mortgage Trust Company Profile

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.