Pinnacle Financial Partners Inc Lowers Stake in Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

Pinnacle Financial Partners Inc lowered its stake in shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT) by 29.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,503 shares of the real estate investment trust’s stock after selling 3,973 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Blackstone Mortgage Trust were worth $181,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quadrature Capital Ltd raised its position in shares of Blackstone Mortgage Trust by 229.8% during the 1st quarter. Quadrature Capital Ltd now owns 49,743 shares of the real estate investment trust’s stock valued at $990,000 after buying an additional 34,659 shares in the last quarter. Transcend Capital Advisors LLC raised its position in shares of Blackstone Mortgage Trust by 160.0% during the 2nd 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 in the last quarter. UniSuper Management Pty Ltd purchased a new position in Blackstone Mortgage Trust in the 1st quarter worth $1,069,000. Point72 Asset Management L.P. purchased a new position in Blackstone Mortgage Trust in the 2nd quarter worth $10,656,000. Finally, Prevail Innovative Wealth Advisors LLC purchased a new position in Blackstone Mortgage Trust in the 2nd quarter worth $3,061,000. Hedge funds and other institutional investors own 64.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. JMP Securities reiterated 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 shares of Blackstone Mortgage Trust from $19.00 to $22.00 and gave the stock an “overweight” rating in a research 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 research report on Friday, July 19th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Blackstone Mortgage Trust has an average rating of “Hold” and a consensus price target of $20.08.

Blackstone Mortgage Trust Stock Performance

BXMT stock opened at $17.86 on Friday. The firm’s 50-day moving average price is $18.70 and its two-hundred day moving average price is $18.17. Blackstone Mortgage Trust, Inc. has a 12-month low of $16.53 and a 12-month high of $23.29.

Blackstone Mortgage Trust declared that its board has initiated a share repurchase plan on Wednesday, July 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Blackstone Mortgage Trust 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.