TCTC Holdings LLC Trims Position in Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

TCTC Holdings LLC lowered its stake in shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT) by 40.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,000 shares of the real estate investment trust’s stock after selling 2,000 shares during the quarter. TCTC Holdings LLC’s holdings in Blackstone Mortgage Trust were worth $57,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BXMT. Artemis Investment Management LLP acquired a new stake in Blackstone Mortgage Trust during the 3rd quarter worth approximately $24,103,000. Van ECK Associates Corp lifted its holdings in shares of Blackstone Mortgage Trust by 4.9% during the third quarter. Van ECK Associates Corp now owns 823,935 shares of the real estate investment trust’s stock worth $15,737,000 after purchasing an additional 38,436 shares during the period. Point72 Asset Management L.P. purchased a new position in Blackstone Mortgage Trust in the 2nd quarter valued at $10,656,000. GFS Advisors LLC increased its stake in Blackstone Mortgage Trust by 9,068.6% in the 3rd 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 during the period. Finally, Choreo LLC purchased a new position in Blackstone Mortgage Trust during the 2nd quarter worth $6,983,000. Hedge funds and other institutional investors own 64.15% of the company’s stock.

Blackstone Mortgage Trust Stock Performance

Shares of BXMT opened at $18.98 on Friday. Blackstone Mortgage Trust, Inc. has a twelve month low of $16.53 and a twelve month high of $23.29. The firm’s 50-day moving average is $18.70 and its two-hundred day moving average is $18.16.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BXMT. Wells Fargo & Company lifted 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. BTIG Research reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Blackstone Mortgage Trust in a report on Friday, July 19th. Finally, JMP Securities reiterated a “market perform” rating on shares of Blackstone Mortgage Trust in a research report on Tuesday, July 23rd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.