Horizon Kinetics Asset Management LLC has recently announced its enhanced position in Blackstone Mortgage Trust, Inc. The asset management firm increased its position by an astounding 57.2% in the fourth quarter of 2023, according to a recent 13F filing with the SEC. This move has caught the attention of market watchers and investors alike as it represents a substantial shift in portfolio allocation for Horizon Kinetics Asset Management LLC. Currently, this institutional investor owns 18,390 shares of Blackstone Mortgage Trust’s stock valued at $389,000 as stated in their most recent filing.
Several brokerages have also released reports on Blackstone Mortgage Trust’s stocks in light of these developments. Keefe, Bruyette & Woods reduced their target price from $25.00 to $18.00 and set a “market perform” rating for the real estate investment trust while JPMorgan Chase & Co. lowered their price objective from $23.00 to $18.00 in their reports dated April 13th and April 24th, respectively.
StockNews.com initiated coverage on company stocks on March 16th and gave it a “hold” rating while BTIG Research reported that they had initiated coverage on April 25th with a “buy” rating and setting a price target of $19.00.
Citigroup joined others in reporting recommendations for Blackstone Mortgage Trust and lowered their target price from $24.00 to $17.00 while issuing a “neutral” rating on April 6th.
In total there are four equities research analysts who have pegged the stock with a hold rating with one analyst issuing a buy rating to Blackstone Mortgage Trust stocks as shown by Bloomberg data highlighting the unanimous consensus amongst industry insiders that earning potential may become more lucrative.
Unlike some REITs that possess leaner dividend yields due to regulatory constraints, Blackstone’s current dividend yield stands at roughly around 14%, making it comparatively attractive against peers. The quarterly dividend was recently paid out on April 14th, meaning shareholders of record who held stock on Friday, March 31st received a $0.62 dividend, leading to an annualized yield of $2.48 and a total yield of 14.41%.
Given the shifts in institutional investor allocation and analyst recommendations, it is an ideal time for investors to scrutinize Blackstone Mortgage Trust, Inc.’s stocks as May 13th, 2023 shows promise of an increase in capital potential which will most certainly pique the interest of any smart investors willing to act fast.
Institutional Investors and Hedge Funds Eye Blackstone Mortgage Trust, Inc.
Blackstone Mortgage Trust, Inc. has been attracting the attention of institutional investors and hedge funds lately. In the third quarter, HWG Holdings LP bought a new stake in the real estate investment trust worth approximately $26,000, while C M Bidwell & Associates Ltd. purchased a new position valued at $43,000. EverSource Wealth Advisors LLC increased its stake by 4,842.4% during the fourth quarter and now owns 1,631 shares worth $35,000 after buying an additional 1,598 shares in the last quarter. Similarly, Catalyst Capital Advisors LLC lifted its position by 19.4% to own 3,200 shares worth $68,000 after it bought an additional 520 shares in the same period.
LSV Asset Management too got on board with other funds buying a new stake during the fourth quarter worth about $148,000. Overall, institutional investors and hedge funds now own more than half of Blackstone Mortgage Trust’s stock.
On Friday May 13th this year Blackstone Mortgage Trust saw its NYSE: BXMT open at $17.21 per share with a fifty-day moving average of $18 and a two-hundred-day moving average of $21.47 per share.
It is interesting to note that recent acquisitions have been made by key company insiders themselves; on Wednesday May 10th Director Michael B Nash acquired 50k shares at an average price of $17.22 per share for a total transaction value of $861k and Director Henry N Nassau bought 10k shares on Wednesday March 15th at an average price of $17.81 per share for an overall transaction value of roughly $178k.
With all this attention being drawn to Blackstone Mortgage Trust over recent months one can only wait and see what moves are next on the horizon for this real estate giant!
