Keefe, Bruyette & Woods Issues Pessimistic Forecast for Blackstone Mortgage Trust (NYSE:BXMT) Stock Price

Key Points

• Keefe, Bruyette & Woods cut Blackstone Mortgage Trust’s price target from $16 to $13 while maintaining a “market perform” rating, reflecting a more cautious outlook.
• BXMT shares traded at $11.04, near their 52-week low of $10.78 and below both their 50-day and 200-day moving averages. The stock’s consensus rating remains “Hold,” with an average target of $18.60.
• The company reported quarterly EPS of $0.31, missing analyst expectations of $0.41, although revenue of $158.06 million slightly exceeded estimates.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) had its price objective reduced by equities research analysts at Keefe, Bruyette & Woods from $16.00 to $13.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a "market perform" rating on the real estate investment trust's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 17.70% from the stock's previous close.

A number of other analysts have also recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Citigroup restated a "market perform" rating on shares of Blackstone Mortgage Trust in a research note on Tuesday, August 25th. JPMorgan Chase & Co. dropped their price target on Blackstone Mortgage Trust from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Wall Street Zen lowered Blackstone Mortgage Trust from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Finally, Weiss Ratings downgraded Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.60.

Blackstone Mortgage Trust Stock Performance

Shares of BXMT stock traded down $0.17 during trading hours on Friday, hitting $11.04. 1,054,958 shares of the company were exchanged, compared to its average volume of 1,825,867. The business's 50-day simple moving average is $13.42 and its two-hundred day simple moving average is $16.54. Blackstone Mortgage Trust has a one year low of $10.78 and a one year high of $20.67. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 122.83, a P/E/G ratio of 0.26 and a beta of 0.92.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.10). Blackstone Mortgage Trust had a net margin of 1.57% and a return on equity of 7.72%. The firm had revenue of $158.06 million during the quarter, compared to the consensus estimate of $157.32 million. As a group, analysts anticipate that Blackstone Mortgage Trust will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling at Blackstone Mortgage Trust

In related news, Director Henry Nassau acquired 10,000 shares of Blackstone Mortgage Trust stock in a transaction that occurred on Tuesday, August 4th. The stock was acquired at an average price of $14.34 per share, with a total value of $143,400.00. Following the completion of the acquisition, the director directly owned 218,523 shares of the company's stock, valued at $3,133,619.82. This trade represents a 4.80% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 3,716 shares of company stock worth $46,815 in the last quarter. 1.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Blackstone Mortgage Trust

Several large investors have recently bought and sold shares of BXMT. Ascentis Independent Advisors acquired a new stake in shares of Blackstone Mortgage Trust in the 1st quarter worth approximately $41,000. Integrated Wealth Concepts LLC bought a new stake in Blackstone Mortgage Trust during the second quarter worth approximately $39,000. Central Pacific Bank Trust Division lifted its position in Blackstone Mortgage Trust by 50.0% in the third quarter. Central Pacific Bank Trust Division now owns 3,000 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 1,000 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Blackstone Mortgage Trust in the fourth quarter worth approximately $82,000. Finally, Public Employees Retirement System of Ohio bought a new position in Blackstone Mortgage Trust during the 2nd quarter valued at $84,000. Institutional investors and hedge funds own 64.15% of the company's stock.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust, Inc NYSE: BXMT is a real estate finance company organized as a real estate investment trust. The company originates and holds senior loans secured by commercial properties, with a focus on institutional-quality assets and experienced real estate sponsors.

Its portfolio primarily consists of floating-rate mortgage loans used to finance acquisitions, refinancings, development and other capital needs for commercial real estate. The properties securing its loans may include office buildings, multifamily communities, hotels, industrial facilities, retail centers and other commercial assets.

Blackstone Mortgage Trust is externally managed by BXMT Advisors L.P., an affiliate of Blackstone.

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