Blackstone Mortgage Trust (NYSE:BXMT) Hits New 12-Month Low - Should You Sell?

Key Points

• Blackstone Mortgage Trust (BXMT) hit a new 52-week low, trading as low as $16.87, reflecting continued weakness in the stock.
• Several analysts have turned more cautious on the mortgage REIT, including a recent downgrade to sell by Weiss Ratings and multiple cuts to price targets, though the consensus still sits at Moderate Buy with a $21 target.
• The company recently declared a quarterly dividend of $0.47 per share, implying an annualized yield of 11.1%, but the payout ratio is very high at 308.2%.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $16.87 and last traded at $16.9250, with a volume of 484053 shares changing hands. The stock had previously closed at $17.03.

Analyst Upgrades and Downgrades

BXMT has been the subject of a number of recent research reports. Weiss Ratings downgraded Blackstone Mortgage Trust from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods dropped their price target on shares of Blackstone Mortgage Trust from $20.50 to $20.00 and set an "outperform" rating for the company in a research report on Friday, June 26th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone Mortgage Trust from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, April 30th. UBS Group started coverage on Blackstone Mortgage Trust in a report on Tuesday, June 2nd. They set a "buy" rating and a $21.00 price target on the stock. Finally, Zacks Research downgraded shares of Blackstone Mortgage Trust from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 22nd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Blackstone Mortgage Trust has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Blackstone Mortgage Trust Stock Down 0.4%

The business's fifty day moving average is $18.13 and its two-hundred day moving average is $18.94. The stock has a market capitalization of $2.86 billion, a PE ratio of 27.80 and a beta of 0.90.

Blackstone Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 11.1%. The ex-dividend date is Tuesday, June 30th. Blackstone Mortgage Trust's dividend payout ratio is currently 308.20%.

Insider Activity at Blackstone Mortgage Trust

In related news, President Fernando Austin Pena sold 2,398 shares of Blackstone Mortgage Trust stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $17.48, for a total value of $41,917.04. Following the completion of the transaction, the president owned 74,569 shares in the company, valued at approximately $1,303,466.12. This trade represents a 3.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 5,420 shares of company stock valued at $95,233. 1.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blackstone Mortgage Trust

Several institutional investors have recently modified their holdings of BXMT. Bamco Inc. NY lifted its position in Blackstone Mortgage Trust by 6.4% in the third quarter. Bamco Inc. NY now owns 1,696,314 shares of the real estate investment trust's stock worth $31,229,000 after buying an additional 101,701 shares during the last quarter. JPMorgan Chase & Co. increased its position in Blackstone Mortgage Trust by 36.7% during the third quarter. JPMorgan Chase & Co. now owns 578,444 shares of the real estate investment trust's stock valued at $10,649,000 after acquiring an additional 155,421 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Blackstone Mortgage Trust by 2,836.1% in the fourth quarter. SG Americas Securities LLC now owns 214,626 shares of the real estate investment trust's stock valued at $4,106,000 after acquiring an additional 207,316 shares during the period. Van ECK Associates Corp raised its stake in shares of Blackstone Mortgage Trust by 9.0% in the third quarter. Van ECK Associates Corp now owns 865,464 shares of the real estate investment trust's stock valued at $15,933,000 after acquiring an additional 71,584 shares during the period. Finally, Apollon Wealth Management LLC lifted its holdings in shares of Blackstone Mortgage Trust by 103.3% in the 4th quarter. Apollon Wealth Management LLC now owns 86,573 shares of the real estate investment trust's stock worth $1,656,000 after acquiring an additional 43,996 shares during the last quarter. 64.15% of the stock is owned by institutional investors.

Blackstone Mortgage Trust Company Profile

Blackstone Mortgage Trust, Inc NYSE: BXMT is a publicly traded real estate finance company that originates, acquires and manages commercial mortgage loans and other CRE debt investments. As an externally managed real estate investment trust (REIT), it seeks to generate attractive risk-adjusted returns through the deployment of senior floating-rate and fixed-rate loans backed by income-producing properties.

The firm's core business activities span the origination of senior mortgage loans, the acquisition of loan portfolios and other real estate debt instruments, and the active management of those investments.

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