Blackstone Mortgage Trust (NYSE:BXMT) Hits New 52-Week Low - What's Next?

Key Points

• Blackstone Mortgage Trust shares fell to a new 52-week low of $16.39, closing around $16.43 and down 1.3% during the session.
• Analyst views remain mixed: four analysts rate BXMT as a Buy, one as a Hold and one as a Sell, producing a consensus “Moderate Buy” rating and a $20.75 price target.
• The company maintains a high-yield quarterly dividend of $0.47 per share, or $1.88 annualized and an 11.4% yield, though its payout ratio is elevated at 308.2%.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $16.39 and last traded at $16.4250, with a volume of 538561 shares trading hands. The stock had previously closed at $16.64.

Analyst Ratings Changes

Several equities research analysts have weighed in on BXMT shares. Zacks Research downgraded Blackstone Mortgage Trust from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. cut their price objective on shares of Blackstone Mortgage Trust from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. Keefe, Bruyette & Woods lowered their target price on shares of Blackstone Mortgage Trust from $20.50 to $20.00 and set an "outperform" rating for the company in a research note on Friday, June 26th. Weiss Ratings downgraded shares of Blackstone Mortgage Trust from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, June 29th. Finally, UBS Group began coverage on shares of Blackstone Mortgage Trust in a report on Tuesday, June 2nd. They issued a "buy" rating and a $21.00 price target for the company. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.75.

Blackstone Mortgage Trust Stock Down 1.3%

The stock has a market capitalization of $2.77 billion, a PE ratio of 26.92 and a beta of 0.90. The firm has a 50 day moving average price of $17.60 and a 200-day moving average price of $18.68.

Blackstone Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 11.4%. The ex-dividend date was Tuesday, June 30th. Blackstone Mortgage Trust's dividend payout ratio is 308.20%.

Insider Transactions at Blackstone Mortgage Trust

In other Blackstone Mortgage Trust news, President Fernando Austin Pena sold 2,398 shares of Blackstone Mortgage Trust stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $17.48, for a total transaction of $41,917.04. Following the completion of the sale, the president directly owned 74,569 shares in the company, valued at approximately $1,303,466.12. The trade was a 3.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 worth $95,233. Company insiders own 1.18% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BXMT. Jones Financial Companies Lllp grew its position in Blackstone Mortgage Trust by 45.5% during the 1st quarter. Jones Financial Companies Lllp now owns 1,715 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 536 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Blackstone Mortgage Trust by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 570,233 shares of the real estate investment trust's stock worth $11,405,000 after buying an additional 37,838 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Blackstone Mortgage Trust by 5.0% in the first quarter. Intech Investment Management LLC now owns 73,679 shares of the real estate investment trust's stock worth $1,474,000 after buying an additional 3,478 shares during the last quarter. Invesco Ltd. grew its holdings in Blackstone Mortgage Trust by 28.1% during the second quarter. Invesco Ltd. now owns 630,752 shares of the real estate investment trust's stock worth $12,142,000 after acquiring an additional 138,469 shares during the period. Finally, Jump Financial LLC acquired a new stake in Blackstone Mortgage Trust during the second quarter worth about $226,000. 64.15% of the stock is currently owned by institutional investors and hedge funds.

About Blackstone Mortgage Trust

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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