Blackstone Mortgage Trust (NYSE:BXMT) Sets New 1-Year Low - What's Next?

Key Points

• BXMT fell to a new 52-week low of $14.10, trading well below its 50-day and 200-day moving averages. The stock has a market capitalization of about $2.37 billion.
• Analyst sentiment is mixed but weakening: the consensus rating is “Hold” with an average price target of $19.20, while several firms recently downgraded the stock or lowered their targets to $18.
• Blackstone Mortgage Trust’s latest quarterly earnings missed expectations, with EPS of $0.31 versus the $0.41 consensus estimate. The company continues to offer a $0.47 quarterly dividend, equivalent to a 13.4% annualized yield, though its reported payout ratio is exceptionally high.

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 $14.10 and last traded at $14.15, with a volume of 401017 shares. The stock had previously closed at $14.42.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BXMT shares. Weiss Ratings downgraded shares of Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday. JPMorgan Chase & Co. reduced their target price on shares of Blackstone Mortgage Trust from $19.00 to $18.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Wall Street Zen lowered shares of Blackstone Mortgage Trust from a "hold" rating to a "sell" rating in a report on Saturday. Zacks Research downgraded Blackstone Mortgage Trust from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company reduced their price objective on Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating for the company in a research note on Monday. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Blackstone Mortgage Trust currently has an average rating of "Hold" and an average target price of $19.20.

Blackstone Mortgage Trust Price Performance

The stock has a 50 day moving average price of $17.30 and a 200-day moving average price of $18.52. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 156.39 and a beta of 0.91.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported $0.31 EPS 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 business had revenue of $158.06 million during the quarter, compared to analyst estimates of $157.32 million. As a group, research analysts forecast that Blackstone Mortgage Trust, Inc. will post 1.21 earnings per share for the current year.

Blackstone Mortgage Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 13.4%. The ex-dividend date was Tuesday, June 30th. Blackstone Mortgage Trust's dividend payout ratio is presently 2,088.89%.

Insider Transactions at Blackstone Mortgage Trust

In related news, President Fernando Austin Pena sold 1,670 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $17.07, for a total transaction of $28,506.90. Following the completion of the sale, the president directly owned 72,899 shares in the company, valued at approximately $1,244,385.93. This trade represents a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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. Insiders have sold 5,420 shares of company stock worth $95,233 in the last ninety days. 1.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blackstone Mortgage Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BXMT. Jones Financial Companies Lllp raised its stake in shares of Blackstone Mortgage Trust by 45.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,715 shares of the real estate investment trust's stock valued at $34,000 after acquiring an additional 536 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 acquiring an additional 37,838 shares in the last quarter. Intech Investment Management LLC grew its stake in Blackstone Mortgage Trust by 5.0% during the 1st quarter. Intech Investment Management LLC now owns 73,679 shares of the real estate investment trust's stock worth $1,474,000 after purchasing an additional 3,478 shares in the last quarter. Invesco Ltd. grew its position in shares of 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 buying an additional 138,469 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Blackstone Mortgage Trust in the 2nd quarter valued at approximately $226,000. Institutional investors and hedge funds own 64.15% of the company's stock.

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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