Blackstone Mortgage Trust, Inc. $BXMT Shares Bought by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. boosted its stake in Blackstone Mortgage Trust by 36.7% in Q3 to 578,444 shares (about 0.34% ownership), valued at roughly $10.65 million.
• Blackstone announced a quarterly dividend of $0.47 (annualized $1.88), implying a 10.0% yield but carrying a very high dividend payout ratio of 289.23%, which may raise sustainability concerns.
• Analysts hold a consensus rating of Moderate Buy with an average price target of $21.13, while the stock trades around $18.87 and the company has a market cap of $3.18 billion.

JPMorgan Chase & Co. lifted its holdings in shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Free Report) by 36.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 578,444 shares of the real estate investment trust's stock after buying an additional 155,421 shares during the period. JPMorgan Chase & Co. owned about 0.34% of Blackstone Mortgage Trust worth $10,649,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Salomon & Ludwin LLC purchased a new stake in shares of Blackstone Mortgage Trust in the third quarter valued at approximately $25,000. Jones Financial Companies Lllp raised its position in Blackstone Mortgage Trust by 45.5% in the first quarter. Jones Financial Companies Lllp now owns 1,715 shares of the real estate investment trust's stock worth $34,000 after acquiring an additional 536 shares in the last quarter. North Capital Inc. purchased a new position in Blackstone Mortgage Trust in the third quarter worth $37,000. Advisory Services Network LLC acquired a new stake in Blackstone Mortgage Trust in the third quarter valued at $46,000. Finally, GAMMA Investing LLC lifted its holdings in Blackstone Mortgage Trust by 36.0% in the third quarter. GAMMA Investing LLC now owns 2,926 shares of the real estate investment trust's stock valued at $54,000 after acquiring an additional 775 shares during the period. 64.15% of the stock is owned by institutional investors and hedge funds.

Blackstone Mortgage Trust Stock Performance

BXMT opened at $18.87 on Friday. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 29.03 and a beta of 1.06. Blackstone Mortgage Trust, Inc. has a one year low of $16.51 and a one year high of $20.67. The business's fifty day moving average is $19.28 and its two-hundred day moving average is $19.13.

Blackstone Mortgage Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 10.0%. The ex-dividend date of this dividend is Tuesday, March 31st. Blackstone Mortgage Trust's dividend payout ratio is presently 289.23%.

Insiders Place Their Bets

In other Blackstone Mortgage Trust news, President Fernando Austin Pena sold 3,131 shares of the firm's stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $19.24, for a total transaction of $60,240.44. Following the completion of the transaction, the president directly owned 78,633 shares in the company, valued at approximately $1,512,898.92. This trade represents a 3.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.02% of the company's stock.

Analyst Upgrades and Downgrades

BXMT has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Blackstone Mortgage Trust in a research note on Monday, December 29th. BTIG Research reiterated a "buy" rating and issued a $23.00 price objective on shares of Blackstone Mortgage Trust in a research note on Tuesday, February 10th. JPMorgan Chase & Co. boosted their price objective on shares of Blackstone Mortgage Trust from $19.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, December 4th. Zacks Research upgraded shares of Blackstone Mortgage Trust from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 24th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Blackstone Mortgage Trust from $21.00 to $21.50 and gave the company an "outperform" rating in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $21.13.

Blackstone Mortgage Trust 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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