Blackstone Mortgage Trust, Inc. $BXMT Stake Lifted by Dupree Financial Group LLC

Key Points

• Dupree Financial Group increased its BXMT stake by 85.1% in the third quarter, adding 274,361 shares to reach 596,835 shares valued at approximately $6.8 million. Institutional investors and hedge funds collectively own 64.15% of the stock.
• BXMT reported quarterly EPS of $0.31, missing analyst expectations of $0.41, while revenue of $158.06 million slightly exceeded estimates. The stock opened at $11.04, near its 52-week low of $10.78.
• The company declared a quarterly dividend of $0.47, or $1.88 annually, representing a 17.0% yield. Analysts have largely maintained a cautious outlook, with a consensus “Hold” rating and an average price target of $18.60.

Dupree Financial Group LLC increased its position in shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Free Report) by 85.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 596,835 shares of the real estate investment trust's stock after purchasing an additional 274,361 shares during the period. Blackstone Mortgage Trust accounts for about 1.8% of Dupree Financial Group LLC's investment portfolio, making the stock its 13th largest holding. Dupree Financial Group LLC owned 0.35% of Blackstone Mortgage Trust worth $6,834,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BXMT. Bank of America Corp DE boosted its holdings in Blackstone Mortgage Trust by 21.9% during the first quarter. Bank of America Corp DE now owns 1,297,062 shares of the real estate investment trust's stock worth $24,839,000 after buying an additional 233,357 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Blackstone Mortgage Trust during the 2nd quarter valued at $18,109,000. Principal Financial Group Inc. boosted its stake in shares of Blackstone Mortgage Trust by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 770,901 shares of the real estate investment trust's stock worth $14,763,000 after acquiring an additional 19,423 shares in the last quarter. Punch & Associates Investment Management Inc. grew its holdings in shares of Blackstone Mortgage Trust by 0.6% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 483,624 shares of the real estate investment trust's stock worth $9,261,000 after acquiring an additional 2,971 shares during the last quarter. Finally, Independent Financial Group LLC acquired a new position in shares of Blackstone Mortgage Trust in the 1st quarter worth $4,845,000. 64.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Henry Nassau bought 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were purchased at an average price of $14.34 per share, for a total transaction of $143,400.00. Following the acquisition, the director directly owned 218,523 shares of the company's stock, valued at $3,133,619.82. The trade was a 4.80% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 3,716 shares of company stock valued at $46,815. Company insiders own 1.18% of the company's stock.

Blackstone Mortgage Trust Stock Performance

BXMT opened at $11.04 on Friday. The company has a market cap of $1.86 billion, a PE ratio of 122.61, a price-to-earnings-growth ratio of 0.26 and a beta of 0.92. The stock has a 50-day moving average of $13.35 and a 200-day moving average of $16.51. Blackstone Mortgage Trust, Inc. has a 52-week low of $10.78 and a 52-week high of $20.67.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last announced its earnings results on Thursday, July 30th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.10). Blackstone Mortgage Trust had a return on equity of 7.72% and a net margin of 1.57%. The company had revenue of $158.06 million for the quarter, compared to the consensus estimate of $157.32 million. On average, research analysts predict that Blackstone Mortgage Trust, Inc. will post 0.90 earnings per share for the current year.

Blackstone Mortgage Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.47 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.88 dividend on an annualized basis and a yield of 17.0%. Blackstone Mortgage Trust's dividend payout ratio (DPR) is presently 2,088.89%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BXMT shares. Keefe, Bruyette & Woods reduced their target price on Blackstone Mortgage Trust from $16.00 to $13.00 and set a "market perform" rating for the company in a report on Friday. Wells Fargo & Company dropped their target price on Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Weiss Ratings cut shares of Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, July 31st. Raymond James Financial downgraded shares of Blackstone Mortgage Trust from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. cut 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 research report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $18.60.

Blackstone Mortgage Trust Company Profile

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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