Blackstone Mortgage Trust (NYSE:BXMT) Reaches New 1-Year Low - Here's Why

Key Points

• Blackstone Mortgage Trust fell to a new 52-week low of $12.92, trading down 2.3%, with its price below both the 50-day and 200-day moving averages.
• Analysts have recently reduced price targets and ratings; the stock carries a consensus “Hold” rating and an average target of $19.20. The company also missed quarterly earnings expectations, reporting $0.31 per share versus the $0.41 consensus estimate.
• BXMT declared a quarterly dividend of $0.47 per share, equivalent to a 14.6% annualized yield, although its reported dividend payout ratio is exceptionally high at 2,088.89%.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $12.92 and last traded at $12.9170, with a volume of 249912 shares trading hands. The stock had previously closed at $13.14.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BXMT shares. Wells Fargo & Company cut their target price on Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $16.00 price target (down from $20.00) on shares of Blackstone Mortgage Trust in a research report on Friday, July 31st. Weiss Ratings lowered Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, July 31st. Citigroup restated a "market perform" rating on shares of Blackstone Mortgage Trust in a report on Tuesday, August 25th. Finally, Raymond James Financial cut Blackstone Mortgage Trust from an "outperform" rating to a "market perform" rating in a report on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Blackstone Mortgage Trust currently has an average rating of "Hold" and an average price target of $19.20.

Blackstone Mortgage Trust Trading Down 2.3%

The company has a 50-day moving average of $14.61 and a 200-day moving average of $17.15. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 142.57, a price-to-earnings-growth ratio of 0.31 and a beta of 0.90.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.10). The business had revenue of $158.06 million for the quarter, compared to the consensus estimate of $157.32 million. Blackstone Mortgage Trust had a net margin of 1.57% and a return on equity of 7.72%. On average, research analysts forecast that Blackstone Mortgage Trust, Inc. will post 0.9 earnings per share for the current year.

Blackstone Mortgage Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.47 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.88 annualized dividend and a dividend yield of 14.6%. Blackstone Mortgage Trust's dividend payout ratio is currently 2,088.89%.

Insider Activity at Blackstone Mortgage Trust

In other news, Director Henry Nassau purchased 10,000 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were bought at an average price of $14.34 per share, for a total transaction of $143,400.00. Following the completion of the purchase, the director owned 218,523 shares of the company's stock, valued at $3,133,619.82. This trade represents a 4.80% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Fernando Pena sold 1,670 shares of the business's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $17.07, for a total value of $28,506.90. Following the transaction, the president owned 72,899 shares of the company's stock, valued at approximately $1,244,385.93. This represents a 2.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 sold 6,059 shares of company stock worth $97,143 in the last 90 days. 1.18% of the stock is owned by company insiders.

Hedge Funds Weigh In On Blackstone Mortgage Trust

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northside Capital Management LLC acquired a new stake in Blackstone Mortgage Trust during the 2nd quarter worth about $28,000. Integrated Wealth Concepts LLC acquired a new position in shares of Blackstone Mortgage Trust in the 2nd quarter valued at about $39,000. Ascentis Independent Advisors acquired a new position in shares of Blackstone Mortgage Trust in the 1st quarter valued at about $41,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Blackstone Mortgage Trust in the fourth quarter worth approximately $82,000. Finally, Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Blackstone Mortgage Trust by 67.7% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 4,331 shares of the real estate investment trust's stock worth $83,000 after purchasing an additional 1,749 shares during the period. Institutional investors own 64.15% of the company's stock.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust, Inc is a real estate investment trust (REIT) that originates and holds senior mortgage loans secured by commercial real estate. Its lending activities primarily focus on transitional and institutional-quality properties, including office, multifamily, hotel, industrial, retail and other commercial assets.

The company's portfolio is concentrated in major real estate markets in the United States, Europe and Australia. Its loans are generally floating-rate and are designed to provide financing for acquisitions, refinancings, renovations, development and other commercial real estate activities.

Blackstone Mortgage Trust is externally managed by BXMT Advisors LLC, an affiliate of Blackstone.

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