Blackstone Mortgage Trust (NYSE:BXMT) Reaches New 52-Week Low - Should You Sell?

Key Points

• Blackstone Mortgage Trust fell to a new 52-week low of $10.88, well below its 50-day and 200-day moving averages of $13.82 and $16.76, respectively.
• Analysts have cut their price targets, though the consensus remains “Hold” with an average target of $19.20; ratings include four Buys, three Holds, and two Sells.
• The company missed quarterly EPS estimates by $0.10, while maintaining a $0.47 quarterly dividend that implies a high 17.2% yield—though its reported payout ratio is exceptionally high.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report) reached a new 52-week low during trading on Monday. The stock traded as low as $10.88 and last traded at $10.8870, with a volume of 3548894 shares changing hands. The stock had previously closed at $10.90.

Analysts Set New Price Targets

A number of research firms have recently commented on BXMT. JPMorgan Chase & Co. cut their price target on 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 cut Blackstone Mortgage Trust from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Wells Fargo & Company lowered their price target 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 downgraded shares of Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, July 31st. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $16.00 target price (down from $20.00) on shares of Blackstone Mortgage Trust in a research note on Friday, July 31st. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Blackstone Mortgage Trust currently has an average rating of "Hold" and an average price target of $19.20.

Blackstone Mortgage Trust Stock Performance

The stock has a 50 day simple moving average of $13.82 and a 200 day simple moving average of $16.76. The firm has a market capitalization of $1.84 billion, a PE ratio of 121.06, a PEG ratio of 0.25 and a beta of 0.92.

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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.10). The firm had revenue of $158.06 million during the quarter, compared to the consensus estimate of $157.32 million. Blackstone Mortgage Trust had a return on equity of 7.72% and a net margin of 1.57%. As a group, equities analysts anticipate that Blackstone Mortgage Trust, Inc. will post 0.9 earnings per share for the current year.

Blackstone Mortgage Trust Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 17.2%. Blackstone Mortgage Trust's payout ratio is presently 2,088.89%.

Insider Buying and Selling at Blackstone Mortgage Trust

In other news, Director Henry Nassau purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were bought at an average cost of $14.34 per share, for a total transaction of $143,400.00. Following the completion of the transaction, the director directly owned 218,523 shares of the company's stock, valued at $3,133,619.82. This trade represents a 4.80% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 3,716 shares of company stock worth $46,815. 1.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its holdings in Blackstone Mortgage Trust by 1,142.4% in the third quarter. Versant Capital Management Inc now owns 6,858 shares of the real estate investment trust's stock worth $79,000 after acquiring an additional 6,306 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Blackstone Mortgage Trust by 3.5% during the second quarter. Sequoia Financial Advisors LLC now owns 46,722 shares of the real estate investment trust's stock valued at $792,000 after acquiring an additional 1,579 shares in the last quarter. Tidal Investments LLC raised its position in shares of Blackstone Mortgage Trust by 5.6% in the 2nd quarter. Tidal Investments LLC now owns 29,607 shares of the real estate investment trust's stock worth $502,000 after purchasing an additional 1,583 shares during the last quarter. Engineers Gate Manager LP bought a new position in Blackstone Mortgage Trust in the 2nd quarter worth about $537,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Blackstone Mortgage Trust during the 2nd quarter valued at about $39,000. Institutional investors own 64.15% of the company's stock.

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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