Blackstone Mortgage Trust (NYSE:BXMT) Sets New 12-Month Low - Here's What Happened

Key Points

• BXMT shares fell to a new 52-week low of $10.29, trading well below their 50-day and 200-day moving averages of $13.00 and $16.20, respectively.
• Analysts have generally turned more cautious, with several price-target cuts and an overall “Hold” consensus; the average target remains $18.60.
• The company reported quarterly EPS of $0.31, missing estimates of $0.41, while maintaining a quarterly dividend of $0.47 per share—an annualized yield of about 18.3%.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $10.29 and last traded at $10.2330, with a volume of 212,793 shares. The stock had previously closed at $10.53.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on BXMT shares. JPMorgan Chase & Co. decreased their target price on shares of Blackstone Mortgage Trust from $19.00 to $18.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Raymond James Financial lowered shares of Blackstone Mortgage Trust from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 6th. Citigroup reiterated a "market perform" rating on shares of Blackstone Mortgage Trust in a research report on Tuesday, August 25th. Keefe, Bruyette & Woods reduced their price objective on shares of Blackstone Mortgage Trust from $16.00 to $13.00 and set a "market perform" rating for the company in a research note on Friday, October 9th. Finally, Zacks Research upgraded shares of Blackstone Mortgage Trust from a "strong sell" rating to a "hold" rating in a research report on Monday, October 5th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $18.60.

Blackstone Mortgage Trust Price Performance

The company has a market capitalization of $1.73 billion, a PE ratio of 114.06, a P/E/G ratio of 0.25 and a beta of 0.92. The business has a 50-day moving average of $13.00 and a 200 day moving average of $16.20.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.10). The company had revenue of $158.06 million for 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, research analysts anticipate that Blackstone Mortgage Trust, Inc. will post 0.90 EPS for the current year.

Blackstone Mortgage Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 18.3%. The ex-dividend date of this dividend was Wednesday, September 30th. Blackstone Mortgage Trust's dividend payout ratio (DPR) is presently 2,088.89%.

Insider Activity at Blackstone Mortgage Trust

In related news, Director Henry Nassau acquired 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The stock was purchased at an average cost of $14.34 per share, for a total transaction of $143,400.00. Following the purchase, 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 this link. Over the last three months, insiders sold 3,716 shares of company stock valued at $46,815. Insiders own 1.18% of the company's stock.

Institutional Investors Weigh In On Blackstone Mortgage Trust

Large investors have recently modified their holdings of the business. TT Capital Management LLC raised its holdings in shares of Blackstone Mortgage Trust by 280.1% during the third quarter. TT Capital Management LLC now owns 44,850 shares of the real estate investment trust's stock worth $514,000 after purchasing an additional 33,050 shares during the last quarter. Sanders Morris Harris LLC purchased a new stake in Blackstone Mortgage Trust in the third quarter valued at $187,000. Dupree Financial Group LLC boosted its holdings in Blackstone Mortgage Trust by 85.1% in the third quarter. Dupree Financial Group LLC now owns 596,835 shares of the real estate investment trust's stock valued at $6,834,000 after purchasing an additional 274,361 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Blackstone Mortgage Trust by 248.0% in the third quarter. GAMMA Investing LLC now owns 15,502 shares of the real estate investment trust's stock valued at $177,000 after purchasing an additional 11,047 shares during the last quarter. Finally, Central Pacific Bank Trust Division grew its position in Blackstone Mortgage Trust by 50.0% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,000 shares of the real estate investment trust's stock worth $34,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 64.15% of the company's stock.

About Blackstone Mortgage Trust

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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