Blackstone Mortgage Trust (NYSE:BXMT) Sets New 12-Month Low on Analyst Downgrade

Key Points

• Blackstone Mortgage Trust shares hit a new 52-week low of $10.77 after Keefe, Bruyette & Woods cut its price target from $16 to $13 while maintaining a market perform rating.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $18.60; the stock has also fallen below its 50-day and 200-day moving averages.
• The company reported quarterly earnings of $0.31 per share, below the $0.41 consensus estimate, but announced a quarterly dividend of $0.47 per share, equivalent to a 17.4% annualized yield.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report) hit a new 52-week low during mid-day trading on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $16.00 to $13.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Blackstone Mortgage Trust traded as low as $10.77 and last traded at $10.7870, with a volume of 162,019 shares trading hands. The stock had previously closed at $11.03.

A number of other research analysts also recently issued reports on the stock. Zacks Research upgraded shares of Blackstone Mortgage Trust from a "strong sell" rating to a "hold" rating in a research note on Monday, October 5th. Weiss Ratings lowered shares of Blackstone Mortgage Trust from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, July 31st. Wells Fargo & Company lowered their target price on shares of Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Raymond James Financial lowered Blackstone Mortgage Trust from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 6th. Finally, Citigroup reaffirmed a "market perform" rating on shares of Blackstone Mortgage Trust in a report on Tuesday, August 25th. Four equities research 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $18.60.

Insider Buying and Selling

In other Blackstone Mortgage Trust news, Director Henry Nassau purchased 10,000 shares of Blackstone Mortgage Trust stock in a transaction that occurred on Tuesday, August 4th. The stock was purchased at an average price of $14.34 per share, for a total transaction of $143,400.00. Following the transaction, the director directly owned 218,523 shares in the company, 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 document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 3,716 shares of company stock valued at $46,815. 1.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BXMT. Bank of America Corp DE lifted its holdings in shares of 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 purchasing an additional 233,357 shares during the period. Bank of New York Mellon Corp purchased a new position in Blackstone Mortgage Trust during the 2nd quarter worth $18,109,000. Principal Financial Group Inc. raised its position in 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 buying an additional 19,423 shares during the last quarter. Dupree Financial Group LLC raised its position in Blackstone Mortgage Trust by 85.1% during the 3rd quarter. Dupree Financial Group LLC now owns 596,835 shares of the real estate investment trust's stock worth $6,834,000 after buying an additional 274,361 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. lifted its stake 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 period. 64.15% of the stock is owned by hedge funds and other institutional investors.

Blackstone Mortgage Trust Trading Down 2.2%

The company has a market cap of $1.82 billion, a price-to-earnings ratio of 119.83, a PEG ratio of 0.26 and a beta of 0.92. The company's 50 day moving average price is $13.35 and its 200 day moving average price is $16.49.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $158.06 million for the quarter, compared to analyst estimates of $157.32 million. Blackstone Mortgage Trust had a return on equity of 7.72% and a net margin of 1.57%. Sell-side analysts predict that Blackstone Mortgage Trust, Inc. will post 0.90 earnings per share for the current year.

Blackstone Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors 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 yield of 17.4%. Blackstone Mortgage Trust's dividend payout ratio is 2,088.89%.

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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