Blackstone Mortgage Trust (NYSE:BXMT) Sets New 52-Week Low - Here's What Happened

Key Points

• Blackstone Mortgage Trust shares hit a new 52-week low, trading as low as $13.10, amid a decline in analyst sentiment and reduced price targets. The stock carries an average “Hold” rating and an average target price of $19.20.
• The company’s latest quarterly results disappointed on earnings, reporting $0.31 EPS versus $0.41 expected, although revenue of $158.06 million slightly exceeded estimates.
• Blackstone Mortgage Trust declared a quarterly dividend of $0.47, equivalent to a 14.2% annualized yield; however, its payout ratio was exceptionally high at 2,088.89%.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report)'s share price hit a new 52-week low on Wednesday . The stock traded as low as $13.10 and last traded at $13.2740, with a volume of 2232439 shares trading hands. The stock had previously closed at $13.17.

Analysts Set New Price Targets

Several analysts recently issued reports on BXMT shares. Wall Street Zen downgraded shares of Blackstone Mortgage Trust from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. 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. Citigroup restated a "market perform" rating on shares of Blackstone Mortgage Trust in a report on Tuesday, August 25th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $16.00 price target (down from $20.00) on shares of Blackstone Mortgage Trust in a research report on Friday, July 31st. Finally, Zacks Research lowered Blackstone Mortgage Trust from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $19.20.

Blackstone Mortgage Trust Trading Up 0.8%

The stock has a market capitalization of $2.24 billion, a P/E ratio of 147.49, a PEG ratio of 0.31 and a beta of 0.90. The company has a fifty day simple moving average of $14.97 and a two-hundred day simple moving average of $17.37.

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 (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $158.06 million for the quarter, compared to the consensus estimate of $157.32 million. As a group, analysts forecast that Blackstone Mortgage Trust, Inc. will post 0.9 earnings per share for the current fiscal year.

Blackstone Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 14.2%. The ex-dividend date is Wednesday, September 30th. Blackstone Mortgage Trust's payout ratio is 2,088.89%.

Insider Transactions at Blackstone Mortgage Trust

In related news, Director Henry N. Nassau acquired 10,000 shares of Blackstone Mortgage Trust stock in a transaction dated Tuesday, August 4th. The shares were purchased at an average cost of $14.34 per share, with a total value 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 represents a 4.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Fernando Pena sold 2,398 shares of Blackstone Mortgage Trust stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $17.48, for a total value of $41,917.04. Following the completion of the transaction, the president owned 74,569 shares in the company, valued at approximately $1,303,466.12. This represents a 3.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. 1.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BXMT. Cibc World Market Inc. raised its holdings in shares of Blackstone Mortgage Trust by 1.2% during the 4th quarter. Cibc World Market Inc. now owns 95,262 shares of the real estate investment trust's stock worth $1,822,000 after buying an additional 1,114 shares in the last quarter. Whipplewood Advisors LLC boosted its stake in Blackstone Mortgage Trust by 6.0% in the first quarter. Whipplewood Advisors LLC now owns 20,551 shares of the real estate investment trust's stock valued at $394,000 after buying an additional 1,158 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Blackstone Mortgage Trust by 3.5% in 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 buying an additional 1,579 shares in the last quarter. Tidal Investments LLC grew its position in Blackstone Mortgage Trust by 5.6% in the second quarter. Tidal Investments LLC now owns 29,607 shares of the real estate investment trust's stock valued at $502,000 after acquiring an additional 1,583 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its position in Blackstone Mortgage Trust by 67.7% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 4,331 shares of the real estate investment trust's stock valued at $83,000 after acquiring an additional 1,749 shares during the last quarter. Institutional investors own 64.15% of the company's stock.

Blackstone Mortgage Trust Company Profile

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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