Blackstone Mortgage Trust (NYSE:BXMT) Stock Falls 4.8% - Here's Why

Key Points

• BXMT shares fell 4.8% to $11.73, extending weakness as the stock trades below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: recent price targets were lowered, and the stock has an average “Hold” rating with a consensus target of $19.20.
• The REIT reported quarterly EPS of $0.31, missing estimates by $0.10, while maintaining a quarterly dividend of $0.47—an annualized yield of about 16.1%.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report) shares were down 4.8% on Wednesday. The company traded as low as $11.73 and last traded at $11.7250. Approximately 753,952 shares were traded during mid-day trading, a decline of 57% from the average session volume of 1,742,037 shares. The stock had previously closed at $12.31.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BXMT. UBS Group assumed coverage on Blackstone Mortgage Trust in a research report on Tuesday, June 2nd. They set a "buy" rating and a $21.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective 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. Wells Fargo & Company dropped their price target on Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $16.00 target price (down from $20.00) on shares of Blackstone Mortgage Trust in a research report on Friday, July 31st. Finally, Raymond James Financial lowered shares of Blackstone Mortgage Trust from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 6th. 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, the stock presently has an average rating of "Hold" and an average price target of $19.20.

Blackstone Mortgage Trust Stock Performance

The firm has a market capitalization of $1.97 billion, a P/E ratio of 129.94, a PEG ratio of 0.29 and a beta of 0.90. The firm has a 50 day simple moving average of $14.15 and a two-hundred day simple moving average of $16.92.

Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last announced its earnings results on Thursday, July 30th. The real estate investment trust reported $0.31 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 analysts' expectations of $157.32 million. Blackstone Mortgage Trust had a net margin of 1.57% and a return on equity of 7.72%. Sell-side 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 declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 16.1%. The ex-dividend date of this dividend is Wednesday, September 30th. Blackstone Mortgage Trust's payout ratio is 2,088.89%.

Insiders Place Their Bets

In related news, Director Henry Nassau bought 10,000 shares of Blackstone Mortgage Trust stock in a transaction dated Tuesday, August 4th. The stock was purchased at an average cost of $14.34 per share, with a total value of $143,400.00. Following the transaction, the director directly owned 218,523 shares of the company's stock, valued at approximately $3,133,619.82. The trade was a 4.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.18% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blackstone Mortgage Trust

Several institutional investors have recently added to or reduced their stakes in the business. Cibc World Market Inc. lifted its stake 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 valued at $1,822,000 after buying an additional 1,114 shares in the last quarter. Whipplewood Advisors LLC grew its holdings in shares of Blackstone Mortgage Trust by 6.0% during the first quarter. Whipplewood Advisors LLC now owns 20,551 shares of the real estate investment trust's stock worth $394,000 after purchasing an additional 1,158 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Blackstone Mortgage Trust by 3.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 46,722 shares of the real estate investment trust's stock worth $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 worth $502,000 after acquiring an additional 1,583 shares in the last quarter. Finally, Arkadios Wealth Advisors increased its position in shares of Blackstone Mortgage Trust by 14.1% during the 1st quarter. Arkadios Wealth Advisors now owns 14,874 shares of the real estate investment trust's stock valued at $285,000 after purchasing an additional 1,833 shares during the last quarter. 64.15% of the stock is owned by hedge funds and other institutional investors.

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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