Blackstone Mortgage Trust (NYSE:BXMT) Sets New 1-Year Low on Analyst Downgrade

Blackstone Mortgage Trust, Inc. (NYSE:BXMT)’s share price reached a new 52-week low during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $20.00 to $19.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Blackstone Mortgage Trust traded as low as $16.70 and last traded at $16.7450, with a volume of 688168 shares changing hands. The stock had previously closed at $17.08.

A number of other equities analysts have also commented on BXMT. Keefe, Bruyette & Woods reduced their target price on shares of Blackstone Mortgage Trust from $20.50 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, June 26th. Zacks Research lowered Blackstone Mortgage Trust from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. UBS Group began coverage on Blackstone Mortgage Trust in a research note on Tuesday, June 2nd. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Weiss Ratings downgraded Blackstone Mortgage Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, June 29th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.75.

Insiders Place Their Bets

In other Blackstone Mortgage Trust news, President Fernando Austin Pena sold 1,670 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $17.07, for a total transaction of $28,506.90. Following the sale, the president owned 72,899 shares of the company’s stock, valued at approximately $1,244,385.93. This trade represents a 2.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Insiders sold a total of 5,420 shares of company stock worth $95,233 in the last ninety days. 1.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Blackstone Mortgage Trust

A number of hedge funds have recently made changes to their positions in the stock. Northside Capital Management LLC purchased a new position in Blackstone Mortgage Trust in the second quarter valued at about $28,000. Jones Financial Companies Lllp lifted its position in shares of Blackstone Mortgage Trust by 45.5% during the first quarter. Jones Financial Companies Lllp now owns 1,715 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 536 shares during the last quarter. ORG Partners LLC bought a new stake in shares of Blackstone Mortgage Trust in the 4th quarter valued at about $41,000. Ascentis Independent Advisors bought a new stake in shares of Blackstone Mortgage Trust in the 1st quarter valued at about $41,000. Finally, UMB Bank n.a. grew its position in shares of Blackstone Mortgage Trust by 151.1% in the 4th quarter. UMB Bank n.a. now owns 2,172 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 1,307 shares during the last quarter. 64.15% of the stock is currently owned by hedge funds and other institutional investors.

Blackstone Mortgage Trust Trading Down 2.3%

The stock has a market cap of $2.81 billion, a PE ratio of 27.35 and a beta of 0.90. The business’s 50-day moving average price is $17.79 and its 200-day moving average price is $18.78.

Blackstone Mortgage Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 11.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Blackstone Mortgage Trust’s payout ratio is currently 308.20%.

Blackstone Mortgage Trust Company Profile

Blackstone Mortgage Trust, Inc (NYSE: BXMT) is a publicly traded real estate finance company that originates, acquires and manages commercial mortgage loans and other CRE debt investments. As an externally managed real estate investment trust (REIT), it seeks to generate attractive risk-adjusted returns through the deployment of senior floating-rate and fixed-rate loans backed by income-producing properties.

The firm’s core business activities span the origination of senior mortgage loans, the acquisition of loan portfolios and other real estate debt instruments, and the active management of those investments.