Blackstone Mortgage Trust (NYSE:BXMT) Sets New 1-Year Low – Should You Sell?

Shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT) reached a new 52-week low on Thursday . The stock traded as low as $13.58 and last traded at $13.6510, with a volume of 319818 shares. The stock had previously closed at $13.87.

Analyst Ratings Changes

A number of research firms recently commented on BXMT. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $16.00 price objective (down from $20.00) on shares of Blackstone Mortgage Trust in a research note on Friday, July 31st. Wall Street Zen lowered Blackstone Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Weiss Ratings cut Blackstone Mortgage Trust from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, July 31st. UBS Group started 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, JPMorgan Chase & Co. cut their price objective on Blackstone Mortgage Trust from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $19.20.

Blackstone Mortgage Trust Stock Performance

The firm’s 50 day simple moving average is $15.14 and its 200-day simple moving average is $17.47. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 148.53, a P/E/G ratio of 0.32 and a beta of 0.90.

Blackstone Mortgage Trust (NYSE:BXMT) last issued 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 business had revenue of $158.06 million during 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%. As a group, equities analysts anticipate that Blackstone Mortgage Trust, Inc. will post 0.9 earnings per share for the current fiscal year.

Blackstone Mortgage Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.47 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 14.1%. Blackstone Mortgage Trust’s dividend payout ratio is currently 2,088.89%.

Insider Buying and Selling

In related news, President Fernando Pena sold 1,670 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $17.07, for a total transaction of $28,506.90. Following the transaction, the president directly owned 72,899 shares of the company’s stock, valued at approximately $1,244,385.93. The trade was a 2.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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. Also, Director Henry Nassau acquired 10,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was bought at an average price of $14.34 per share, for a total transaction of $143,400.00. Following the purchase, the director owned 218,523 shares in the company, valued at approximately $3,133,619.82. This trade represents a 4.80% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 5,420 shares of company stock valued at $95,233 over the last three months. 1.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Blackstone Mortgage Trust

Hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp grew its stake in Blackstone Mortgage Trust by 45.5% in 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 purchasing an additional 536 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Blackstone Mortgage Trust by 7.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 570,233 shares of the real estate investment trust’s stock worth $11,405,000 after purchasing an additional 37,838 shares during the last quarter. Intech Investment Management LLC raised its stake in shares of Blackstone Mortgage Trust by 5.0% during the 1st quarter. Intech Investment Management LLC now owns 73,679 shares of the real estate investment trust’s stock worth $1,474,000 after purchasing an additional 3,478 shares in the last quarter. Invesco Ltd. raised its stake in shares of Blackstone Mortgage Trust by 28.1% during the 2nd quarter. Invesco Ltd. now owns 630,752 shares of the real estate investment trust’s stock worth $12,142,000 after purchasing an additional 138,469 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Blackstone Mortgage Trust during the 2nd quarter valued at about $226,000. 64.15% of the stock is owned by institutional investors and hedge funds.

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.