Key Points
- Insider sale: President Fernando Austin Pena sold 1,725 BXMT shares for about $20,096 under a pre-arranged Rule 10b5-1 plan to cover tax withholding, reducing his direct ownership by 2.4% to 70,047 shares.
- Weak stock and earnings performance: BXMT opened at $11.30, near its 12-month low of $11.11, while its latest quarterly EPS of $0.31 missed the $0.41 consensus estimate. Analysts’ average rating is “Hold,” with a $19.20 average price target.
- High dividend yield: The company declared a quarterly dividend of $0.47, equivalent to $1.88 annually and a 16.6% yield, though its reported dividend payout ratio is an exceptionally high 2,088.89%.
Blackstone Mortgage Trust, Inc. (NYSE:BXMT - Get Free Report) President Fernando Pena sold 1,725 shares of the stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $11.65, for a total value of $20,096.25. Following the transaction, the president directly owned 70,047 shares of the company's stock, valued at $816,047.55. This trade represents a 2.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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.
Fernando Austin Pena also recently made the following trade(s):
- On Thursday, September 17th, Fernando Pena sold 1,127 shares of Blackstone Mortgage Trust stock. The stock was sold at an average price of $13.42, for a total value of $15,124.34.
Blackstone Mortgage Trust Stock Down 1.3%
NYSE:BXMT opened at $11.30 on Friday. Blackstone Mortgage Trust, Inc. has a twelve month low of $11.11 and a twelve month high of $20.67. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 125.56, a price-to-earnings-growth ratio of 0.27 and a beta of 0.92. The stock's 50 day moving average price is $13.94 and its two-hundred day moving average price is $16.82.
Blackstone Mortgage Trust (NYSE:BXMT - Get Free Report) last released its quarterly earnings data 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). Blackstone Mortgage Trust had a net margin of 1.57% and a return on equity of 7.72%. The company had revenue of $158.06 million during the quarter, compared to analyst estimates of $157.32 million. As a group, analysts anticipate that Blackstone Mortgage Trust, Inc. will post 0.9 earnings per share for the current year.
Blackstone Mortgage Trust Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.47 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.88 dividend on an annualized basis and a yield of 16.6%. Blackstone Mortgage Trust's dividend payout ratio (DPR) is currently 2,088.89%.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the stock. Citigroup restated a "market perform" rating on shares of Blackstone Mortgage Trust in a research note on Tuesday, August 25th. Wall Street Zen downgraded shares of Blackstone Mortgage Trust from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Zacks Research cut Blackstone Mortgage Trust from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 11th. Wells Fargo & Company lowered their price target on Blackstone Mortgage Trust from $22.00 to $18.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. Finally, Raymond James Financial lowered Blackstone Mortgage Trust from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 6th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Blackstone Mortgage Trust currently has an average rating of "Hold" and an average price target of $19.20.
Read Our Latest Research Report on BXMT
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in Blackstone Mortgage Trust in the 4th quarter valued at about $38,239,000. Bank of America Corp DE grew its position in shares of Blackstone Mortgage Trust by 21.9% in the first quarter. Bank of America Corp DE now owns 1,297,062 shares of the real estate investment trust's stock valued at $24,839,000 after purchasing an additional 233,357 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Blackstone Mortgage Trust during the second quarter worth approximately $18,109,000. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 19,423 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. lifted its holdings in Blackstone Mortgage Trust by 0.6% during 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 purchasing an additional 2,971 shares during the last quarter. Institutional investors and hedge funds own 64.15% of the company's stock.
Blackstone Mortgage Trust Company Profile
(
Get Free Report)
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.
Further Reading
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