Blackstone Mortgage Trust (NYSE:BXMT) Stock Falls 4.8% – Time to Sell?

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) shares dropped 4.8% on Wednesday. The stock traded as low as $11.73 and last traded at $11.7250. 753,952 shares traded hands during trading, a decline of 57% from the average daily volume of 1,742,037 shares. The stock had previously closed at $12.31.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Blackstone Mortgage Trust from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. JPMorgan Chase & Co. reduced 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. Citigroup reissued a “market perform” rating on shares of Blackstone Mortgage Trust in a research report on Tuesday, August 25th. Weiss Ratings cut Blackstone Mortgage Trust from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, July 31st. Finally, Wells Fargo & Company cut their price target on Blackstone Mortgage Trust from $22.00 to $18.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Blackstone Mortgage Trust currently has an average rating of “Hold” and an average target price of $19.20.

Blackstone Mortgage Trust Trading Down 1.3%

The company has a market capitalization of $1.90 billion, a P/E ratio of 125.56, a P/E/G ratio of 0.27 and a beta of 0.92. The company’s fifty day moving average is $13.94 and its 200 day moving average is $16.82.

Blackstone Mortgage Trust (NYSE:BXMT) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.10). The business had revenue of $158.06 million for the quarter, compared to the consensus estimate of $157.32 million. Blackstone Mortgage Trust had a net margin of 1.57% and a return on equity of 7.72%. Equities research analysts predict that Blackstone Mortgage Trust, Inc. will post 0.9 EPS for the current year.

Blackstone Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 16.6%. The ex-dividend date is Wednesday, September 30th. Blackstone Mortgage Trust’s payout ratio is presently 2,088.89%.

Insider Transactions at Blackstone Mortgage Trust

In related news, Director Henry Nassau bought 10,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was acquired at an average price of $14.34 per share, for a total transaction of $143,400.00. Following the purchase, the director directly owned 218,523 shares in the company, valued at $3,133,619.82. This trade represents a 4.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 3,716 shares of company stock worth $46,815. Corporate insiders own 1.18% of the company’s stock.

Institutional Investors Weigh In On Blackstone Mortgage Trust

A number of institutional investors and hedge funds have recently modified their holdings of BXMT. Bank of New York Mellon Corp purchased a new stake in shares of Blackstone Mortgage Trust in the second quarter worth $18,109,000. First Trust Advisors LP boosted its stake in Blackstone Mortgage Trust by 758.3% during the first quarter. First Trust Advisors LP now owns 185,148 shares of the real estate investment trust’s stock valued at $3,546,000 after buying an additional 163,577 shares during the period. Bank of America Corp DE grew its position in Blackstone Mortgage Trust by 21.9% during the first quarter. Bank of America Corp DE now owns 1,297,062 shares of the real estate investment trust’s stock worth $24,839,000 after buying an additional 233,357 shares in the last quarter. Edgestream Partners L.P. grew its position in Blackstone Mortgage Trust by 75.7% during the first quarter. Edgestream Partners L.P. now owns 238,916 shares of the real estate investment trust’s stock worth $4,575,000 after buying an additional 102,904 shares in the last quarter. Finally, Shikiar Asset Management Inc. increased its stake in Blackstone Mortgage Trust by 96.4% in the 1st quarter. Shikiar Asset Management Inc. now owns 174,700 shares of the real estate investment trust’s stock worth $3,346,000 after acquiring an additional 85,750 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 (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.