BTIG Research Cuts Blackstone Mortgage Trust (NYSE:BXMT) Price Target to $22.00

Blackstone Mortgage Trust (NYSE:BXMT) had its price target cut by BTIG Research from $24.00 to $22.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other equities research analysts have also commented on BXMT. Keefe, Bruyette & Woods cut their price target on shares of Blackstone Mortgage Trust from $21.00 to $20.50 and set a market perform rating for the company in a report on Wednesday, April 10th. JPMorgan Chase & Co. dropped their target price on shares of Blackstone Mortgage Trust from $19.00 to $18.50 and set a neutral rating for the company in a report on Wednesday, April 10th. Bank of America lowered shares of Blackstone Mortgage Trust from a buy rating to a neutral rating and dropped their target price for the stock from $22.00 to $21.00 in a report on Monday, March 4th. Finally, UBS Group dropped their target price on shares of Blackstone Mortgage Trust from $21.50 to $21.00 and set a neutral rating for the company in a report on Wednesday, March 20th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $20.83.

Blackstone Mortgage Trust Stock Performance

Shares of NYSE BXMT opened at $18.23 on Wednesday. The firm has a market cap of $3.17 billion, a PE ratio of 12.93 and a beta of 1.42. The firm has a fifty day moving average of $19.58 and a 200 day moving average of $20.70. Blackstone Mortgage Trust has a one year low of $16.83 and a one year high of $23.82.

Blackstone Mortgage Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.62 per share. The ex-dividend date was Wednesday, March 27th. This represents a $2.48 annualized dividend and a dividend yield of 13.60%. Blackstone Mortgage Trust’s payout ratio is 175.89%.

Insider Activity

In other news, CEO Katharine A. Keenan sold 2,274 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $20.42, for a total transaction of $46,435.08. Following the transaction, the chief executive officer now owns 194,298 shares of the company’s stock, valued at approximately $3,967,565.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Blackstone Mortgage Trust news, CEO Katharine A. Keenan sold 2,275 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $20.25, for a total value of $46,068.75. Following the transaction, the chief executive officer now owns 192,023 shares of the company’s stock, valued at $3,888,465.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Katharine A. Keenan sold 2,274 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $20.42, for a total transaction of $46,435.08. Following the completion of the transaction, the chief executive officer now directly owns 194,298 shares in the company, valued at approximately $3,967,565.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,540 shares of company stock valued at $112,642. 1.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in Blackstone Mortgage Trust by 35.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,096,198 shares of the real estate investment trust’s stock valued at $23,316,000 after buying an additional 289,643 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Blackstone Mortgage Trust during the third quarter worth about $1,136,000. Ibex Wealth Advisors acquired a new stake in shares of Blackstone Mortgage Trust during the third quarter worth about $4,716,000. Vanguard Group Inc. lifted its position in shares of Blackstone Mortgage Trust by 15.3% during the third quarter. Vanguard Group Inc. now owns 18,643,329 shares of the real estate investment trust’s stock worth $405,492,000 after purchasing an additional 2,470,412 shares in the last quarter. Finally, Jump Financial LLC lifted its position in shares of Blackstone Mortgage Trust by 124.8% during the third quarter. Jump Financial LLC now owns 78,673 shares of the real estate investment trust’s stock worth $1,711,000 after purchasing an additional 43,673 shares in the last quarter. Institutional investors and hedge funds own 64.15% of the company’s stock.

Blackstone Mortgage Trust Company Profile

Blackstone Mortgage Trust, Inc, a real estate finance company, originates senior loans collateralized by commercial properties in North America, Europe, and Australia. The company originates and acquires senior floating rate mortgage loans that are secured by a first-priority mortgage on commercial real estate assets.