Blackstone Mortgage Trust (NYSE:BXMT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Blackstone Mortgage Trust (NYSE:BXMT) from a buy rating to a hold rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “Blackstone Mortgage Trust, Inc. is a real estate investment trust. It operates as a real estate finance and investment management company. The company’s investment programs focuses on loans and securities backed by commercial real estate assets. Blackstone Mortgage Trust, Inc. formerly known as Capital Trust, Inc.is headquartered in New York. “

A number of other brokerages also recently issued reports on BXMT. Deutsche Bank boosted their price objective on shares of Blackstone Mortgage Trust from $25.00 to $26.00 and gave the company a hold rating in a research report on Wednesday, June 17th. Bank of America raised shares of Blackstone Mortgage Trust from a neutral rating to a buy rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. reduced their price objective on shares of Blackstone Mortgage Trust from $40.50 to $25.50 and set an overweight rating on the stock in a research report on Tuesday, April 28th. ValuEngine downgraded shares of Blackstone Mortgage Trust from a hold rating to a sell rating in a research report on Thursday, April 2nd. Finally, Citigroup boosted their price objective on shares of Blackstone Mortgage Trust from $13.00 to $24.00 and gave the company a neutral rating in a research report on Friday, May 15th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Blackstone Mortgage Trust presently has a consensus rating of Hold and an average target price of $28.50.

NYSE:BXMT opened at $23.19 on Tuesday. The company has a fifty day moving average of $24.23 and a 200 day moving average of $29.46. Blackstone Mortgage Trust has a 52 week low of $12.67 and a 52 week high of $40.62. The firm has a market capitalization of $3.41 billion, a P/E ratio of 9.67 and a beta of 1.26.

Blackstone Mortgage Trust (NYSE:BXMT) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $0.64 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.64. Blackstone Mortgage Trust had a net margin of 23.36% and a return on equity of 8.48%. The company had revenue of $100.64 million during the quarter, compared to analyst estimates of $105.82 million. During the same period in the prior year, the business posted $0.71 EPS. Research analysts predict that Blackstone Mortgage Trust will post 2.05 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 10.69%. The ex-dividend date is Monday, June 29th. Blackstone Mortgage Trust’s dividend payout ratio is presently 100.81%.

In related news, EVP Douglas N. Armer sold 1,228 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $25.88, for a total transaction of $31,780.64. Following the sale, the executive vice president now directly owns 83,700 shares of the company’s stock, valued at approximately $2,166,156. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Katharine A. Keenan sold 2,782 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $24.36, for a total transaction of $67,769.52. Following the sale, the president now directly owns 72,558 shares in the company, valued at $1,767,512.88. The disclosure for this sale can be found here. Insiders sold a total of 6,066 shares of company stock worth $155,749 over the last ninety days. Insiders own 1.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. FSA Wealth Management LLC purchased a new stake in Blackstone Mortgage Trust during the 4th quarter valued at about $27,000. Sunbelt Securities Inc. purchased a new stake in Blackstone Mortgage Trust during the 4th quarter valued at about $13,728,000. Chevy Chase Trust Holdings Inc. purchased a new stake in Blackstone Mortgage Trust during the 4th quarter valued at about $57,000. Marshall Wace North America L.P. purchased a new stake in Blackstone Mortgage Trust during the 1st quarter valued at about $55,000. Finally, WASHINGTON TRUST Co purchased a new stake in Blackstone Mortgage Trust during the 1st quarter valued at about $30,000. 57.51% of the stock is currently owned by institutional investors.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust, Inc, a real estate finance company, originates senior loans collateralized by properties in North America, Europe, and Australia. The company operates as a real estate investment trust for federal income tax purposes. It generally would not be subject to U.S. federal income taxes if it distributes at least 90% of its taxable income to its stockholders.

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