Blackstone Mortgage Trust (NYSE:BXMT) PT Raised to $22.00 at Wells Fargo & Company

Blackstone Mortgage Trust (NYSE:BXMT) had its price objective increased by Wells Fargo & Company from $19.00 to $22.00 in a research report sent to investors on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Several other analysts have also weighed in on BXMT. BTIG Research reiterated a buy rating and issued a $23.00 price objective on shares of Blackstone Mortgage Trust in a research note on Friday, July 19th. JMP Securities reaffirmed a market perform rating on shares of Blackstone Mortgage Trust in a research note on Tuesday, July 23rd. Wolfe Research assumed coverage on shares of Blackstone Mortgage Trust in a research report on Tuesday, June 25th. They set a peer perform rating on the stock. Finally, Keefe, Bruyette & Woods restated a market perform rating and issued a $18.00 target price on shares of Blackstone Mortgage Trust in a research note on Tuesday, June 18th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Blackstone Mortgage Trust has an average rating of Hold and a consensus target price of $20.08.

Blackstone Mortgage Trust Trading Up 0.6 %

Shares of Blackstone Mortgage Trust stock opened at $19.96 on Friday. The business has a 50-day moving average price of $18.32 and a two-hundred day moving average price of $18.36. Blackstone Mortgage Trust has a 1-year low of $16.53 and a 1-year high of $23.29. The company has a market cap of $3.46 billion, a P/E ratio of 665.17 and a beta of 1.49.

Blackstone Mortgage Trust (NYSE:BXMT) last released its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.51 EPS for the quarter, topping the consensus estimate of $0.47 by $0.04. The business had revenue of $466.15 million during the quarter, compared to analysts’ expectations of $131.87 million. Blackstone Mortgage Trust had a positive return on equity of 10.16% and a negative net margin of 7.98%. During the same quarter last year, the firm posted $0.75 earnings per share. Equities research analysts forecast that Blackstone Mortgage Trust will post 1.94 EPS for the current fiscal year.

Blackstone Mortgage Trust declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Blackstone Mortgage Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 9.42%. The ex-dividend date is Monday, September 30th. Blackstone Mortgage Trust’s payout ratio is presently 6,266.67%.

Insider Activity at Blackstone Mortgage Trust

In related news, Director Timothy Steven Johnson acquired 57,050 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was purchased at an average cost of $17.50 per share, with a total value of $998,375.00. Following the acquisition, the director now owns 423,251 shares of the company’s stock, valued at approximately $7,406,892.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Timothy Steven Johnson acquired 57,050 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were purchased at an average cost of $17.50 per share, with a total value of $998,375.00. Following the acquisition, the director now directly owns 423,251 shares of the company’s stock, valued at $7,406,892.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Katharine A. Keenan bought 16,000 shares of the stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $17.16 per share, with a total value of $274,560.00. Following the acquisition, the chief executive officer now owns 198,960 shares of the company’s stock, valued at $3,414,153.60. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 83,050 shares of company stock valued at $1,448,135 and have sold 1,495 shares valued at $27,899. 0.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Blackstone Mortgage Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. Park Place Capital Corp bought a new stake in Blackstone Mortgage Trust during the second quarter worth $26,000. Versant Capital Management Inc boosted its holdings in shares of Blackstone Mortgage Trust by 66.4% in the 2nd quarter. Versant Capital Management Inc now owns 2,183 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 871 shares during the last quarter. Cape Investment Advisory Inc. bought a new position in Blackstone Mortgage Trust during the fourth quarter valued at about $42,000. Creekmur Asset Management LLC purchased a new stake in Blackstone Mortgage Trust during the fourth quarter worth about $51,000. Finally, Wellington Shields & Co. LLC raised its position in Blackstone Mortgage Trust by 98.0% in the second quarter. Wellington Shields & Co. LLC now owns 4,555 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 2,255 shares during the period. Hedge funds and other institutional investors 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.