Blackstone Mortgage Trust (NYSE:BXMT) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Blackstone Mortgage Trust (NYSE:BXMT) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.04, Zacks reports. The business had revenue of $466.15 million during the quarter, compared to the consensus estimate 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 in the prior year, the company posted $0.75 earnings per share.

Blackstone Mortgage Trust Price Performance

Shares of BXMT traded up $0.04 during midday trading on Friday, hitting $17.45. 894,859 shares of the company traded hands, compared to its average volume of 2,137,046. The stock has a 50-day moving average of $17.88 and a 200-day moving average of $18.93. Blackstone Mortgage Trust has a one year low of $16.70 and a one year high of $23.82. The firm has a market cap of $3.03 billion, a P/E ratio of 580.33 and a beta of 1.49.

Blackstone Mortgage Trust Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.47 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.88 annualized dividend and a yield of 10.77%. Blackstone Mortgage Trust’s dividend payout ratio is currently 8,266.67%.

Insider Activity at Blackstone Mortgage Trust

In other Blackstone Mortgage Trust news, CEO Katharine A. Keenan sold 2,296 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $17.04, for a total value of $39,123.84. Following the sale, the chief executive officer now directly owns 187,468 shares in the company, valued at approximately $3,194,454.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blackstone Mortgage Trust news, CEO Katharine A. Keenan sold 2,296 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $17.04, for a total value of $39,123.84. Following the sale, the chief executive officer now owns 187,468 shares of the company’s stock, valued at approximately $3,194,454.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Katharine A. Keenan sold 2,259 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $17.04, for a total value of $38,493.36. Following the transaction, the chief executive officer now directly owns 189,764 shares of the company’s stock, valued at approximately $3,233,578.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,057 shares of company stock valued at $191,141. Corporate insiders own 0.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wolfe Research began coverage on shares of Blackstone Mortgage Trust in a research report on Tuesday, June 25th. They set a “peer perform” rating on the stock. UBS Group reduced their target price on Blackstone Mortgage Trust from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Wells Fargo & Company reduced their price objective on Blackstone Mortgage Trust from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. cut their price target on shares of Blackstone Mortgage Trust from $18.50 to $17.50 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Finally, JMP Securities reiterated a “market perform” rating on shares of Blackstone Mortgage Trust in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.93.

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.