Blackstone Mortgage Trust, Inc. (NYSE:BXMT) to Issue Quarterly Dividend of $0.62

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) announced a quarterly dividend on Friday, June 14th, Zacks reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.62 per share by the real estate investment trust on Monday, July 15th. This represents a $2.48 annualized dividend and a dividend yield of 13.75%. The ex-dividend date is Friday, June 28th.

Blackstone Mortgage Trust has raised its dividend by an average of 6.4% per year over the last three years. Blackstone Mortgage Trust has a dividend payout ratio of 129.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Blackstone Mortgage Trust to earn $1.87 per share next year, which means the company may not be able to cover its $2.48 annual dividend with an expected future payout ratio of 132.6%.

Blackstone Mortgage Trust Trading Up 0.3 %

Shares of BXMT stock traded up $0.05 on Wednesday, hitting $18.03. The stock had a trading volume of 559,957 shares, compared to its average volume of 2,061,625. Blackstone Mortgage Trust has a twelve month low of $16.70 and a twelve month high of $23.82. The firm has a market cap of $3.13 billion, a P/E ratio of 599.00 and a beta of 1.47. The company has a fifty day moving average price of $17.81 and a two-hundred day moving average price of $19.47.

Analyst Ratings Changes

Several research analysts have weighed in on BXMT shares. Wells Fargo & Company lowered their price target on shares of Blackstone Mortgage Trust from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, April 25th. UBS Group dropped their price target on shares of Blackstone Mortgage Trust from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 price target on shares of Blackstone Mortgage Trust in a research note on Tuesday, June 18th. BTIG Research reduced their price objective on shares of Blackstone Mortgage Trust from $24.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, April 17th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Blackstone Mortgage Trust from $18.50 to $17.50 and set a “neutral” rating for the company in a report on Thursday, April 25th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.93.

Insider Activity at Blackstone Mortgage Trust

In other news, CEO Katharine A. Keenan sold 2,259 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $17.04, for a total transaction of $38,493.36. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Katharine A. Keenan sold 4,508 shares of Blackstone Mortgage Trust stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $17.53, for a total value of $79,025.24. Following the sale, the chief executive officer now directly owns 182,960 shares in the company, valued at $3,207,288.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Katharine A. Keenan sold 2,259 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $17.04, for a total value of $38,493.36. Following the completion of the transaction, the chief executive officer now directly owns 189,764 shares of the company’s stock, valued at $3,233,578.56. The disclosure for this sale can be found here. Insiders have sold a total of 11,057 shares of company stock worth $191,141 over the last quarter. Insiders own 0.93% 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.