Gabelli Funds LLC Sells 7,167 Shares of Blackstone Mortgage Trust, Inc. (NYSE:BXMT)

28 Jul 2024, 00:58 by Sarita Garza · The Markets Daily

Gabelli Funds LLC cut its stake in Blackstone Mortgage Trust, Inc. (NYSE:BXMT – Free Report) by 3.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 182,500 shares of the real estate investment trust’s stock after selling 7,167 shares during the period. Gabelli Funds LLC’s holdings in Blackstone Mortgage Trust were worth $3,634,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BXMT. Cape Investment Advisory Inc. acquired a new stake in Blackstone Mortgage Trust during the 4th quarter worth about $42,000. GAMMA Investing LLC acquired a new stake in Blackstone Mortgage Trust during the fourth quarter worth approximately $45,000. Creekmur Asset Management LLC bought a new stake in Blackstone Mortgage Trust in the fourth quarter worth approximately $51,000. Sandy Spring Bank lifted its stake in Blackstone Mortgage Trust by 10,652.0% in the fourth quarter. Sandy Spring Bank now owns 2,688 shares of the real estate investment trust’s stock valued at $59,000 after buying an additional 2,663 shares during the period. Finally, Westend Capital Management LLC acquired a new position in Blackstone Mortgage Trust in the first quarter valued at approximately $83,000. 64.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BXMT. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price objective on shares of Blackstone Mortgage Trust in a research note on Tuesday, June 18th. JPMorgan Chase & Co. reduced their price target 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. JMP Securities reiterated a “market perform” rating on shares of Blackstone Mortgage Trust in a report on Tuesday. UBS Group cut their price objective on shares of Blackstone Mortgage Trust from $21.00 to $19.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. Finally, Wolfe Research initiated coverage on Blackstone Mortgage Trust in a research report on Tuesday, June 25th. They issued a “peer perform” rating for the company. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Blackstone Mortgage Trust currently has a consensus rating of “Hold” and a consensus price target of $19.93.

Get Our Latest Analysis on BXMT

Insider Activity at Blackstone Mortgage Trust

In other Blackstone Mortgage Trust news, CEO Katharine A. Keenan sold 2,296 shares of Blackstone Mortgage Trust stock in a transaction on Monday, June 10th. The shares were sold at an average price of $17.04, for a total transaction of $39,123.84. Following the transaction, the chief executive officer now directly 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 Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Katharine A. Keenan sold 4,508 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $17.53, for a total transaction of $79,025.24. Following the completion of the sale, the chief executive officer now directly owns 182,960 shares of the company’s stock, valued at $3,207,288.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Katharine A. Keenan sold 2,296 shares of Blackstone Mortgage Trust stock in a transaction on 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 in the company, valued at $3,194,454.72. The disclosure for this sale can be found here. Insiders have sold a total of 11,057 shares of company stock valued at $191,141 over the last 90 days. Insiders own 0.93% of the company’s stock.

Blackstone Mortgage Trust Stock Performance

Shares of Blackstone Mortgage Trust stock traded up $0.18 during trading hours on Friday, reaching $17.59. The company’s stock had a trading volume of 2,717,489 shares, compared to its average volume of 2,478,844. The company has a market capitalization of $3.05 billion, a P/E ratio of 586.33 and a beta of 1.49. The stock’s fifty day simple moving average is $17.87 and its two-hundred day simple moving average is $18.89. Blackstone Mortgage Trust, Inc. has a one year low of $16.70 and a one year high of $23.82.

Blackstone Mortgage Trust (NYSE:BXMT – Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.04. The business had revenue of $466.15 million for the quarter, compared to analysts’ expectations of $131.87 million. Blackstone Mortgage Trust had a negative net margin of 7.98% and a positive return on equity of 10.16%. During the same quarter last year, the firm earned $0.75 EPS. As a group, research analysts forecast that Blackstone Mortgage Trust, Inc. will post 2.15 earnings per share for the current year.

Blackstone Mortgage Trust Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.47 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 10.69%. Blackstone Mortgage Trust’s dividend payout ratio is presently 6,266.67%.

About Blackstone Mortgage Trust

(Free Report)