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

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 dividend on an annualized basis and a dividend yield of 13.75%. The ex-dividend date is Friday, June 28th.

Blackstone Mortgage Trust has increased its dividend payment by an average of 6.4% per year over the last three years. Blackstone Mortgage Trust has a payout ratio of 129.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Stock Performance

Shares of BXMT stock traded up $0.05 on Wednesday, hitting $18.03. The company had a trading volume of 559,957 shares, compared to its average volume of 2,061,625. The stock’s 50-day moving average is $17.81 and its two-hundred day moving average is $19.47. The firm has a market cap of $3.13 billion, a P/E ratio of 599.00 and a beta of 1.47. Blackstone Mortgage Trust has a twelve month low of $16.70 and a twelve month high of $23.82.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BXMT shares. UBS Group reduced their price target on Blackstone Mortgage Trust from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. BTIG Research lowered their price objective on Blackstone Mortgage Trust from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods restated 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. Wells Fargo & Company cut their price objective on Blackstone Mortgage Trust from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Finally, Wolfe Research began coverage on shares of Blackstone Mortgage Trust in a research report on Tuesday. They set a “peer perform” rating on the stock. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Blackstone Mortgage Trust has an average rating of “Hold” and an average price target of $19.93.

Insider Buying and Selling at Blackstone Mortgage Trust

In related news, CEO Katharine A. Keenan sold 2,296 shares of the stock in a transaction dated 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 owns 187,468 shares of the company’s stock, valued at approximately $3,194,454.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Katharine A. Keenan sold 4,508 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $17.53, for a total value of $79,025.24. Following the sale, the chief executive officer now owns 182,960 shares in the company, valued at $3,207,288.80. The sale was disclosed in a filing with the SEC, which is available at 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 transaction of $39,123.84. Following the sale, the chief executive officer now owns 187,468 shares in the company, valued at approximately $3,194,454.72. The disclosure for this sale can be found here. Insiders have sold 11,057 shares of company stock worth $191,141 in the last ninety days. 0.93% of the stock is owned by insiders.

About Blackstone Mortgage Trust

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.