Blackstone Mortgage Trust, Inc. to Issue Quarterly Dividend of $0.47 (NYSE:BXMT)

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.47 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.88 annualized dividend and a dividend yield of 10.08%. The ex-dividend date of this dividend is Tuesday, December 31st.

Blackstone Mortgage Trust has increased its dividend by an average of 6.4% annually over the last three years. Blackstone Mortgage Trust has a payout ratio of 125.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Blackstone Mortgage Trust to earn $1.65 per share next year, which means the company may not be able to cover its $1.88 annual dividend with an expected future payout ratio of 113.9%.

Blackstone Mortgage Trust Stock Down 2.4 %

BXMT stock opened at $18.65 on Wednesday. The business’s 50-day moving average price is $18.65 and its 200-day moving average price is $18.34. The stock has a market cap of $3.23 billion, a P/E ratio of -13.42 and a beta of 1.50. Blackstone Mortgage Trust has a twelve month low of $16.53 and a twelve month high of $23.10.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BXMT. Wells Fargo & Company lifted their price target on shares of Blackstone Mortgage Trust from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, September 20th. Wolfe Research upgraded shares of Blackstone Mortgage Trust from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research note on Wednesday, December 11th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Blackstone Mortgage Trust presently has a consensus rating of “Hold” and a consensus target price of $20.07.

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.