Blackstone Mortgage Trust: Keefe, Bruyette & Woods Maintains Market Perform, PT Down to $19.5

Blackstone Mortgage Trust: Keefe, Bruyette & Woods Maintains Market Perform, PT Down to $19.5

Keefe, Bruyette & Woods (KBW) has maintained its "Market Perform" rating for Blackstone Mortgage Trust (NYSE:BXMT) while reducing its price target (PT) to $19.50. This update reflects recent earnings and investment activity, as well as the company's overall performance.

The latest earnings report for Blackstone Mortgage Trust showed a slight increase in distributable earnings per share (EPS) to $0.45, excluding charge-offs, compared to $0.42 in the previous quarter [2]. The company's portfolio grew to $18.4 billion across 144 loans, driven by robust new origination activity [2]. However, the stock price slipped 1.5% minutes after the opening bell, indicating a mixed market reaction.

KBW's PT reduction is a result of the company's recent dividend payout ratio of -408.70%, which is unusually high and may suggest a concern about the company's ability to maintain its dividend [1]. Additionally, the company's insiders have sold a significant number of shares recently, with CEO Katharine A. Keenan selling 6,931 shares and CFO Anthony F. Marone selling 1,517 shares [1].

Despite the PT reduction, Blackstone Mortgage Trust has seen institutional inflows, with several investors increasing their stakes in the company [1]. This suggests that some investors remain confident in the company's long-term prospects.

In conclusion, while Keefe, Bruyette & Woods has maintained its "Market Perform" rating, the PT reduction reflects concerns about the company's dividend payout ratio and recent insider selling. However, institutional inflows indicate ongoing interest in the company.

References:

[1] https://www.marketbeat.com/instant-alerts/blackstone-mortgage-trust-bxmt-projected-to-post-earnings-on-wednesday-2025-07-23/
[2] https://seekingalpha.com/news/4474298-blackstone-mortgage-trust-q2-distributable-earnings-edge-up-on-strong-investment-activity