In a recent move that may signal confidence in the company's future, Katharine A. Keenan, CEO and President of Blackstone Mortgage Trust Inc. (NYSE:BXMT), acquired additional shares of the company. The transaction, which took place on August 5, 2024, involved the purchase of 16,000 shares at a weighted average price of $17.1646 per share. This brought the total value of the shares bought to approximately $274,633.
The shares were bought in multiple transactions with prices ranging between $17.145 and $17.17. Following this purchase, Keenan's total ownership in Blackstone (NYSE:BX) Mortgage Trust has increased to 198,960 shares.
Blackstone Mortgage Trust, a real estate investment trust, is known for its focus on originating senior loans collateralized by commercial real estate in North America and Europe. This purchase by the CEO might be seen by investors as a positive sign, as executives often buy stock based on their expectations for the company's performance.
Investors and potential shareholders can request detailed information about the specific prices per share for each transaction, as Keenan has agreed to provide full details if requested by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer.
The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, signed by Anthony F. Marone, Jr., Attorney-In-Fact, on August 6, 2024.
In other recent news, Blackstone Mortgage Trust has announced a 24% reduction in its quarterly dividend, reflecting the challenges posed by prolonged vacancies in office spaces. The firm has also set aside an additional $140 million for expected credit losses, signaling potential risks in its U.S. office portfolio. To navigate these issues, Blackstone Mortgage Trust has adjusted its dividend to $0.47 per share for the third quarter and authorized a $150 million stock repurchase program. Despite a quarterly loss of $61.06 million, the firm anticipates that resolving loans will eventually lead to earnings growth.
In analyst coverage, BTIG has initiated a Buy rating on Blackstone Mortgage Trust, setting a price target of $23.00. BTIG highlighted the firm's significant total loan commitment of $26.4 billion and its competitive edge due to its association with the world's largest global real estate investment platform. Meanwhile, Wolfe Research has assigned a Peer Perform rating to the firm, emphasizing its substantial net loan exposure of $21.1 billion.
On the governance front, Blackstone Mortgage Trust recently confirmed the re-election of nine directors and ratified the appointment of Deloitte & Touche LLP as its independent registered public accounting firm for 2024. These developments offer insights into the firm's recent strategic decisions and its approach to managing the challenges in the commercial real estate sector.
InvestingPro Insights
In light of Katharine A. Keenan's recent share purchase in Blackstone Mortgage Trust Inc. (NYSE:BXMT), investors may be keen to understand the broader financial context of the company. According to InvestingPro data, Blackstone Mortgage Trust currently has a market capitalization of $3.02 billion. Despite a challenging period, reflected in a negative P/E ratio of -18.91 for the last twelve months as of Q2 2024, the company's dividend yield stands at an attractive 10.94%, potentially offering a significant return to shareholders.
One of the key InvestingPro Tips for BXMT is its notable dividend history, having maintained payments for 13 consecutive years. This consistency could reassure investors looking for income-generating assets, especially when considering the CEO's confidence in increasing her stake. Moreover, despite analysts anticipating a sales decline in the current year, they also predict the company will be profitable this year, suggesting a potential turnaround for BXMT.
For those interested in the detailed financial health and future prospects of Blackstone Mortgage Trust, there are additional InvestingPro Tips available. Currently, there are 7 more tips listed on InvestingPro, which could provide deeper insights into the company's performance and stock valuation. For more detailed analysis and tips, investors can visit the InvestingPro platform at https://www.investing.com/pro/BXMT.
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