Blackstone Mortgage Trust

Shares of Blackstone Mortgage Trust hit a 52-week low of $13.79, down 26.2% year-over-year. For Q2 the company reported mixed results: distributable earnings of $0.31 per share missed estimates, revenue rose to $158.06 million and beat expectations, and book value fell 4% to $19.31. Raymond James downgraded the stock to “Market Perform” and flagged concerns about portfolio quality; the volume of loans on the watchlist was reduced from $2.5 billion to $2.0 billion. Despite the price drop, the dividend yield is about 13.5% and InvestingPro currently views the stock as undervalued. » More on de.investing.com

Blackstone Mortgage Trust shares fell intraday to a 52-week low of $14.11 and were trading at $14.52 after substantially missing Q2 results. Distributable earnings were $0.31 per share (consensus $0.42), and there was a GAAP loss of $0.48 per share, driven by a $29m realized loss on a Dallas loan and a $134m increase in CECL reserves. Keefe, Bruyette & Woods downgraded the stock from “Outperform” to “Market Perform” and cut the price target to $16.00. Management warnings about further impairments, high paydowns, portfolio rebalancing and a declining book value ($19.31) weigh on the outlook and dividend sustainability; the share-price drop has erased roughly 30% of the 52-week high. » More on de.investing.com

Shares of Blackstone Mortgage Trust fell to a 52-week low of 16.42 US dollar and are currently trading at 16.43 US dollar with a market capitalization of about 2.82 billion US dollar. The dividend yield is 11.3%, the one-year performance is -11.53%. The company completed a private placement of senior secured notes totaling 450 million US dollar (coupon 6.25%, maturity 2031), proceeds for general corporate purposes. Analysts see upside with price targets between 19 and 23 US dollar; UBS reinstated coverage with buy and a 21.00 US dollar target, Keefe, Bruyette & Woods cut its target to 20.00 US dollar but kept outperform. » More on de.investing.com