- Blackstone Mortgage Trust's (BXMT) price target is lifted to $30 from $28, by FBR's Daniel Altscher following last week's surprise hike in the dividend to $0.45 from $0.40. He also reiterates his Buy rating.
- The dividend hike is "nice to have," says Altscher. "We think this exemplifies BXMT's loan origination growth story and competitive advantage that comes from the bigger Blackstone platform." He thinks there's room for additional increases as the company puts money to work in the U.S. and in emerging opportunities in Europe.
- He's increasing his estimated dividend per share for 2014 to $1.95 from $1.80, and estimates the company will earn an annualized 8%-plus dividend yield on book value for the year.
Blackstone Mortgage PT lifted at FBR
Dec 27 2013, 07:23 ET