Wall Street Zen upgraded shares of Blackstone Secured Lending Fund (NYSE:BXSL – Free Report) from a sell rating to a hold rating in a research note released on Saturday morning.
Several other research firms have also recently weighed in on BXSL. UBS Group decreased their price objective on shares of Blackstone Secured Lending Fund from $24.75 to $24.50 and set a “neutral” rating for the company in a research report on Monday, May 18th. Zacks Research lowered shares of Blackstone Secured Lending Fund from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods cut shares of Blackstone Secured Lending Fund from an “outperform” rating to a “market perform” rating and cut their price target for the company from $25.00 to $24.00 in a research report on Monday, June 8th. Royal Bank Of Canada decreased their price target on Blackstone Secured Lending Fund from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, May 18th. Finally, Truist Financial lowered their price objective on Blackstone Secured Lending Fund from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Blackstone Secured Lending Fund has an average rating of “Hold” and a consensus target price of $24.75.
Read Our Latest Research Report on Blackstone Secured Lending Fund
Blackstone Secured Lending Fund Stock Down 1.4%
Blackstone Secured Lending Fund (NYSE:BXSL – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. The firm had revenue of $254.64 million for the quarter, compared to analyst estimates of $353.15 million. Blackstone Secured Lending Fund had a return on equity of 11.73% and a net margin of 31.63%. Research analysts expect that Blackstone Secured Lending Fund will post 2.77 earnings per share for the current fiscal year.
Blackstone Secured Lending Fund Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.77 per share. The ex-dividend date is Tuesday, June 30th. This represents a $3.08 annualized dividend and a dividend yield of 12.9%. Blackstone Secured Lending Fund’s payout ratio is currently 161.26%.
Insider Activity
In other Blackstone Secured Lending Fund news, insider Robert J. Bass purchased 2,095 shares of Blackstone Secured Lending Fund stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $23.80 per share, with a total value of $49,861.00. Following the transaction, the insider owned 25,107 shares in the company, valued at $597,546.60. This trade represents a 9.10% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.11% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Blackstone Secured Lending Fund
Several hedge funds and other institutional investors have recently made changes to their positions in BXSL. Empowered Funds LLC lifted its position in Blackstone Secured Lending Fund by 139.9% in the 1st quarter. Empowered Funds LLC now owns 18,340 shares of the company’s stock valued at $593,000 after acquiring an additional 10,696 shares in the last quarter. Invesco Ltd. increased its holdings in Blackstone Secured Lending Fund by 15.9% during the 2nd quarter. Invesco Ltd. now owns 90,513 shares of the company’s stock worth $2,783,000 after purchasing an additional 12,450 shares in the last quarter. Marshall Wace LLP bought a new stake in Blackstone Secured Lending Fund during the 2nd quarter worth approximately $2,122,000. NewEdge Advisors LLC raised its stake in shares of Blackstone Secured Lending Fund by 568.7% in the second quarter. NewEdge Advisors LLC now owns 20,281 shares of the company’s stock worth $624,000 after purchasing an additional 17,248 shares during the last quarter. Finally, Nebula Research & Development LLC purchased a new stake in shares of Blackstone Secured Lending Fund in the second quarter worth approximately $455,000. 36.49% of the stock is owned by institutional investors.
About Blackstone Secured Lending Fund
Blackstone Secured Lending Fund (NYSE: BXSL) is a closed-end management investment company sponsored by Blackstone Credit, the credit-oriented business of Blackstone Inc Launched in May 2020, BXSL seeks to deliver attractive risk-adjusted returns primarily through current income and, to a lesser extent, capital appreciation. The fund raises capital from institutional and retail investors and deploys it into a diversified portfolio of senior secured loans and other credit instruments.
The fund’s principal investment focus is on first-lien senior secured loans and unitranche debt extended to middle-market companies across North America.
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