Oppenheimer began coverage on shares of Blackstone Secured Lending Fund (NYSE:BXSL – Free Report) in a research report sent to investors on Thursday, Marketbeat reports. The brokerage issued a market perform rating and a $25.00 price target on the stock.
Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company dropped their target price on shares of Blackstone Secured Lending Fund from $24.00 to $22.00 and set an “underweight” rating on the stock in a research report on Friday, May 8th. Keefe, Bruyette & Woods lowered Blackstone Secured Lending Fund from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $25.00 to $24.00 in a report on Monday, June 8th. Zacks Research downgraded Blackstone Secured Lending Fund from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada decreased their target price on Blackstone Secured Lending Fund from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Monday, May 18th. Finally, Wall Street Zen raised shares of Blackstone Secured Lending Fund from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $24.78.
Check Out Our Latest Stock Report on Blackstone Secured Lending Fund
Blackstone Secured Lending Fund Trading Up 0.4%
Blackstone Secured Lending Fund (NYSE:BXSL – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.02. The business had revenue of $254.64 million for the quarter, compared to analysts’ expectations of $353.15 million. Blackstone Secured Lending Fund had a return on equity of 11.73% and a net margin of 31.63%. As a group, sell-side analysts predict that Blackstone Secured Lending Fund will post 2.75 EPS for the current fiscal year.
Blackstone Secured Lending Fund Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th were given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 13.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Blackstone Secured Lending Fund’s dividend payout ratio (DPR) is currently 161.26%.
Insider Activity
In other news, insider Robert J. Bass bought 2,095 shares of the stock in a transaction on Tuesday, May 12th. The shares were purchased at an average cost of $23.80 per share, for a total transaction of $49,861.00. Following the completion of the purchase, the insider directly owned 25,107 shares in the company, valued at $597,546.60. This represents a 9.10% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.11% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Blackstone Secured Lending Fund
Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in shares of Blackstone Secured Lending Fund by 11.9% in the second quarter. Bank of America Corp DE now owns 7,820,346 shares of the company’s stock valued at $240,476,000 after purchasing an additional 832,179 shares during the period. Van ECK Associates Corp raised its holdings in Blackstone Secured Lending Fund by 112.1% during the 4th quarter. Van ECK Associates Corp now owns 5,149,915 shares of the company’s stock valued at $135,597,000 after acquiring an additional 2,721,843 shares during the period. UBS Group AG lifted its position in shares of Blackstone Secured Lending Fund by 112.5% during the fourth quarter. UBS Group AG now owns 4,731,343 shares of the company’s stock worth $124,576,000 after acquiring an additional 2,504,617 shares in the last quarter. Strs Ohio purchased a new stake in shares of Blackstone Secured Lending Fund during the first quarter worth $94,760,000. Finally, Northeast Financial Consultants Inc boosted its holdings in shares of Blackstone Secured Lending Fund by 6.9% in the second quarter. Northeast Financial Consultants Inc now owns 3,359,523 shares of the company’s stock worth $103,305,000 after acquiring an additional 216,835 shares during the period. Hedge funds and other institutional investors own 36.49% of the company’s stock.
Blackstone Secured Lending Fund Company Profile
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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