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Blackstone Secured Lending Fund (NYSE:BXSL) Sees Unusually-High Trading Volume

Defense World · Dec 22, 2022 04:51

Blackstone Secured Lending Fund (NYSE:BXSL – Get Rating) saw unusually-high trading volume on Tuesday . Approximately 17,180 shares changed hands during trading, a decline of 97% from the previous session's volume of 497,130 shares.The stock last traded at $22.40 and had previously closed at $22.74.

Analyst Ratings Changes

A number of brokerages recently issued reports on BXSL. Wells Fargo & Company decreased their price objective on shares of Blackstone Secured Lending Fund from $26.00 to $25.00 and set an "overweight" rating for the company in a report on Monday, October 24th. Royal Bank of Canada decreased their price objective on shares of Blackstone Secured Lending Fund from $29.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, November 11th. Finally, Janney Montgomery Scott upgraded shares of Blackstone Secured Lending Fund from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $26.00 to $27.00 in a report on Friday, November 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $27.58.

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Blackstone Secured Lending Fund Stock Performance

The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 9.36 and a beta of 0.38. The stock's 50-day simple moving average is $23.51 and its two-hundred day simple moving average is $23.77.

Blackstone Secured Lending Fund (NYSE:BXSL – Get Rating) last released its earnings results on Thursday, November 10th. The company reported $0.80 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.12. The firm had revenue of $226.79 million during the quarter, compared to analyst estimates of $205.78 million. Blackstone Secured Lending Fund had a net margin of 51.09% and a return on equity of 10.37%. As a group, research analysts predict that Blackstone Secured Lending Fund will post 2.88 earnings per share for the current year.

Blackstone Secured Lending Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Saturday, December 31st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 10.64%. This is a positive change from Blackstone Secured Lending Fund's previous quarterly dividend of $0.20. Blackstone Secured Lending Fund's dividend payout ratio is currently 99.59%.

Insider Activity

In related news, CEO Brad Marshall acquired 3,481 shares of the business's stock in a transaction dated Friday, November 18th. The stock was acquired at an average price of $24.08 per share, with a total value of $83,822.48. Following the completion of the transaction, the chief executive officer now owns 189,495 shares of the company's stock, valued at $4,563,039.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Blackstone Secured Lending Fund news, COO Katherine Rubenstein purchased 3,359 shares of the company's stock in a transaction that occurred on Monday, November 21st. The stock was purchased at an average price of $23.83 per share, with a total value of $80,044.97. Following the completion of the transaction, the chief operating officer now directly owns 3,359 shares of the company's stock, valued at approximately $80,044.97. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brad Marshall purchased 3,481 shares of the company's stock in a transaction that occurred on Friday, November 18th. The stock was acquired at an average cost of $24.08 per share, with a total value of $83,822.48. Following the transaction, the chief executive officer now directly owns 189,495 shares of the company's stock, valued at $4,563,039.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 6,940 shares of company stock valued at $166,256. Insiders own 0.09% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BXSL. USS Investment Management Ltd acquired a new position in Blackstone Secured Lending Fund in the first quarter worth about $83,706,000. Creative Planning grew its stake in Blackstone Secured Lending Fund by 110.1% during the third quarter. Creative Planning now owns 3,050,894 shares of the company's stock worth $69,377,000 after buying an additional 1,598,712 shares during the last quarter. Van ECK Associates Corp bought a new stake in Blackstone Secured Lending Fund during the second quarter worth about $24,993,000. JPMorgan Chase & Co. grew its stake in Blackstone Secured Lending Fund by 428.7% during the second quarter. JPMorgan Chase & Co. now owns 672,200 shares of the company's stock worth $15,891,000 after buying an additional 545,063 shares during the last quarter. Finally, Clough Capital Partners L P bought a new stake in Blackstone Secured Lending Fund during the third quarter worth about $11,886,000. Institutional investors and hedge funds own 21.96% of the company's stock.

Blackstone Secured Lending Fund Company Profile

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Blackstone Secured Lending Fund is business development company and a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified closed-end investment Fund. On October 26, 2018, the fund elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act).