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Blackstone Secured Lending Fund (NYSE:BXSL) Receives Consensus Recommendation of "Buy" From Analysts

Defense World · Jan 21, 2023 01:11

Blackstone Secured Lending Fund (NYSE:BXSL – Get Rating) has been given a consensus rating of "Buy" by the six analysts that are covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $27.58.

Several research firms have recently issued reports on BXSL. Janney Montgomery Scott upgraded Blackstone Secured Lending Fund from a "neutral" rating to a "buy" rating and raised their price target for the stock from $26.00 to $27.00 in a research report on Friday, November 11th. Wells Fargo & Company reduced their price target on Blackstone Secured Lending Fund from $26.00 to $25.00 and set an "overweight" rating on the stock in a research report on Monday, October 24th. Finally, Royal Bank of Canada reduced their target price on Blackstone Secured Lending Fund from $29.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday, November 11th.

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Blackstone Secured Lending Fund Stock Down 0.1 %

NYSE:BXSL opened at $23.22 on Friday. Blackstone Secured Lending Fund has a 12-month low of $22.00 and a 12-month high of $30.35. The firm has a market capitalization of $3.71 billion, a P/E ratio of 9.63 and a beta of 0.40. The stock's fifty day simple moving average is $23.26 and its 200-day simple moving average is $23.57.

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

Blackstone Secured Lending Fund Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Saturday, December 31st will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, December 29th. This is a positive change from Blackstone Secured Lending Fund's previous quarterly dividend of $0.20. This represents a $2.40 annualized dividend and a yield of 10.34%. Blackstone Secured Lending Fund's payout ratio is currently 99.59%.

Insider Buying and Selling at Blackstone Secured Lending Fund

In other news, COO Katherine Rubenstein purchased 3,359 shares of the company's stock in a transaction on Monday, November 21st. The shares were purchased at an average price of $23.83 per share, with a total value of $80,044.97. Following the purchase, 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 document filed with the SEC, which is available at this link. In other news, CEO Brad Marshall purchased 3,481 shares of the company's stock in a transaction on Friday, November 18th. The shares were purchased at an average price of $24.08 per share, with a total value of $83,822.48. Following the purchase, the chief executive officer now directly owns 189,495 shares of the company's stock, valued at approximately $4,563,039.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Katherine Rubenstein bought 3,359 shares of the stock in a transaction that occurred on Monday, November 21st. The stock was bought at an average cost of $23.83 per share, for a total transaction of $80,044.97. Following the transaction, the chief operating officer now owns 3,359 shares of the company's stock, valued at approximately $80,044.97. The disclosure for this purchase can be found here. Insiders have bought 6,940 shares of company stock valued at $166,256 in the last 90 days. 0.09% of the stock is currently owned by company insiders.

Institutional Trading of Blackstone Secured Lending Fund

A number of hedge funds and other institutional investors have recently modified their holdings of BXSL. Advisor Group Holdings Inc. increased its position in shares of Blackstone Secured Lending Fund by 107.6% in the first quarter. Advisor Group Holdings Inc. now owns 2,171 shares of the company's stock valued at $61,000 after acquiring an additional 1,125 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Blackstone Secured Lending Fund by 115.1% in the first quarter. JPMorgan Chase & Co. now owns 127,137 shares of the company's stock valued at $3,545,000 after acquiring an additional 68,036 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Blackstone Secured Lending Fund in the first quarter valued at about $168,000. Cibc World Market Inc. acquired a new stake in shares of Blackstone Secured Lending Fund in the first quarter valued at about $3,543,000. Finally, Mariner LLC acquired a new stake in shares of Blackstone Secured Lending Fund in the first quarter valued at about $587,000. Institutional investors and hedge funds own 31.16% 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).