Royal Bank Of Canada Cuts Blackstone Secured Lending Fund (NYSE:BXSL) Price Target to $28.00

Blackstone Secured Lending Fund (NYSE:BXSL) had its price target trimmed by Royal Bank Of Canada from $29.00 to $28.00 in a report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

BXSL has been the topic of several other research reports. Wall Street Zen downgraded shares of Blackstone Secured Lending Fund from a “hold” rating to a “sell” rating in a report on Sunday, March 1st. Wells Fargo & Company lowered Blackstone Secured Lending Fund from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $26.00 to $24.00 in a research note on Wednesday, January 7th. Bank of America cut their price objective on Blackstone Secured Lending Fund from $33.50 to $29.00 and set a “buy” rating for the company in a research report on Friday, November 28th. Keefe, Bruyette & Woods decreased their target price on Blackstone Secured Lending Fund from $29.00 to $27.00 and set an “outperform” rating for the company in a research note on Thursday, February 26th. Finally, B. Riley Financial dropped their price target on Blackstone Secured Lending Fund from $32.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.13.

Blackstone Secured Lending Fund Stock Performance

BXSL opened at $24.04 on Tuesday. The firm has a market cap of $5.58 billion, a P/E ratio of 9.77 and a beta of 0.43. The business has a 50 day moving average price of $25.47 and a 200 day moving average price of $26.78. Blackstone Secured Lending Fund has a twelve month low of $23.30 and a twelve month high of $33.73.

Blackstone Secured Lending Fund (NYSE:BXSL) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Blackstone Secured Lending Fund had a net margin of 39.69% and a return on equity of 11.82%. The company had revenue of $196.54 million for the quarter, compared to analyst estimates of $359.59 million. As a group, analysts anticipate that Blackstone Secured Lending Fund will post 3.54 earnings per share for the current fiscal year.

Blackstone Secured Lending Fund Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be issued a $0.77 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $3.08 annualized dividend and a yield of 12.8%. Blackstone Secured Lending Fund’s dividend payout ratio is 125.20%.

Institutional Trading of Blackstone Secured Lending Fund

Institutional investors have recently modified their holdings of the company. Armstrong Advisory Group Inc. lifted its position in Blackstone Secured Lending Fund by 135.1% in the fourth quarter. Armstrong Advisory Group Inc. now owns 999 shares of the company’s stock worth $26,000 after purchasing an additional 574 shares during the period. Evolution Wealth Management Inc. acquired a new position in shares of Blackstone Secured Lending Fund in the 2nd quarter valued at $37,000. Osterweis Capital Management Inc. acquired a new position in shares of Blackstone Secured Lending Fund in the 4th quarter valued at $33,000. Hilton Head Capital Partners LLC bought a new position in shares of Blackstone Secured Lending Fund during the 4th quarter worth about $34,000. Finally, Spire Wealth Management boosted its position in shares of Blackstone Secured Lending Fund by 109.6% during the 2nd quarter. Spire Wealth Management now owns 1,467 shares of the company’s stock valued at $45,000 after acquiring an additional 767 shares in the last quarter. Institutional investors and hedge funds 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.