Blackstone Secured Lending Fund (NYSE:BXSL) Given New $29.00 Price Target at Bank of America

Blackstone Secured Lending Fund (NYSE:BXSL) had its target price dropped by research analysts at Bank of America from $33.50 to $29.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 5.34% from the stock’s current price.

Several other analysts also recently issued reports on BXSL. JPMorgan Chase & Co. reduced their price target on shares of Blackstone Secured Lending Fund from $30.50 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 1st. Zacks Research upgraded shares of Blackstone Secured Lending Fund from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Wells Fargo & Company lowered their target price on shares of Blackstone Secured Lending Fund from $28.00 to $26.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 11th. Keefe, Bruyette & Woods cut their price target on Blackstone Secured Lending Fund from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, November 11th. Finally, B. Riley lowered their price objective on Blackstone Secured Lending Fund from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.38.

Blackstone Secured Lending Fund Stock Performance

Shares of BXSL stock opened at $27.53 on Friday. Blackstone Secured Lending Fund has a fifty-two week low of $24.85 and a fifty-two week high of $34.64. The stock has a 50 day simple moving average of $26.52 and a two-hundred day simple moving average of $29.35. The company has a market cap of $6.37 billion, a P/E ratio of 10.35 and a beta of 0.42.

Blackstone Secured Lending Fund (NYSE:BXSL) last announced its quarterly earnings data on Monday, November 10th. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.80 by $0.02. The company had revenue of $358.56 million during the quarter, compared to the consensus estimate of $353.55 million. Blackstone Secured Lending Fund had a net margin of 42.38% and a return on equity of 11.85%. On average, research analysts predict that Blackstone Secured Lending Fund will post 3.54 earnings per share for the current year.

Insider Activity at Blackstone Secured Lending Fund

In related news, insider Robert J. Bass purchased 3,760 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The shares were bought at an average cost of $26.63 per share, with a total value of $100,128.80. Following the acquisition, the insider owned 21,167 shares of the company’s stock, valued at $563,677.21. This represents a 21.60% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.10% of the stock is owned by insiders.

Institutional Trading of Blackstone Secured Lending Fund

Hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC grew its holdings in Blackstone Secured Lending Fund by 87.2% during the third quarter. Lazard Asset Management LLC now owns 43,126 shares of the company’s stock valued at $1,124,000 after purchasing an additional 20,093 shares during the period. Two Sigma Investments LP grew its stake in shares of Blackstone Secured Lending Fund by 56.7% during the 3rd quarter. Two Sigma Investments LP now owns 564,699 shares of the company’s stock worth $14,722,000 after acquiring an additional 204,252 shares during the period. Jump Financial LLC increased its holdings in Blackstone Secured Lending Fund by 70.8% in the 3rd quarter. Jump Financial LLC now owns 366,515 shares of the company’s stock worth $9,555,000 after acquiring an additional 151,964 shares during the last quarter. Marshall Wace LLP increased its holdings in Blackstone Secured Lending Fund by 1,160.9% in the 3rd quarter. Marshall Wace LLP now owns 869,964 shares of the company’s stock worth $22,680,000 after acquiring an additional 800,969 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Blackstone Secured Lending Fund in the 3rd quarter valued at about $1,676,000. Institutional investors own 36.49% of the company’s stock.

Blackstone Secured Lending Fund Company Profile

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).