Blackstone Secured Lending Fund (NYSE:BXSL) Sets New 1-Year Low - Here's What Happened

Key Points

• Blackstone Secured Lending Fund's shares reached a new 52-week low of $25.68, with a recent trading price of $25.74.
• Analyst ratings are mixed, with some upgrades and downgrades; however, the consensus rating remains a "Moderate Buy" with a target price of $31.16.
• The company announced a quarterly dividend of $0.77, representing a 12.0% yield, scheduled for payment on October 24th.

Shares of Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) hit a new 52-week low on Tuesday . The stock traded as low as $25.68 and last traded at $25.74, with a volume of 598543 shares changing hands. The stock had previously closed at $26.04.

Wall Street Analysts Forecast Growth

BXSL has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised Blackstone Secured Lending Fund from a "market perform" rating to an "outperform" rating and dropped their price objective for the company from $31.00 to $30.00 in a research note on Monday. Wells Fargo & Company raised their price target on shares of Blackstone Secured Lending Fund from $27.00 to $28.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. dropped their target price on shares of Blackstone Secured Lending Fund from $30.50 to $29.00 and set an "overweight" rating for the company in a report on Wednesday, October 1st. Wall Street Zen lowered Blackstone Secured Lending Fund from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. Finally, UBS Group started coverage on Blackstone Secured Lending Fund in a report on Thursday, September 11th. They set a "neutral" rating and a $31.00 target price for the company. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $31.16.

Blackstone Secured Lending Fund Trading Down 1.2%

The company's 50 day moving average is $29.06 and its 200-day moving average is $30.24. The company has a market capitalization of $5.93 billion, a P/E ratio of 9.05 and a beta of 0.42.

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.77 EPS for the quarter, missing analysts' consensus estimates of $0.81 by ($0.04). The company had revenue of $344.80 million during the quarter, compared to analysts' expectations of $353.55 million. Blackstone Secured Lending Fund had a return on equity of 12.07% and a net margin of 44.25%. Analysts predict that Blackstone Secured Lending Fund will post 3.54 EPS for the current fiscal year.

Blackstone Secured Lending Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Investors of record on Tuesday, September 30th will be issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 12.0%. The ex-dividend date is Tuesday, September 30th. Blackstone Secured Lending Fund's payout ratio is presently 108.45%.

Institutional Trading of Blackstone Secured Lending Fund

Institutional investors and hedge funds have recently modified their holdings of the business. Griffin Asset Management Inc. boosted its position in shares of Blackstone Secured Lending Fund by 9.0% during the first quarter. Griffin Asset Management Inc. now owns 28,764 shares of the company's stock valued at $931,000 after buying an additional 2,373 shares during the last quarter. BigSur Wealth Management LLC boosted its holdings in shares of Blackstone Secured Lending Fund by 0.4% during the 1st quarter. BigSur Wealth Management LLC now owns 122,329 shares of the company's stock valued at $4,053,000 after acquiring an additional 448 shares during the last quarter. Simon Quick Advisors LLC bought a new stake in shares of Blackstone Secured Lending Fund in the first quarter worth approximately $472,000. Investment Partners Asset Management Inc. raised its holdings in shares of Blackstone Secured Lending Fund by 2.0% during the first quarter. Investment Partners Asset Management Inc. now owns 19,710 shares of the company's stock valued at $638,000 after purchasing an additional 381 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. lifted its position in Blackstone Secured Lending Fund by 33.5% during the first quarter. Redhawk Wealth Advisors Inc. now owns 31,358 shares of the company's stock valued at $1,015,000 after purchasing an additional 7,869 shares during the period. Institutional investors own 36.49% of the company's stock.

About Blackstone Secured Lending Fund

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).

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