Blackstone Secured Lending Fund (NYSE:BXSL) Upgraded by Keefe, Bruyette & Woods to "Outperform" Rating

Key Points

• Keefe, Bruyette & Woods upgraded the Blackstone Secured Lending Fund (NYSE:BXSL) to an "outperform" rating with a price target of $30.00, indicating a potential upside of 13.57% from the previous close.
• Overall, the stock has received a consensus rating of "Moderate Buy" from analysts, with an average price target of $31.16.
• Despite the upgrade, the stock was down 0.6% to open at $26.42, marking a significant drop from its 12-month high of $34.64.

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) was upgraded by equities researchers at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a report issued on Monday,Finviz reports. The brokerage currently has a $30.00 price target on the stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 13.57% from the company's previous close.

Several other brokerages have also weighed in on BXSL. B. Riley assumed coverage on shares of Blackstone Secured Lending Fund in a research report on Thursday, September 25th. They set a "buy" rating and a $32.00 price objective on the stock. Wells Fargo & Company raised their price target on shares of Blackstone Secured Lending Fund from $27.00 to $28.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. decreased their price objective 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. Royal Bank Of Canada cut their target price on Blackstone Secured Lending Fund from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Thursday, September 4th. Finally, UBS Group began coverage on Blackstone Secured Lending Fund in a report on Thursday, September 11th. They set a "neutral" rating and a $31.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Blackstone Secured Lending Fund presently has a consensus rating of "Moderate Buy" and an average price target of $31.16.

Blackstone Secured Lending Fund Stock Down 0.6%

BXSL opened at $26.42 on Monday. The firm has a market capitalization of $6.08 billion, a P/E ratio of 9.30 and a beta of 0.42. The stock has a fifty day moving average of $29.18 and a 200-day moving average of $30.29. Blackstone Secured Lending Fund has a 12-month low of $25.73 and a 12-month high of $34.64.

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.04). The business had revenue of $344.80 million for the quarter, compared to analyst estimates of $353.55 million. Blackstone Secured Lending Fund had a net margin of 44.25% and a return on equity of 12.07%. On average, analysts expect that Blackstone Secured Lending Fund will post 3.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BXSL. CCLA Investment Management increased its holdings in Blackstone Secured Lending Fund by 54.1% in the 1st quarter. CCLA Investment Management now owns 3,214,583 shares of the company's stock valued at $104,023,000 after buying an additional 1,128,986 shares during the period. Bank of America Corp DE lifted its stake in Blackstone Secured Lending Fund by 11.9% during the second quarter. Bank of America Corp DE now owns 7,820,346 shares of the company's stock worth $240,476,000 after purchasing an additional 832,179 shares during the period. Northeast Financial Consultants Inc boosted its holdings in Blackstone Secured Lending Fund by 33.1% during the first quarter. Northeast Financial Consultants Inc now owns 3,142,688 shares of the company's stock valued at $101,697,000 after purchasing an additional 781,394 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Blackstone Secured Lending Fund by 106.0% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,166,150 shares of the company's stock worth $35,859,000 after buying an additional 600,150 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Blackstone Secured Lending Fund by 28.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,360,310 shares of the company's stock worth $41,830,000 after buying an additional 297,519 shares during the period. 36.49% of the stock is currently owned by institutional investors and hedge funds.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.