Zacks Research Downgrades Blackstone Secured Lending Fund (NYSE:BXSL) to Strong Sell

Key Points

• Zacks Research downgraded Blackstone Secured Lending Fund (NYSE:BXSL) from “hold” to “strong sell,” signaling a notably more bearish view on the stock.
• Other analysts remain mixed, with the stock currently carrying an overall Hold consensus and an average price target of $24.75 despite several recent target cuts.
• BXSL shares were trading around $23.14, near the lower end of their 52-week range; the company also recently beat quarterly EPS estimates but fell short on revenue.

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Royal Bank Of Canada cut their target price on Blackstone Secured Lending Fund from $28.00 to $26.00 and set an "outperform" rating on the stock in a research note on Monday, May 18th. Wells Fargo & Company decreased their price target on Blackstone Secured Lending Fund from $24.00 to $22.00 and set an "underweight" rating for the company in a research report on Friday, May 8th. UBS Group dropped their price target on Blackstone Secured Lending Fund from $24.75 to $24.50 and set a "neutral" rating on the stock in a report on Monday, May 18th. B. Riley Financial cut their price objective on Blackstone Secured Lending Fund from $24.50 to $23.50 and set a "neutral" rating on the stock in a research report on Tuesday, May 12th. Finally, Truist Financial decreased their target price on Blackstone Secured Lending Fund from $30.00 to $26.00 and set a "buy" rating for the company in a research report on Tuesday, May 19th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $24.75.

Blackstone Secured Lending Fund Stock Down 0.4%

Shares of Blackstone Secured Lending Fund stock opened at $23.14 on Tuesday. The company has a market cap of $5.38 billion, a PE ratio of 12.12 and a beta of 0.37. Blackstone Secured Lending Fund has a 52 week low of $22.47 and a 52 week high of $32.81. The business has a 50 day moving average price of $23.80 and a 200-day moving average price of $24.53.

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.02. The company had revenue of $254.64 million for the quarter, compared to analysts' expectations of $353.15 million. Blackstone Secured Lending Fund had a return on equity of 11.73% and a net margin of 31.63%. As a group, research analysts anticipate that Blackstone Secured Lending Fund will post 2.77 EPS for the current year.

Insider Buying and Selling

In other Blackstone Secured Lending Fund news, insider Robert J. Bass acquired 2,095 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $23.80 per share, with a total value of $49,861.00. Following the completion of the acquisition, the insider directly owned 25,107 shares in the company, valued at $597,546.60. This trade represents a 9.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.11% of the stock is currently owned by company insiders.

Institutional Trading of Blackstone Secured Lending Fund

A number of institutional investors have recently modified their holdings of the business. Empowered Funds LLC grew its stake in Blackstone Secured Lending Fund by 139.9% in the 1st quarter. Empowered Funds LLC now owns 18,340 shares of the company's stock valued at $593,000 after buying an additional 10,696 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Blackstone Secured Lending Fund by 15.9% in the second quarter. Invesco Ltd. now owns 90,513 shares of the company's stock worth $2,783,000 after acquiring an additional 12,450 shares during the period. Marshall Wace LLP bought a new position in shares of Blackstone Secured Lending Fund in the second quarter worth $2,122,000. NewEdge Advisors LLC grew its position in shares of Blackstone Secured Lending Fund by 568.7% in the second quarter. NewEdge Advisors LLC now owns 20,281 shares of the company's stock valued at $624,000 after purchasing an additional 17,248 shares in the last quarter. Finally, Nebula Research & Development LLC purchased a new position in shares of Blackstone Secured Lending Fund in the second quarter valued at $455,000. 36.49% of the stock is currently owned by hedge funds and other institutional investors.

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.

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