Blackstone Secured Lending Fund (NYSE:BXSL) Downgraded to Equal Weight Rating by Wells Fargo & Company

Wells Fargo & Company lowered shares of Blackstone Secured Lending Fund (NYSE:BXSL) from an overweight rating to an equal weight rating in a research note issued to investors on Monday morning, MarketBeat.com reports. They currently have $29.00 price target on the stock.

Several other research firms have also weighed in on BXSL. JPMorgan Chase & Co. lifted their target price on Blackstone Secured Lending Fund from $31.50 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $33.00 target price on shares of Blackstone Secured Lending Fund in a research report on Wednesday, August 14th. Finally, Compass Point reduced their target price on shares of Blackstone Secured Lending Fund from $33.50 to $32.25 and set a “buy” rating for the company in a report on Friday, November 15th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.54.

Blackstone Secured Lending Fund Stock Down 2.1 %

Shares of Blackstone Secured Lending Fund stock opened at $31.91 on Monday. The stock has a market cap of $6.91 billion, a PE ratio of 8.86 and a beta of 0.42. The business has a fifty day simple moving average of $30.78 and a 200 day simple moving average of $30.65. Blackstone Secured Lending Fund has a 12 month low of $27.23 and a 12 month high of $32.67.

Blackstone Secured Lending Fund Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 9.65%. The ex-dividend date is Tuesday, December 31st. Blackstone Secured Lending Fund’s dividend payout ratio (DPR) is presently 85.56%.

Institutional Investors Weigh In On Blackstone Secured Lending Fund

A number of large investors have recently added to or reduced their stakes in BXSL. Shikiar Asset Management Inc. lifted its position in Blackstone Secured Lending Fund by 2.8% during the second quarter. Shikiar Asset Management Inc. now owns 495,050 shares of the company’s stock worth $15,158,000 after acquiring an additional 13,685 shares during the last quarter. Comerica Bank grew its position in Blackstone Secured Lending Fund by 1.1% in the first quarter. Comerica Bank now owns 33,934 shares of the company’s stock valued at $1,057,000 after acquiring an additional 361 shares during the last quarter. Cooper Financial Group increased its position in Blackstone Secured Lending Fund by 60.9% during the 2nd quarter. Cooper Financial Group now owns 25,302 shares of the company’s stock worth $775,000 after purchasing an additional 9,576 shares in the last quarter. Walter & Keenan Wealth Management LLC IN ADV lifted its stake in shares of Blackstone Secured Lending Fund by 27.1% in the 2nd quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 56,097 shares of the company’s stock valued at $1,718,000 after acquiring an additional 11,977 shares during the last quarter. Finally, Diversify Advisory Services LLC raised its position in Blackstone Secured Lending Fund by 1.9% in the second quarter. Diversify Advisory Services LLC now owns 88,885 shares of the company’s stock valued at $2,732,000 after purchasing an additional 1,664 shares during the last quarter. 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).