JPMorgan Chase & Co. Cuts Blackstone Secured Lending Fund (NYSE:BXSL) Price Target to $24.00

Blackstone Secured Lending Fund (NYSE:BXSL) had its price objective decreased by JPMorgan Chase & Co. from $27.00 to $24.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 1.76% from the stock’s previous close.

A number of other research firms also recently commented on BXSL. Wall Street Zen downgraded shares of Blackstone Secured Lending Fund from a “hold” rating to a “sell” rating in a report on Sunday, March 1st. Royal Bank Of Canada lowered their price target on Blackstone Secured Lending Fund from $29.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Truist Financial reduced their price objective on Blackstone Secured Lending Fund from $33.00 to $30.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Wells Fargo & Company lowered Blackstone Secured Lending Fund from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $26.00 to $24.00 in a report on Wednesday, January 7th. Finally, Bank of America cut their price target on Blackstone Secured Lending Fund from $33.50 to $29.00 and set a “buy” rating for the company in a research note on Friday, November 28th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.50.

Blackstone Secured Lending Fund Price Performance

NYSE BXSL traded down $0.13 on Friday, hitting $23.59. 1,215,568 shares of the company’s stock were exchanged, compared to its average volume of 2,463,475. The firm’s 50-day moving average price is $25.18 and its two-hundred day moving average price is $26.57. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of 9.60 and a beta of 0.43. Blackstone Secured Lending Fund has a fifty-two week low of $23.30 and a fifty-two week high of $33.73.

Blackstone Secured Lending Fund (NYSE:BXSL) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. Blackstone Secured Lending Fund had a return on equity of 11.82% and a net margin of 39.69%.The firm had revenue of $196.54 million for the quarter, compared to analyst estimates of $359.59 million. On average, research analysts predict that Blackstone Secured Lending Fund will post 3.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Blackstone Secured Lending Fund

Several institutional investors and hedge funds have recently modified their holdings of the company. Delphi Management Inc. MA raised its holdings in Blackstone Secured Lending Fund by 0.9% in the 4th quarter. Delphi Management Inc. MA now owns 45,939 shares of the company’s stock valued at $1,210,000 after acquiring an additional 421 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in shares of Blackstone Secured Lending Fund by 5.9% during the third quarter. Prime Capital Investment Advisors LLC now owns 7,704 shares of the company’s stock worth $201,000 after purchasing an additional 430 shares during the last quarter. Comprehensive Money Management Services LLC grew its position in shares of Blackstone Secured Lending Fund by 2.7% in the third quarter. Comprehensive Money Management Services LLC now owns 16,916 shares of the company’s stock valued at $441,000 after purchasing an additional 440 shares during the period. Walter & Keenan Wealth Management LLC IN ADV grew its position in shares of Blackstone Secured Lending Fund by 1.8% in the fourth quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 25,632 shares of the company’s stock valued at $675,000 after purchasing an additional 443 shares during the period. Finally, Wealthspire Advisors LLC increased its stake in Blackstone Secured Lending Fund by 2.4% in the fourth quarter. Wealthspire Advisors LLC now owns 19,343 shares of the company’s stock valued at $509,000 after purchasing an additional 461 shares during the last quarter. Hedge funds and other institutional investors own 36.49% of the company’s stock.

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.