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

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report) was downgraded by equities researchers at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a report issued on Monday, MarketBeat reports. They currently have a $29.00 price objective on the stock. Wells Fargo & Company's price target suggests a potential downside of 9.12% from the stock's previous close.

A number of other research analysts have also recently commented on the company. Royal Bank of Canada restated an "outperform" rating and set a $33.00 price objective on shares of Blackstone Secured Lending Fund in a research note on Wednesday, August 14th. JPMorgan Chase & Co. raised their price objective on Blackstone Secured Lending Fund from $31.50 to $32.00 and gave the company an "overweight" rating in a research note on Thursday, August 8th. Finally, Compass Point dropped their price target on shares of Blackstone Secured Lending Fund from $33.50 to $32.25 and set a "buy" rating for the company in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Blackstone Secured Lending Fund has an average rating of "Moderate Buy" and an average price target of $31.54.

Blackstone Secured Lending Fund Price Performance

BXSL stock traded down $0.67 during midday trading on Monday, reaching $31.91. 1,364,093 shares of the company's stock traded hands, compared to its average volume of 940,173. Blackstone Secured Lending Fund has a fifty-two week low of $27.23 and a fifty-two week high of $32.67. The business has a 50-day moving average price of $30.75 and a two-hundred day moving average price of $30.64. The company has a market capitalization of $6.91 billion, a P/E ratio of 9.05 and a beta of 0.42.

Hedge Funds Weigh In On Blackstone Secured Lending Fund

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC bought a new position in shares of Blackstone Secured Lending Fund during the third quarter worth about $29,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Blackstone Secured Lending Fund during the 2nd quarter valued at about $32,000. Blue Trust Inc. grew its position in Blackstone Secured Lending Fund by 1,466.7% in the 3rd quarter. Blue Trust Inc. now owns 1,175 shares of the company's stock worth $36,000 after purchasing an additional 1,100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Blackstone Secured Lending Fund in the second quarter valued at approximately $37,000. Finally, Quarry LP bought a new stake in shares of Blackstone Secured Lending Fund during the third quarter valued at approximately $48,000. 36.49% of the stock is currently owned by institutional investors and hedge funds.

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).