Blackstone Secured Lending Fund (NYSE:BXSL) Reaches New 52-Week High - Here's What Happened

Blackstone Secured Lending Fund (NYSE:BXSL - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $32.67 and last traded at $32.62, with a volume of 293202 shares traded. The stock had previously closed at $32.12.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BXSL. Wells Fargo & Company reduced their target price on Blackstone Secured Lending Fund from $32.00 to $31.00 and set an "overweight" rating for the company in a report on Thursday, August 8th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $33.00 price objective on shares of Blackstone Secured Lending Fund in a report on Wednesday, August 14th. JPMorgan Chase & Co. lifted their target price on shares of Blackstone Secured Lending Fund from $31.50 to $32.00 and gave the stock an "overweight" rating in a report on Thursday, August 8th. Finally, Compass Point decreased 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 report on Friday, November 15th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $31.88.

Blackstone Secured Lending Fund Trading Up 1.4 %

The firm has a market cap of $7.06 billion, a P/E ratio of 9.05 and a beta of 0.42. The company's fifty day moving average price is $30.75 and its two-hundred day moving average price is $30.64.

Blackstone Secured Lending Fund Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.77 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.08 dividend on an annualized basis and a yield of 9.45%. Blackstone Secured Lending Fund's dividend payout ratio is 85.56%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ensign Peak Advisors Inc increased its stake in shares of Blackstone Secured Lending Fund by 51.7% in the 2nd quarter. Ensign Peak Advisors Inc now owns 5,035,082 shares of the company's stock valued at $154,174,000 after buying an additional 1,715,357 shares during the period. Van ECK Associates Corp increased its position in Blackstone Secured Lending Fund by 10.9% in the third quarter. Van ECK Associates Corp now owns 3,527,608 shares of the company's stock worth $109,814,000 after purchasing an additional 346,894 shares during the period. Northeast Financial Consultants Inc raised its holdings in Blackstone Secured Lending Fund by 12.5% during the 3rd quarter. Northeast Financial Consultants Inc now owns 2,096,848 shares of the company's stock worth $61,417,000 after purchasing an additional 232,379 shares during the last quarter. HighTower Advisors LLC lifted its position in Blackstone Secured Lending Fund by 2.1% during the 3rd quarter. HighTower Advisors LLC now owns 1,125,528 shares of the company's stock valued at $32,938,000 after purchasing an additional 23,386 shares during the period. Finally, Sound Income Strategies LLC boosted its stake in shares of Blackstone Secured Lending Fund by 22.0% in the 3rd quarter. Sound Income Strategies LLC now owns 926,633 shares of the company's stock valued at $27,141,000 after purchasing an additional 166,978 shares during the last quarter. Institutional investors and hedge funds 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).