Key Points
- Insider purchase: Director Eric Kaye bought 1,000 shares at $11.44 each (total $11,440), a transaction disclosed in an SEC filing.
- $300 million buyback: The Board authorized a $300.0 million repurchase program allowing the company to buy up to about 5.1% of outstanding shares.
- Dividend hike: The quarterly dividend was raised to $0.35 (annualized $1.40), yielding 12.9% and up from $0.05 previously, with a payout ratio of 82.35%.
Blue Owl Technology Finance Corp. (NYSE:OTF - Get Free Report) Director Eric Kaye bought 1,000 shares of the firm's stock in a transaction on Wednesday, February 25th. The shares were purchased at an average cost of $11.44 per share, with a total value of $11,440.00. Following the completion of the transaction, the director owned 1,000 shares in the company, valued at $11,440. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Blue Owl Technology Finance Trading Down 2.3%
Shares of NYSE OTF opened at $10.85 on Tuesday. The firm's fifty day moving average price is $11.83. The company has a market cap of $5.01 billion and a price-to-earnings ratio of 6.38. Blue Owl Technology Finance Corp. has a twelve month low of $10.80 and a twelve month high of $21.62.
Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last issued its earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.02). Blue Owl Technology Finance had a net margin of 62.89% and a return on equity of 6.91%. The firm had revenue of $223.52 million for the quarter, compared to the consensus estimate of $326.27 million. On average, equities research analysts anticipate that Blue Owl Technology Finance Corp. will post 1.31 earnings per share for the current year.
Blue Owl Technology Finance declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 18th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.
Blue Owl Technology Finance Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 12.9%. This is an increase from Blue Owl Technology Finance's previous quarterly dividend of $0.05. Blue Owl Technology Finance's dividend payout ratio is currently 82.35%.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the company. Zacks Research raised Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a research report on Monday, January 26th. Truist Financial reduced their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, February 23rd. Keefe, Bruyette & Woods reduced their target price on Blue Owl Technology Finance from $16.00 to $13.00 and set a "market perform" rating on the stock in a research report on Monday, February 23rd. Wells Fargo & Company reduced their target price on Blue Owl Technology Finance from $15.00 to $13.00 and set an "overweight" rating on the stock in a research report on Friday, February 20th. Finally, Citizens Jmp reduced their target price on Blue Owl Technology Finance from $17.00 to $16.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $14.50.
Read Our Latest Analysis on Blue Owl Technology Finance
Institutional Trading of Blue Owl Technology Finance
Large investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. purchased a new stake in Blue Owl Technology Finance during the 4th quarter valued at about $44,000. Clearstead Advisors LLC purchased a new stake in Blue Owl Technology Finance during the 4th quarter valued at about $124,000. Kestra Advisory Services LLC purchased a new stake in Blue Owl Technology Finance during the 4th quarter valued at about $128,000. Cornerstone Partners Capital Management LLC purchased a new stake in Blue Owl Technology Finance during the 4th quarter valued at about $146,000. Finally, Keybank National Association OH purchased a new stake in Blue Owl Technology Finance during the 1st quarter valued at about $148,000.
Blue Owl Technology Finance Company Profile
(
Get Free Report)
Blue Owl Technology Finance (NYSE: OTF) is a publicly traded business development company (BDC) sponsored by alternative asset manager Blue Owl. The firm focuses on providing customized debt and structured capital solutions to technology and technology-enabled companies, with an emphasis on growth-stage and middle-market borrowers. As a BDC, its primary activities include originating, structuring and managing private credit investments tailored to the financing needs of fast-growing businesses.
Its investment approach typically centers on direct lending and credit-oriented products, including senior secured loans, unitranche and subordinated debt, as well as selective equity-linked instruments and structured financings.
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