Blue Owl Technology Finance (NYSE:OTF) Price Target Cut to $16.00 by Analysts at Truist Financial

Blue Owl Technology Finance (NYSE:OTF) had its target price cut by Truist Financial from $17.00 to $16.00 in a research report released on Monday, MarketBeat.com reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on OTF. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Wells Fargo & Company lowered their price target on Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.00.

Blue Owl Technology Finance Stock Performance

NYSE OTF opened at $11.21 on Monday. The stock has a market capitalization of $5.22 billion and a price-to-earnings ratio of 6.59. Blue Owl Technology Finance has a 12 month low of $10.99 and a 12 month high of $21.62.

Blue Owl Technology Finance (NYSE:OTF) last released its quarterly earnings results on Wednesday, February 18th. The company reported $0.30 earnings per share (EPS) 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 company had revenue of $320.58 million during the quarter, compared to analysts’ expectations of $326.27 million.

Blue Owl Technology Finance Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 12.5%. Blue Owl Technology Finance’s dividend payout ratio (DPR) is currently 82.35%.

Blue Owl Technology Finance declared that its Board of Directors has approved a stock buyback plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Blue Owl Technology Finance

Several hedge funds have recently modified their holdings of the stock. Apollon Wealth Management LLC boosted its holdings in Blue Owl Technology Finance by 260.2% in the fourth quarter. Apollon Wealth Management LLC now owns 72,751 shares of the company’s stock valued at $1,058,000 after purchasing an additional 52,551 shares during the period. Diversify Advisory Services LLC raised its position in Blue Owl Technology Finance by 79.3% in the 4th quarter. Diversify Advisory Services LLC now owns 75,188 shares of the company’s stock valued at $1,064,000 after purchasing an additional 33,263 shares in the last quarter. Leo Wealth LLC purchased a new position in shares of Blue Owl Technology Finance in the 4th quarter valued at about $202,000. Cornerstone Partners Capital Management LLC acquired a new position in shares of Blue Owl Technology Finance during the fourth quarter worth about $146,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth approximately $44,000.

About Blue Owl Technology Finance

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.