Pallas Capital Advisors LLC Purchases 73,966 Shares of Blue Owl Technology Finance Corp. $OTF

Pallas Capital Advisors LLC grew its holdings in Blue Owl Technology Finance Corp. (NYSE:OTF) by 642.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,480 shares of the company’s stock after purchasing an additional 73,966 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Blue Owl Technology Finance were worth $1,243,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in OTF. QP Wealth Management LLC bought a new stake in Blue Owl Technology Finance during the 4th quarter valued at approximately $168,000. Norden Group LLC bought a new stake in shares of Blue Owl Technology Finance in the fourth quarter valued at approximately $169,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Blue Owl Technology Finance by 137.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 73,992 shares of the company’s stock worth $1,044,000 after acquiring an additional 42,888 shares during the last quarter.

Blue Owl Technology Finance Stock Up 0.3%

Shares of OTF stock opened at $12.30 on Monday. The company has a market cap of $5.73 billion and a P/E ratio of 7.24. Blue Owl Technology Finance Corp. has a 12-month low of $10.91 and a 12-month high of $21.62. The company’s 50-day moving average price is $12.47.

Blue Owl Technology Finance (NYSE:OTF) last posted its quarterly earnings data on Wednesday, February 18th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). Blue Owl Technology Finance had a return on equity of 6.91% and a net margin of 62.89%.The firm had revenue of $223.52 million for the quarter, compared to analyst estimates of $326.27 million.

Blue Owl Technology Finance announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Blue Owl Technology Finance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a yield of 11.4%. This is a positive change from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s payout ratio is 82.35%.

Insiders Place Their Bets

In other Blue Owl Technology Finance news, Director Chris Temple acquired 5,000 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was purchased at an average price of $11.49 per share, for a total transaction of $57,450.00. Following the transaction, the director owned 5,000 shares in the company, valued at $57,450. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of 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. Zacks Research upgraded shares of Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods dropped their price objective on shares of Blue Owl Technology Finance from $16.00 to $13.00 and set a “market perform” rating on the stock in a report on Monday, February 23rd. Finally, Truist Financial cut their price objective on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Blue Owl Technology Finance Company Profile

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.