Whittier Trust Co. Acquires 62,652 Shares of Blue Owl Technology Finance Corp. $OTF

Whittier Trust Co. increased its holdings in Blue Owl Technology Finance Corp. (NYSE:OTF) by 4,764.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,967 shares of the company’s stock after purchasing an additional 62,652 shares during the period. Whittier Trust Co.’s holdings in Blue Owl Technology Finance were worth $725,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Orange County Employees Retirement System bought a new stake in shares of Blue Owl Technology Finance during the 4th quarter worth $116,497,000. Capricorn Investment Group LLC bought a new position in Blue Owl Technology Finance in the 4th quarter worth $78,915,000. Franklin Resources Inc. raised its holdings in Blue Owl Technology Finance by 155,006.8% in the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock worth $25,507,000 after acquiring an additional 1,753,127 shares during the period. Rivernorth Capital Management LLC lifted its position in Blue Owl Technology Finance by 374.2% during the 4th quarter. Rivernorth Capital Management LLC now owns 1,934,726 shares of the company’s stock worth $28,131,000 after acquiring an additional 1,526,695 shares during the last quarter. Finally, Ares Management LLC lifted its position in Blue Owl Technology Finance by 111.5% during the 4th quarter. Ares Management LLC now owns 1,140,168 shares of the company’s stock worth $16,578,000 after acquiring an additional 601,104 shares during the last quarter.

Blue Owl Technology Finance Stock Performance

Shares of NYSE OTF opened at $10.19 on Thursday. Blue Owl Technology Finance Corp. has a 1-year low of $10.11 and a 1-year high of $15.82. The business has a 50-day moving average of $10.86. The company has a market capitalization of $4.71 billion and a P/E ratio of 11.32.

Blue Owl Technology Finance (NYSE:OTF) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). The firm had revenue of $222.12 million during the quarter. Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.During the same period last year, the firm posted $0.41 EPS. As a group, research analysts expect that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th 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, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 13.7%. Blue Owl Technology Finance’s dividend payout ratio (DPR) is presently 155.56%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Zacks Research raised Blue Owl Technology Finance from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Keefe, Bruyette & Woods cut their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating for the company in a report on Tuesday, May 12th. Citizens Jmp reduced their price objective on Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Truist Financial lowered their price objective on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Finally, Royal Bank Of Canada cut their target price on shares of Blue Owl Technology Finance from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Monday, May 18th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.40.

Insider Activity at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Chris Temple acquired 7,000 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were acquired at an average price of $10.71 per share, with a total value of $74,970.00. Following the completion of the transaction, the director directly owned 12,000 shares in the company, valued at $128,520. This trade represents a 140.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Melissa Weiler acquired 10,000 shares of Blue Owl Technology Finance stock in a transaction dated Wednesday, May 13th. The shares were acquired at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the purchase, the director owned 10,000 shares in the company, valued at approximately $109,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 18,000 shares of company stock worth $194,710 over the last 90 days. Corporate insiders own 0.05% of the company’s stock.

Blue Owl Technology Finance 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.