Truist Financial Cuts Blue Owl Technology Finance (NYSE:OTF) Price Target to $16.00

Blue Owl Technology Finance (NYSE:OTF) had its price objective reduced by Truist Financial from $17.00 to $16.00 in a report published on Monday morning, Marketbeat.com reports. Truist Financial currently has a buy rating on the stock.

A number of other research analysts have also recently weighed in 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. Wells Fargo & Company lowered their price target on shares of Blue Owl Technology Finance from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Blue Owl Technology Finance presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Blue Owl Technology Finance Stock Down 0.2%

NYSE:OTF opened at $11.51 on Monday. Blue Owl Technology Finance has a one year low of $10.99 and a one year high of $21.62. The firm has a market capitalization of $5.36 billion and a PE ratio of 6.77.

Blue Owl Technology Finance (NYSE:OTF) last released its earnings results 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 net margin of 62.89% and a return on equity of 6.91%. The company had revenue of $320.58 million for the quarter, compared to analysts’ expectations of $326.27 million.

Blue Owl Technology Finance declared that its board has authorized a stock buyback program on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase programs 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 declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.35 dividend. 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 12.2%. This is a boost from Blue Owl Technology Finance’s previous quarterly dividend of $0.05. Blue Owl Technology Finance’s payout ratio is presently 82.35%.

Hedge Funds Weigh In On Blue Owl Technology Finance

Hedge funds have recently modified their holdings of the stock. Orange County Employees Retirement System bought a new position in shares of Blue Owl Technology Finance during the fourth quarter worth $116,497,000. Capricorn Investment Group LLC purchased a new stake in Blue Owl Technology Finance in the 4th quarter worth $78,915,000. Franklin Resources Inc. boosted its holdings in shares of Blue Owl Technology Finance by 155,006.8% during the 4th quarter. Franklin Resources Inc. now owns 1,754,258 shares of the company’s stock valued at $25,507,000 after purchasing an additional 1,753,127 shares during the last quarter. Rivernorth Capital Management LLC boosted its holdings in shares of 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 valued at $28,131,000 after purchasing an additional 1,526,695 shares during the last quarter. Finally, Ares Management LLC grew its position in shares of Blue Owl Technology Finance by 111.5% during the fourth quarter. Ares Management LLC now owns 1,140,168 shares of the company’s stock valued at $16,578,000 after purchasing an additional 601,104 shares in the last quarter.

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.