Bank of America Corp DE Makes New $1.79 Million Investment in Oaktree Specialty Lending Corp. $OCSL

Key Points

• Bank of America acquired 150,251 shares of Oaktree Specialty Lending worth approximately $1.79 million, while institutional investors and hedge funds collectively own 36.79% of the company.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and an average price target of $11.83. The stock recently opened at $11.99.
• Oaktree Specialty Lending reported quarterly EPS of $0.37, slightly above estimates, but cut its quarterly dividend from $0.30 to $0.03 per share, resulting in a 1.0% annualized yield.

Bank of America Corp DE acquired a new position in shares of Oaktree Specialty Lending Corp. (NASDAQ:OCSL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 150,251 shares of the credit services provider's stock, valued at approximately $1,794,000. Bank of America Corp DE owned approximately 0.17% of Oaktree Specialty Lending as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of OCSL. Private Management Group Inc. raised its holdings in Oaktree Specialty Lending by 8.1% during the 4th quarter. Private Management Group Inc. now owns 3,259,370 shares of the credit services provider's stock worth $41,524,000 after buying an additional 245,207 shares during the period. Bruni J V & Co. Co. purchased a new stake in Oaktree Specialty Lending in the 2nd quarter worth approximately $29,549,160. Rivernorth Capital Management LLC raised its holdings in shares of Oaktree Specialty Lending by 1.0% during the first quarter. Rivernorth Capital Management LLC now owns 1,279,906 shares of the credit services provider's stock worth $14,463,000 after acquiring an additional 12,208 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Oaktree Specialty Lending during the second quarter worth $8,980,000. Finally, Royal Bank of Canada boosted its position in Oaktree Specialty Lending by 3.9% during the first quarter. Royal Bank of Canada now owns 479,660 shares of the credit services provider's stock valued at $5,420,000 after purchasing an additional 18,217 shares during the last quarter. 36.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wall Street Zen upgraded Oaktree Specialty Lending from a "sell" rating to a "hold" rating in a research note on Saturday, September 26th. Weiss Ratings raised Oaktree Specialty Lending from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 7th. Finally, B. Riley Financial reissued a "neutral" rating on shares of Oaktree Specialty Lending in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $11.83.

Oaktree Specialty Lending Stock Up 0.8%

Oaktree Specialty Lending stock opened at $11.99 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.19 and a quick ratio of 0.19. Oaktree Specialty Lending Corp. has a fifty-two week low of $10.63 and a fifty-two week high of $14.31. The firm has a fifty day moving average price of $12.57 and a two-hundred day moving average price of $12.14. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 24.98 and a beta of 0.52.

Oaktree Specialty Lending (NASDAQ:OCSL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. Oaktree Specialty Lending had a return on equity of 9.70% and a net margin of 14.45%.The company had revenue of $69.15 million for the quarter, compared to the consensus estimate of $69.40 million. As a group, analysts forecast that Oaktree Specialty Lending Corp. will post 1.51 earnings per share for the current year.

Oaktree Specialty Lending Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.03 dividend. This is a negative change from Oaktree Specialty Lending's previous quarterly dividend of $0.30. This represents a $0.12 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, September 15th. Oaktree Specialty Lending's dividend payout ratio (DPR) is currently 250.00%.

About Oaktree Specialty Lending

Oaktree Specialty Lending Corporation NASDAQ: OCSL is a business development company that provides financing to middle-market companies. The company seeks to generate current income and capital appreciation by investing in privately negotiated debt and equity securities, with an emphasis on credit opportunities that may be underserved by traditional lenders.

OCSL primarily invests in first-lien and second-lien loans, subordinated debt, and, to a lesser extent, equity investments. Its portfolio companies operate across a range of industries, and the company generally focuses on established businesses in the United States.

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