Blue Owl Technology Finance Corp. $OTF Stake Raised by Requisite Capital Management LLC

Key Points

• Requisite Capital Management increased its Blue Owl Technology Finance stake by 50.8% in the second quarter, acquiring 635,531 additional shares for a total holding of 1.89 million shares valued at approximately $20.3 million.
• Blue Owl Technology Finance reported quarterly EPS of $0.33, beating estimates of $0.31, while generating $279.5 million in revenue. The stock recently traded at $11.61, below its 52-week high of $15.82.
• The company raised its quarterly dividend to $0.35 per share, implying a 12.1% annualized yield, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $13.60.

Requisite Capital Management LLC lifted its stake in shares of Blue Owl Technology Finance Corp. (NYSE:OTF - Free Report) by 50.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,885,709 shares of the company's stock after acquiring an additional 635,531 shares during the period. Blue Owl Technology Finance accounts for approximately 3.4% of Requisite Capital Management LLC's portfolio, making the stock its 7th biggest holding. Requisite Capital Management LLC owned 0.41% of Blue Owl Technology Finance worth $20,267,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTF. California State Teachers Retirement System purchased a new stake in Blue Owl Technology Finance in the 1st quarter valued at about $250,556,000. Bank of America Corp DE boosted its holdings in shares of Blue Owl Technology Finance by 54.5% in the 1st quarter. Bank of America Corp DE now owns 1,098,349 shares of the company's stock valued at $13,609,000 after purchasing an additional 387,404 shares during the last quarter. Orange County Employees Retirement System purchased a new stake in Blue Owl Technology Finance during the fourth quarter valued at about $116,497,000. Laura & John Arnold Foundation purchased a new stake in shares of Blue Owl Technology Finance during the 2nd quarter worth about $12,420,000. Finally, Rockefeller Capital Management L.P. grew its stake in Blue Owl Technology Finance by 34.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 624,044 shares of the company's stock worth $9,074,000 after buying an additional 159,060 shares during the period.

Blue Owl Technology Finance Trading Down 0.6%

Blue Owl Technology Finance stock opened at $11.61 on Wednesday. Blue Owl Technology Finance Corp. has a 52 week low of $9.75 and a 52 week high of $15.82. The stock has a market cap of $5.32 billion, a P/E ratio of 14.51 and a beta of -0.74. The stock has a 50 day moving average of $10.66 and a 200-day moving average of $11.21.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. The business had revenue of $279.54 million during the quarter. Blue Owl Technology Finance had a net margin of 28.69% and a return on equity of 7.17%. During the same quarter last year, the firm posted $0.45 EPS. As a group, equities analysts predict that Blue Owl Technology Finance Corp. will post 1.25 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 12.1%. The ex-dividend date of this dividend is Wednesday, September 30th. This is an increase from Blue Owl Technology Finance's previous quarterly dividend of $0.05. Blue Owl Technology Finance's payout ratio is presently 175.00%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OTF. Wells Fargo & Company decreased their target price on Blue Owl Technology Finance from $13.00 to $12.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. Citizens Jmp boosted their price objective on shares of Blue Owl Technology Finance from $16.00 to $17.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. Keefe, Bruyette & Woods decreased their price objective on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set a "market perform" rating for the company in a research report on Tuesday, May 12th. Zacks Research upgraded Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a research note on Wednesday, June 10th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Blue Owl Technology Finance in a research report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $13.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.