Cary Street Partners Financial LLC Raises Stock Holdings in Blue Owl Capital Corporation $OBDC

Key Points

• Cary Street Partners Financial LLC boosted its Blue Owl Capital stake by 207.5% in the fourth quarter, ending with 248,287 shares valued at about $3.09 million.
• Blue Owl Capital’s latest quarter missed expectations, reporting EPS of $0.31 versus the $0.35 consensus and revenue of $391 million versus $422.02 million expected.
• The company announced a $300 million share buyback and maintained a quarterly dividend of $0.31 per share, implying an annualized yield of about 11.1%.

Cary Street Partners Financial LLC lifted its stake in shares of Blue Owl Capital Corporation (NYSE:OBDC - Free Report) by 207.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 248,287 shares of the company's stock after acquiring an additional 167,535 shares during the period. Cary Street Partners Financial LLC's holdings in Blue Owl Capital were worth $3,086,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its holdings in Blue Owl Capital by 6.0% in the 3rd quarter. Van ECK Associates Corp now owns 13,364,378 shares of the company's stock valued at $170,663,000 after acquiring an additional 757,203 shares during the last quarter. Bank of America Corp DE grew its position in Blue Owl Capital by 6.5% during the third quarter. Bank of America Corp DE now owns 13,275,411 shares of the company's stock valued at $169,527,000 after acquiring an additional 811,973 shares during the period. UBS Group AG lifted its position in Blue Owl Capital by 40.6% during the fourth quarter. UBS Group AG now owns 8,528,672 shares of the company's stock valued at $106,011,000 after buying an additional 2,463,080 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Blue Owl Capital by 13.7% in the third quarter. Ameriprise Financial Inc. now owns 5,454,128 shares of the company's stock worth $69,005,000 after acquiring an additional 659,025 shares in the last quarter. Finally, Sound Income Strategies LLC raised its stake in shares of Blue Owl Capital by 11.4% in the 4th quarter. Sound Income Strategies LLC now owns 3,779,901 shares of the company's stock valued at $47,665,000 after acquiring an additional 387,347 shares during the period. Institutional investors and hedge funds own 42.83% of the company's stock.

Blue Owl Capital Trading Up 0.0%

NYSE:OBDC opened at $11.19 on Thursday. The firm has a market capitalization of $5.55 billion, a P/E ratio of 15.99 and a beta of 0.64. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.24 and a quick ratio of 1.24. Blue Owl Capital Corporation has a 12-month low of $10.52 and a 12-month high of $15.19. The business has a 50 day simple moving average of $11.23 and a 200 day simple moving average of $11.88.

Blue Owl Capital (NYSE:OBDC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.35 by ($0.04). The company had revenue of $391.00 million for the quarter, compared to the consensus estimate of $422.02 million. Blue Owl Capital had a net margin of 20.21% and a return on equity of 9.76%. Equities research analysts predict that Blue Owl Capital Corporation will post 1.27 EPS for the current year.

Blue Owl Capital 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 repurchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Blue Owl Capital Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.31 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.24 annualized dividend and a dividend yield of 11.1%. Blue Owl Capital's dividend payout ratio (DPR) is 211.43%.

Analysts Set New Price Targets

OBDC has been the topic of several research reports. Keefe, Bruyette & Woods cut their price objective on Blue Owl Capital from $12.50 to $12.00 and set a "market perform" rating on the stock in a research report on Thursday, April 16th. Wall Street Zen lowered shares of Blue Owl Capital from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Royal Bank Of Canada decreased their price objective on shares of Blue Owl Capital from $14.00 to $13.00 and set an "outperform" rating for the company in a research report on Friday, February 20th. Zacks Research upgraded Blue Owl Capital from a "strong sell" rating to a "hold" rating in a research note on Monday, February 23rd. Finally, Wells Fargo & Company dropped their target price on Blue Owl Capital from $12.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Blue Owl Capital currently has an average rating of "Moderate Buy" and a consensus price target of $13.00.

Blue Owl Capital Company Profile

Blue Owl Capital Corporation NYSE: OBDC is a publicly traded business development company sponsored by Blue Owl Capital, a global alternative asset manager. Launched in 2020, the firm provides customized financing solutions to middle-market companies across various industries. As an externally managed BDC, Blue Owl Capital Corporation leverages the deep credit‐investment capabilities of its sponsor to deliver flexible capital tailored to the needs of growing businesses.

The company's investment activities span a range of private credit products, including first‐lien senior secured loans, unitranche facilities, second‐lien financings, mezzanine debt, and minority equity co-investments.

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