Envestnet Asset Management Inc. Raises Stake in Blue Owl Capital Corporation $OBDC

Key Points

• Envestnet Asset Management increased its Blue Owl Capital stake by 406.9% in the second quarter, bringing its holdings to 489,975 shares valued at approximately $5.3 million. Institutional investors collectively own 42.83% of OBDC.
• Blue Owl Capital reported quarterly EPS of $0.34, exceeding the $0.32 analyst consensus, while revenue of $396 million also topped estimates. Analysts project full-year EPS of $1.29.
• The company declared a quarterly dividend of $0.31 per share, equivalent to $1.24 annually and a 12.0% yield. Despite the high payout ratio, analysts maintain a “Moderate Buy” consensus with an average $13 price target versus the stock’s $10.31 price.

Envestnet Asset Management Inc. grew its holdings in Blue Owl Capital Corporation (NYSE:OBDC - Free Report) by 406.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 489,975 shares of the company's stock after purchasing an additional 393,311 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.10% of Blue Owl Capital worth $5,326,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp grew its stake in Blue Owl Capital by 17.8% in the second quarter. State Street Corp now owns 732,566 shares of the company's stock valued at $8,189,000 after purchasing an additional 110,908 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Blue Owl Capital by 178.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 41,418 shares of the company's stock worth $450,000 after purchasing an additional 26,530 shares in the last quarter. Palogic Value Management L.P. grew its stake in Blue Owl Capital by 12.1% during the 2nd quarter. Palogic Value Management L.P. now owns 172,238 shares of the company's stock worth $1,872,000 after buying an additional 18,613 shares during the last quarter. Cidel Asset Management Inc. acquired a new position in Blue Owl Capital during the 2nd quarter valued at about $531,000. Finally, Concorde Asset Management LLC increased its holdings in shares of Blue Owl Capital by 312.7% during the second quarter. Concorde Asset Management LLC now owns 56,600 shares of the company's stock valued at $633,000 after acquiring an additional 42,885 shares in the last quarter. 42.83% of the stock is currently owned by institutional investors.

Blue Owl Capital Trading Down 1.2%

NYSE OBDC opened at $10.31 on Friday. Blue Owl Capital Corporation has a 1 year low of $10.23 and a 1 year high of $13.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market capitalization of $5.09 billion, a PE ratio of 18.42 and a beta of 0.64. The company has a fifty day moving average of $11.18 and a 200 day moving average of $11.13.

Blue Owl Capital (NYSE:OBDC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.02. Blue Owl Capital had a return on equity of 9.49% and a net margin of 16.99%.The business had revenue of $396.00 million during the quarter, compared to analyst estimates of $394.23 million. During the same quarter last year, the business posted $0.40 EPS. Research analysts forecast that Blue Owl Capital Corporation will post 1.29 earnings per share for the current year.

Blue Owl Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 12.0%. The ex-dividend date is Wednesday, September 30th. Blue Owl Capital's dividend payout ratio is 221.43%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OBDC. Lucid Cap Mkts raised shares of Blue Owl Capital to a "strong-buy" rating in a research report on Friday, July 24th. Wall Street Zen raised shares of Blue Owl Capital from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Capital One Financial set a $13.00 price target on shares of Blue Owl Capital in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $13.00.

Blue Owl Capital Profile

Blue Owl Capital Corporation NYSE: OBDC is a business development company that provides financing to middle-market companies. The company invests primarily in privately held businesses through senior secured loans, including first-lien and unitranche loans, as well as second-lien debt, subordinated debt and equity investments.

OBDC's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. Its portfolio companies operate across a range of industries, and the company generally focuses on established businesses that may have limited access to traditional financing sources.

The company was formed as Owl Rock Capital Corporation and began operations in 2016.

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