Legal & General Group Plc Purchases New Position in Oaktree Specialty Lending Corp. $OCSL

Key Points

• Legal & General Group acquired 752,396 shares of Oaktree Specialty Lending, valued at approximately $8.98 million and representing about 0.85% of the company. Institutional investors collectively own 36.79% of OCSL.
• Oaktree Specialty Lending reported quarterly EPS of $0.37, exceeding analyst expectations of $0.36, while revenue of $69.15 million fell slightly short of estimates.
• The company cut its quarterly dividend to $0.03 per share, equivalent to a 0.9% annualized yield. Analysts maintain a consensus “Hold” rating with an $11.83 price target, below the reported share price of $13.11.

Legal & General Group Plc acquired a new position in shares of Oaktree Specialty Lending Corp. (NASDAQ:OCSL - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 752,396 shares of the credit services provider's stock, valued at approximately $8,980,000. Legal & General Group Plc owned approximately 0.85% of Oaktree Specialty Lending at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Palliser Capital UK Ltd purchased a new stake in shares of Oaktree Specialty Lending during the 2nd quarter valued at about $3,236,000. Northwestern Mutual Wealth Management Co. purchased a new position in Oaktree Specialty Lending in the 2nd quarter worth approximately $40,000. Allworth Financial LP purchased a new position in Oaktree Specialty Lending in the 2nd quarter worth approximately $41,000. TrinityBridge Ltd acquired a new stake in Oaktree Specialty Lending in the second quarter valued at approximately $88,000. Finally, Bruni J V & Co. Co. acquired a new stake in Oaktree Specialty Lending in the second quarter valued at approximately $29,549,160. Hedge funds and other institutional investors own 36.79% of the company's stock.

Oaktree Specialty Lending Stock Down 1.1%

Shares of Oaktree Specialty Lending stock opened at $13.11 on Wednesday. The business has a 50-day moving average price of $12.34 and a 200 day moving average price of $12.01. 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 market cap of $1.15 billion, a P/E ratio of 27.31 and a beta of 0.50. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.68.

Oaktree Specialty Lending (NASDAQ:OCSL - Get Free Report) last issued its earnings results on Tuesday, August 4th. The credit services provider reported $0.37 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $69.40 million. On average, sell-side analysts forecast that Oaktree Specialty Lending Corp. will post 1.51 earnings per share for the current fiscal year.

Oaktree Specialty Lending Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, September 15th. Oaktree Specialty Lending's dividend payout ratio (DPR) is presently 250.00%.

Analyst Upgrades and Downgrades

OCSL has been the topic of a number of recent research reports. Wall Street Zen cut shares of Oaktree Specialty Lending from a "hold" rating to a "sell" rating in a research report on Tuesday, August 25th. B. Riley Financial reaffirmed a "neutral" rating on shares of Oaktree Specialty Lending in a research note on Friday, August 7th. Oppenheimer set a $13.00 price objective on shares of Oaktree Specialty Lending in a report on Wednesday, May 6th. Finally, Weiss Ratings upgraded Oaktree Specialty Lending from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 7th. Six analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $11.83.

Oaktree Specialty Lending Company Profile

Oaktree Specialty Lending Corporation NASDAQ: OCSL is a closed-end, externally managed specialty finance company structured as a business development company (BDC). Launched in 2014, Oaktree Specialty Lending provides customized debt solutions to U.S. middle-market companies, with a focus on senior secured loans, second-lien financings, mezzanine debt and select equity co-investments. The company’s investment strategy centers on floating-rate instruments designed to offer downside protection and income potential in varying interest rate environments.

The firm’s portfolio spans a diverse array of industries, including healthcare, technology, energy, business services and consumer products.

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