Royal Bank of Canada Has $10.24 Million Stock Holdings in Blue Owl Technology Finance Corp. $OTF

Key Points

• Royal Bank of Canada increased its Blue Owl Technology Finance stake by 179% in the first quarter, adding 530,185 shares to own 826,317 shares valued at approximately $10.24 million.
• Analyst sentiment remains moderately bullish, with an average rating of “Moderate Buy” and a consensus price target of $13.60, although several firms recently lowered their targets to around $12–$15.
• Blue Owl Technology Finance reported quarterly EPS of $0.33, exceeding estimates of $0.31, and raised its quarterly dividend to $0.35—equivalent to a 11.9% annualized yield, though its payout ratio is high at 175%.

Royal Bank of Canada grew its stake in shares of Blue Owl Technology Finance Corp. (NYSE:OTF - Free Report) by 179.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 826,317 shares of the company's stock after acquiring an additional 530,185 shares during the quarter. Royal Bank of Canada owned about 0.18% of Blue Owl Technology Finance worth $10,238,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Clearstead Advisors LLC acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at about $124,000. Abel Hall LLC bought a new stake in Blue Owl Technology Finance during the first quarter worth about $124,000. Kestra Advisory Services LLC acquired a new stake in Blue Owl Technology Finance during the fourth quarter worth about $128,000. Keybank National Association OH bought a new position in Blue Owl Technology Finance in the 1st quarter valued at about $148,000. Finally, Onyx Bridge Wealth Group LLC bought a new position in Blue Owl Technology Finance in the 4th quarter valued at about $150,000.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Truist Financial reduced their price objective on shares of Blue Owl Technology Finance from $16.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, May 19th. Royal Bank Of Canada cut their target price on Blue Owl Technology Finance from $14.00 to $12.00 and set a "sector perform" rating on the stock in a report on Monday, May 18th. Keefe, Bruyette & Woods reduced their price target on Blue Owl Technology Finance from $13.00 to $12.00 and set a "market perform" rating on the stock in a research report on Tuesday, May 12th. Zacks Research raised Blue Owl Technology Finance from a "strong sell" rating to a "hold" rating in a research note on Wednesday, June 10th. Finally, Citigroup restated an "outperform" rating on shares of Blue Owl Technology Finance in a research report on Friday. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $13.60.

Insider Activity

In other Blue Owl Technology Finance news, Director Chris Temple bought 7,000 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was acquired at an average price of $10.71 per share, with a total value of $74,970.00. Following the completion of the purchase, the director directly owned 12,000 shares of the company's stock, valued at approximately $128,520. This trade represents a 140.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Melissa Weiler bought 10,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $10.90 per share, with a total value of $109,000.00. Following the completion of the acquisition, the director owned 10,000 shares of the company's stock, valued at $109,000. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.05% of the company's stock.

Blue Owl Technology Finance Stock Performance

NYSE:OTF opened at $11.73 on Monday. Blue Owl Technology Finance Corp. has a 52 week low of $9.75 and a 52 week high of $15.82. The firm's fifty day moving average is $10.55 and its 200-day moving average is $11.43. The firm has a market cap of $5.38 billion, a P/E ratio of 14.66 and a beta of -0.86.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share 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 period in the prior year, the business earned $0.45 EPS. As a group, sell-side analysts anticipate that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current year.

Blue Owl Technology Finance Increases Dividend

The firm also recently disclosed 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 is a boost from Blue Owl Technology Finance's previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 11.9%. Blue Owl Technology Finance's dividend payout ratio is 175.00%.

Blue Owl Technology Finance Profile

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.

Want to see what other hedge funds are holding OTF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blue Owl Technology Finance Corp. (NYSE:OTF - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source