Royal Bank of Canada Increases Stake in Blue Owl Capital Corporation $OBDC

Key Points

• The Royal Bank of Canada has increased its stake in Blue Owl Capital Corporation by 3.0%, now owning 7,608,871 shares valued at approximately $111.5 million.
• Analysts have given Blue Owl Capital a consensus rating of "Buy", with a majority of three analysts recommending a "Strong Buy" rating and a price target averaging $15.42.
• Blue Owl Capital will increase its quarterly dividend to $0.02, reflecting a significant rise from the previous $0.01 quarterly dividend.

Royal Bank of Canada grew its holdings in Blue Owl Capital Corporation (NYSE:OBDC - Free Report) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,608,871 shares of the company's stock after purchasing an additional 221,571 shares during the quarter. Royal Bank of Canada owned approximately 1.49% of Blue Owl Capital worth $111,546,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Jane Street Group LLC lifted its holdings in Blue Owl Capital by 349.3% during the 4th quarter. Jane Street Group LLC now owns 573,375 shares of the company's stock worth $8,669,000 after buying an additional 445,761 shares in the last quarter. AXA S.A. purchased a new position in shares of Blue Owl Capital during the fourth quarter valued at about $617,000. Ameriprise Financial Inc. lifted its stake in shares of Blue Owl Capital by 5.2% in the 4th quarter. Ameriprise Financial Inc. now owns 4,786,738 shares of the company's stock worth $72,361,000 after purchasing an additional 236,467 shares during the period. BNP Paribas Financial Markets bought a new stake in Blue Owl Capital during the fourth quarter worth approximately $673,000. Finally, Baird Financial Group Inc. grew its position in shares of Blue Owl Capital by 10.8% in the 4th quarter. Baird Financial Group Inc. now owns 14,555 shares of the company's stock worth $220,000 after buying an additional 1,422 shares during the last quarter. Institutional investors and hedge funds own 42.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on OBDC shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $16.00 target price on shares of Blue Owl Capital in a research report on Thursday, May 15th. B. Riley started coverage on Blue Owl Capital in a research note on Tuesday, May 13th. They issued a "buy" rating and a $15.00 target price on the stock. Finally, LADENBURG THALM/SH SH upgraded Blue Owl Capital to a "strong-buy" rating in a research note on Friday, August 8th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $15.42.

Blue Owl Capital Stock Performance

Shares of NYSE:OBDC traded down $0.08 during trading on Monday, reaching $14.27. The company had a trading volume of 1,668,516 shares, compared to its average volume of 3,154,883. The firm has a market capitalization of $7.29 billion, a price-to-earnings ratio of 9.45 and a beta of 0.76. The stock's fifty day moving average price is $14.42 and its 200 day moving average price is $14.41. Blue Owl Capital Corporation has a fifty-two week low of $12.11 and a fifty-two week high of $15.73. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.80 and a quick ratio of 0.80.

Blue Owl Capital (NYSE:OBDC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.01. Blue Owl Capital had a net margin of 38.29% and a return on equity of 11.24%. The business had revenue of $485.84 million for the quarter, compared to analysts' expectations of $480.42 million. As a group, equities research analysts predict that Blue Owl Capital Corporation will post 1.71 EPS for the current year.

Blue Owl Capital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.02 per share. The ex-dividend date is Friday, August 29th. This is a positive change from Blue Owl Capital's previous quarterly dividend of $0.01. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. Blue Owl Capital's dividend payout ratio (DPR) is presently 98.01%.

Blue Owl Capital Profile

Blue Owl Capital Corporation is a business development company. It specializes in direct and fund of fund investments. The fund makes investments in senior secured, direct lending or unsecured loans, subordinated loans or mezzanine loans and also considers equity-related securities including warrants and preferred stocks also pursues preferred equity investments, first lien, unitranche, and second lien term loans and common equity investments.