The Manufacturers Life Insurance Company Buys 96,949 Shares of Blue Owl Technology Finance Corp. $OTF

Key Points

• The Manufacturers Life Insurance Company increased its Blue Owl Technology Finance stake by 753.8% in the first quarter, adding 96,949 shares for a total holding valued at approximately $1.36 million.
• Blue Owl Technology Finance reported quarterly EPS of $0.33, beating estimates of $0.31, on revenue of $279.54 million. The stock opened at $11.70, while analysts maintain a “Moderate Buy” consensus and an average price target of $13.60.
• The company raised its quarterly dividend from $0.05 to $0.35 per share, representing an annualized dividend of $1.40 and a 12.0% yield.

The Manufacturers Life Insurance Company raised its position in shares of Blue Owl Technology Finance Corp. (NYSE:OTF - Free Report) by 753.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 109,811 shares of the company's stock after purchasing an additional 96,949 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Blue Owl Technology Finance were worth $1,361,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Clearstead Advisors LLC acquired a new position in shares of Blue Owl Technology Finance in the 4th quarter worth approximately $124,000. Kestra Advisory Services LLC acquired a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $128,000. Abel Hall LLC bought a new position in Blue Owl Technology Finance during the first quarter worth $124,000. Onyx Bridge Wealth Group LLC bought a new position in Blue Owl Technology Finance during the fourth quarter worth $150,000. Finally, Wealth Architects LLC acquired a new position in Blue Owl Technology Finance in the fourth quarter valued at $167,000.

Blue Owl Technology Finance Trading Up 2.8%

NYSE:OTF opened at $11.70 on Wednesday. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 14.63 and a beta of -0.86. The firm has a fifty day simple moving average of $10.57 and a two-hundred day simple moving average of $11.39. Blue Owl Technology Finance Corp. has a 12 month low of $9.75 and a 12 month high of $15.82.

Blue Owl Technology Finance (NYSE:OTF - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.02. The firm had revenue of $279.54 million for the quarter. Blue Owl Technology Finance had a net margin of 28.69% and a return on equity of 7.17%. During the same quarter in the prior year, the company posted $0.45 EPS. Equities analysts predict that Blue Owl Technology Finance Corp. will post 1.26 earnings per share for the current fiscal year.

Blue Owl Technology Finance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. This is an increase 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 dividend on an annualized basis and a yield of 12.0%. Blue Owl Technology Finance's dividend payout ratio (DPR) is currently 175.00%.

Insider Transactions at Blue Owl Technology Finance

In other news, Director Chris Temple purchased 7,000 shares of the business's stock in a transaction on Friday, May 22nd. The shares were acquired at an average price of $10.71 per share, for a total transaction of $74,970.00. Following the completion of the acquisition, the director owned 12,000 shares in the company, valued at approximately $128,520. The trade was a 140.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on OTF shares. Citigroup reaffirmed an "outperform" rating on shares of Blue Owl Technology Finance in a research report on Friday. Wells Fargo & Company dropped their price objective on Blue Owl Technology Finance from $13.00 to $12.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Citizens Jmp upped their target price on Blue Owl Technology Finance from $16.00 to $17.00 and gave the company a "market outperform" rating in a research report on Friday, August 7th. Royal Bank Of Canada decreased their target price on Blue Owl Technology Finance from $14.00 to $12.00 and set a "sector perform" rating for the company in a research note on Monday, May 18th. Finally, Truist Financial lowered their target price on Blue Owl Technology Finance from $16.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, May 19th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.60.

About Blue Owl Technology Finance

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.

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