OFS Credit Company, Inc. (OCCI) to Issue Monthly Dividend of $0.11 on May 31st

Posted by Joseph McCarthy on May 4th, 2024

OFS Credit Company, Inc. (NASDAQ:OCCI – Get Free Report) declared a monthly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Tuesday, May 21st will be given a dividend of 0.105 per share on Friday, May 31st. This represents a $1.26 dividend on an annualized basis and a yield of 17.70%. The ex-dividend date of this dividend is Monday, May 20th. This is an increase from OFS Credit’s previous monthly dividend of $0.10.

OFS Credit has raised its dividend by an average of 52.7% annually over the last three years. OFS Credit has a dividend payout ratio of 111.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect OFS Credit to earn $1.08 per share next year, which means the company may not be able to cover its $1.20 annual dividend with an expected future payout ratio of 111.1%.

OFS Credit Stock Up 1.6 %

Shares of NASDAQ OCCI traded up $0.11 during mid-day trading on Friday, reaching $7.12. 197,245 shares of the company were exchanged, compared to its average volume of 119,676. OFS Credit has a twelve month low of $5.47 and a twelve month high of $10.15. The stock has a market capitalization of $77.04 million, a P/E ratio of -14.24 and a beta of 1.29. The company’s 50-day simple moving average is $7.06 and its 200-day simple moving average is $6.75.

OFS Credit (NASDAQ:OCCI – Get Free Report) last issued its quarterly earnings data on Friday, March 8th. The company reported $0.45 earnings per share (EPS) for the quarter. The firm had revenue of $8.44 million for the quarter. As a group, equities research analysts expect that OFS Credit will post 1.14 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Eagle Point Credit Management sold 1,500 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $22.64, for a total value of $33,960.00. Following the completion of the sale, the insider now owns 109,328 shares of the company’s stock, valued at $2,475,185.92. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 57,818 shares of company stock worth $1,308,701 in the last 90 days. Company insiders own 9.43% of the company’s stock.