OFS Credit Company, Inc. (NASDAQ:OCCI) Announces Dividend Increase – $0.11 Per Share

Posted by William Tyler 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 increased 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. Research 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 %

OFS Credit stock traded up $0.11 during trading on Friday, hitting $7.12. The stock had a trading volume of 197,245 shares, compared to its average volume of 119,676. The stock’s 50 day moving average is $7.06 and its two-hundred day moving average is $6.75. OFS Credit has a 1 year low of $5.47 and a 1 year high of $10.15. The stock has a market cap of $77.04 million, a price-to-earnings ratio of -14.24 and a beta of 1.29.

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

Insiders Place Their Bets

In other news, major shareholder Eagle Point Credit Management sold 13,515 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $22.62, for a total value of $305,709.30. Following the sale, the insider now owns 123,233 shares of the company’s stock, valued at $2,787,530.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold 57,818 shares of company stock worth $1,308,701 over the last quarter. 9.43% of the stock is currently owned by company insiders.