OFS Credit Company, Inc. (NASDAQ:OCCI) Plans $0.11 Monthly Dividend

Posted by Steve Reilly on May 6th, 2024

OFS Credit Company, Inc. (NASDAQ:OCCI – Get Free Report) announced a monthly dividend on Monday, May 6th, Wall Street Journal reports. Stockholders of record on Tuesday, June 18th will be given a dividend of 0.105 per share on Friday, June 28th. This represents a $1.26 dividend on an annualized basis and a dividend yield of 17.50%. The ex-dividend date of this dividend is Tuesday, June 18th.

OFS Credit has raised its dividend by an average of 52.7% per year over the last three years. OFS Credit has a payout ratio of 111.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Performance

Shares of OCCI traded up $0.08 during mid-day trading on Monday, reaching $7.20. 327,352 shares of the company’s stock traded hands, compared to its average volume of 120,729. OFS Credit has a 12 month low of $5.47 and a 12 month high of $10.15. The business’s 50-day moving average price is $7.06 and its 200-day moving average price is $6.75.

OFS Credit (NASDAQ:OCCI – Get Free Report) last posted its quarterly earnings data on Friday, March 8th. The company reported $0.45 EPS for the quarter. The company had revenue of $8.44 million for the quarter. On average, analysts predict that OFS Credit will post 1.14 earnings per share for the current year.

Insiders Place Their Bets

In other OFS Credit news, major shareholder Eagle Point Credit Management sold 42,531 shares of OFS Credit stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $22.63, for a total value of $962,476.53. Following the transaction, the insider now owns 52,266 shares in the company, valued at $1,182,779.58. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last 90 days, insiders have sold 57,818 shares of company stock worth $1,308,701. 9.43% of the stock is owned by insiders.