OFS Credit Company, Inc. Announces Monthly Dividend of $0.05 (NASDAQ:OCCI)

Key Points

• OFS Credit declared a monthly dividend of $0.05 per share, payable October 30 to shareholders of record on October 15. The dividend implies a 24.3% annualized yield.
• The company’s dividend payout ratio is 127.9%, indicating that earnings alone do not currently cover the dividend and that balance-sheet resources may be needed to fund payments.
• OCCI opened at $2.47, near its 52-week low of $2.15, while hedge funds and other institutional investors owned approximately 23.77% of the stock.

OFS Credit Company, Inc. (NASDAQ:OCCI - Get Free Report) announced a monthly dividend on Monday, August 17th. Shareholders of record on Thursday, October 15th will be given a dividend of 0.05 per share on Friday, October 30th. This represents a c) annualized dividend and a dividend yield of 24.3%. The ex-dividend date of this dividend is Thursday, October 15th.

OFS Credit has a dividend payout ratio of 127.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

OFS Credit Stock Performance

NASDAQ:OCCI opened at $2.47 on Tuesday. OFS Credit has a 52-week low of $2.15 and a 52-week high of $6.14. The firm has a market cap of $72.55 million, a price-to-earnings ratio of -2.02 and a beta of 0.72. The business's fifty day moving average is $2.56 and its 200 day moving average is $3.03.

OFS Credit (NASDAQ:OCCI - Get Free Report) last posted its earnings results on Tuesday, June 9th. The company reported $0.19 earnings per share (EPS) for the quarter. The firm had revenue of $9.20 million during the quarter.

Hedge Funds Weigh In On OFS Credit

A number of large investors have recently modified their holdings of the company. Virtus Investment Advisers LLC raised its holdings in shares of OFS Credit by 0.9% during the 4th quarter. Virtus Investment Advisers LLC now owns 421,233 shares of the company's stock valued at $2,039,000 after buying an additional 3,796 shares in the last quarter. Kestra Advisory Services LLC boosted its stake in OFS Credit by 12.1% in the first quarter. Kestra Advisory Services LLC now owns 92,856 shares of the company's stock worth $268,000 after buying an additional 10,000 shares in the last quarter. Jane Street Group LLC bought a new position in OFS Credit during the first quarter valued at approximately $385,000. NewEdge Advisors LLC grew its position in OFS Credit by 21.6% during the first quarter. NewEdge Advisors LLC now owns 17,696 shares of the company's stock valued at $108,000 after acquiring an additional 3,138 shares during the last quarter. Finally, Commonwealth Equity Services LLC bought a new position in OFS Credit during the fourth quarter valued at approximately $62,000. 23.77% of the stock is owned by hedge funds and other institutional investors.

About OFS Credit

OFS Credit Company, Inc NASDAQ: OCCI is a closed-end, externally managed business development company that primarily invests in senior secured loans to U.S. middle-market companies. As a registered investment company under the Investment Company Act of 1940, OFS Credit seeks to generate current income and capital appreciation by providing first-lien and second-lien debt financing to privately held and sponsor-backed businesses. The company targets borrowers with stable cash flows and defensible market positions across diverse industries, including business services, healthcare, manufacturing and technology.

The company's investment portfolio is weighted toward floating-rate loan instruments and subordinated debt, complemented by selective equity and equity-related securities.

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