OFS Credit (NASDAQ:OCCI) Trading 2% Higher – Time to Buy?

OFS Credit Company, Inc. (NASDAQ:OCCI) shares were up 2% during mid-day trading on Friday . The company traded as high as $2.55 and last traded at $2.55. 163,623 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 242,353 shares. The stock had previously closed at $2.50.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of OFS Credit from a “sell” rating to a “hold” rating in a report on Sunday, June 21st.

OFS Credit Price Performance

The stock’s 50 day simple moving average is $2.65 and its two-hundred day simple moving average is $3.15. The firm has a market cap of $74.89 million, a P/E ratio of -2.09 and a beta of 0.72.

OFS Credit (NASDAQ:OCCI) last issued its quarterly earnings results on Tuesday, June 9th. The company reported $0.19 EPS for the quarter. The company had revenue of $9.20 million during the quarter.

OFS Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, August 14th. This represents a c) dividend on an annualized basis and a yield of 23.5%. OFS Credit’s payout ratio is presently -86.07%.

Institutional Investors Weigh In On OFS Credit

A number of institutional investors have recently modified their holdings of OCCI. Virtus Investment Advisers LLC increased its holdings in shares of OFS Credit by 0.9% during the fourth quarter. Virtus Investment Advisers LLC now owns 421,233 shares of the company’s stock valued at $2,039,000 after acquiring an additional 3,796 shares in the last quarter. Kestra Advisory Services LLC raised its position in shares of OFS Credit by 12.1% in the 1st quarter. Kestra Advisory Services LLC now owns 92,856 shares of the company’s stock worth $268,000 after purchasing an additional 10,000 shares during the last quarter. Jane Street Group LLC bought a new position in OFS Credit in the 1st quarter worth about $385,000. NewEdge Advisors LLC boosted its stake in OFS Credit by 21.6% in the 1st quarter. NewEdge Advisors LLC now owns 17,696 shares of the company’s stock worth $108,000 after purchasing an additional 3,138 shares in the last quarter. Finally, Commonwealth Equity Services LLC purchased a new stake in OFS Credit during the 4th quarter valued at about $62,000. 23.77% of the stock is owned by hedge funds and other institutional investors.

OFS Credit Company Profile

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.