OFS Credit (NASDAQ:OCCI) Downgraded by Wall Street Zen to “Sell”
by Teresa Graham · The Cerbat GemWall Street Zen lowered shares of OFS Credit (NASDAQ:OCCI – Free Report) from a hold rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.
OFS Credit Price Performance
OFS Credit stock opened at $2.27 on Friday. The stock’s 50 day moving average price is $2.49 and its 200 day moving average price is $2.80. OFS Credit has a 1-year low of $2.15 and a 1-year high of $5.63. The company has a market cap of $66.67 million, a PE ratio of -1.30 and a beta of 0.72.
OFS Credit (NASDAQ:OCCI – Get Free Report) last released its quarterly earnings data on Thursday, September 17th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.21. The business had revenue of $8.65 million during the quarter, compared to analysts’ expectations of $9.42 million.
OFS Credit Dividend Announcement
The business also recently declared a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be issued a $0.05 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 26.4%. The ex-dividend date is Thursday, October 15th. OFS Credit’s dividend payout ratio (DPR) is currently -53.14%.
Institutional Trading of OFS Credit
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC grew its position in OFS Credit by 12.1% during 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 during the period. Advisory Solutions Group LLC purchased a new position in OFS Credit in the second quarter valued at about $49,000. Finally, Two Sigma Securities LLC acquired a new stake in shares of OFS Credit during the 2nd quarter valued at approximately $40,000. Institutional investors and hedge funds own 23.77% of the company’s stock.
OFS Credit Company Profile
OFS Credit Company, Inc is a closed-end investment company that seeks to generate current income and, to a lesser extent, capital appreciation by investing in collateralized loan obligations (CLOs). Its portfolio primarily consists of CLO equity and debt tranches, which are securities backed by pools of senior secured corporate loans.
The company’s investments generally provide exposure to corporate borrowers through the underlying loan portfolios rather than through direct lending by OFS Credit.