Eagle Point Credit Management LLC and its affiliates, Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC, have reported a sale of shares in OFS Credit Company, Inc. (NASDAQ:OCCI) according to the latest SEC filings. The transactions, which took place on March 27, 2024, involved the sale of 63 shares of OFS Credit Company's 6.125% Series C Term Preferred Stock due 2026 at a price of $24.12 per share, totaling approximately $1,519.
The shares are indirectly held by various private investment funds managed by Eagle Point Credit Management LLC. Both Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC serve as general partners to certain applicable funds and could be deemed to have an "indirect pecuniary interest" in the securities reported. Following the transaction, the funds managed by Eagle Point entities still hold a significant number of OFS Credit Company's shares, with 42,262 shares remaining in the Series C Term Preferred Stock and 36,294 in the Series E Term Preferred Stock due 2026.
The filing includes a disclaimer of beneficial ownership by the reporting entities, clarifying that the inclusion of these securities in the report is not an admission of beneficial ownership for Section 16 or any other purpose. The signatures of Kenneth P. Onorio, Chief Financial Officer for all three reporting entities, confirm the transactions as of March 28, 2024.
Investors and market watchers often look to insider transactions as a signal of management's view on the financial prospects of the company. However, it is essential to consider a range of factors when interpreting insider trading activities.
InvestingPro Insights
Amid the recent insider trading activities, OFS Credit Company, Inc. (NASDAQ:OCCI) presents an intriguing mix of financial metrics that can offer investors a deeper understanding of the company's performance and potential. According to the latest data available on InvestingPro, OCCI has a market capitalization of approximately $114.03 million and boasts a P/E ratio of 15.82. These figures suggest a company with a solid grounding in the market relative to its earnings.
InvestingPro Tips indicate that OCCI pays a significant dividend to shareholders, with a notable dividend yield of 16.78% as of the latest data. This is an attractive feature for income-focused investors, especially in a market where reliable yield can be hard to come by. Additionally, the company has demonstrated profitability over the last twelve months, which can be reassuring to investors looking for stable returns.
From a revenue standpoint, OFS Credit Company has experienced positive growth, with a 15.8% increase in revenue over the last twelve months leading up to Q1 2024, and a quarterly revenue growth of 17.32% for Q1 2024. This growth trajectory underscores the company's ability to expand its financial base and could be a positive sign for future performance.
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