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Portman Ridge Finance Co. (NASDAQ:PTMN – Get Rating) was the recipient of a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 62,400 shares, a drop of 20.0% from the September 15th total of 78,000 shares. Approximately 0.7% of the company’s shares are short sold. Based on an average daily trading volume, of 21,700 shares, the short-interest ratio is presently 2.9 days.
Wall Street Analyst Weigh In
Several analysts have issued reports on PTMN shares. Oppenheimer started coverage on shares of Portman Ridge Finance in a research report on Tuesday, July 5th. They issued a “market perform” rating and a $26.00 price objective for the company. TheStreet downgraded shares of Portman Ridge Finance from a “b-” rating to a “c” rating in a research report on Monday, August 22nd.
Portman Ridge Finance Stock Performance
PTMN stock traded down $0.35 during trading on Friday, hitting $20.02. 9,703 shares of the company’s stock traded hands, compared to its average volume of 23,100. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.37. Portman Ridge Finance has a 52 week low of $19.26 and a 52 week high of $25.97. The stock has a fifty day moving average price of $21.90 and a two-hundred day moving average price of $22.79. The stock has a market capitalization of $192.19 million, a price-to-earnings ratio of 60.67 and a beta of 0.92.
Portman Ridge Finance (NASDAQ:PTMN – Get Rating) last released its earnings results on Tuesday, August 9th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.10). Portman Ridge Finance had a net margin of 3.84% and a return on equity of 13.02%. The business had revenue of $15.04 million for the quarter, compared to the consensus estimate of $16.37 million. As a group, equities analysts anticipate that Portman Ridge Finance will post 2.75 EPS for the current fiscal year.
Portman Ridge Finance Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Stockholders of record on Tuesday, August 16th were issued a dividend of $0.63 per share. This is an increase from Portman Ridge Finance’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.52 annualized dividend and a dividend yield of 12.59%. Portman Ridge Finance’s payout ratio is 763.66%.
Hedge Funds Weigh In On Portman Ridge Finance
Hedge funds and other institutional investors have recently modified their holdings of the company. Repertoire Partners LP grew its position in Portman Ridge Finance by 3.7% in the 2nd quarter. Repertoire Partners LP now owns 1,083,587 shares of the company’s stock valued at $25,388,000 after buying an additional 38,748 shares in the last quarter. Clayton Partners LLC grew its position in Portman Ridge Finance by 29.3% in the 1st quarter. Clayton Partners LLC now owns 269,468 shares of the company’s stock valued at $6,516,000 after buying an additional 61,006 shares in the last quarter. Bulldog Investors LLP grew its position in Portman Ridge Finance by 11.9% in the 2nd quarter. Bulldog Investors LLP now owns 126,665 shares of the company’s stock valued at $2,968,000 after buying an additional 13,451 shares in the last quarter. Advisors Asset Management Inc. grew its position in Portman Ridge Finance by 34.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 112,260 shares of the company’s stock valued at $2,630,000 after buying an additional 28,455 shares in the last quarter. Finally, Confluence Investment Management LLC grew its position in Portman Ridge Finance by 19.1% in the 2nd quarter. Confluence Investment Management LLC now owns 62,459 shares of the company’s stock valued at $1,463,000 after buying an additional 10,011 shares in the last quarter. Institutional investors and hedge funds own 27.89% of the company’s stock.
Portman Ridge Finance Company Profile
(Get Rating)
Portman Ridge Finance Corporation is a business development company specializing in investments in unitranche loans (including last out), first lien loans, second lien loans, subordinated debt, equity co-investment, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business.
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