Portman Ridge Finance (NASDAQ:PTMN) Shares Up 0.2%

Portman Ridge Finance Co. (NASDAQ:PTMN – Get Rating) shares shot up 0.2% during mid-day trading on Thursday . The stock traded as high as $22.82 and last traded at $22.77. 31,112 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 43,729 shares. The stock had previously closed at $22.72.

Separately, TheStreet lowered Portman Ridge Finance from a “b-” rating to a “c+” rating in a research note on Friday, May 13th.

The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.55 and a current ratio of 2.55. The stock’s 50 day simple moving average is $22.88 and its 200 day simple moving average is $23.82. The firm has a market cap of $221.19 million, a P/E ratio of 8.72 and a beta of 1.06.

Portman Ridge Finance (NASDAQ:PTMN – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.82 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.82. Portman Ridge Finance had a net margin of 28.00% and a return on equity of 15.19%. During the same quarter in the previous year, the company earned $1.10 earnings per share. As a group, analysts forecast that Portman Ridge Finance Co. will post 3.15 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 7th. Stockholders of record on Tuesday, May 24th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 11.07%. The ex-dividend date was Monday, May 23rd. Portman Ridge Finance’s dividend payout ratio is currently 96.55%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates acquired a new position in shares of Portman Ridge Finance during the fourth quarter valued at about $513,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Portman Ridge Finance by 77.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 28,029 shares of the company’s stock valued at $694,000 after buying an additional 12,232 shares during the last quarter. Bulldog Investors LLP grew its holdings in shares of Portman Ridge Finance by 2.7% during the fourth quarter. Bulldog Investors LLP now owns 48,369 shares of the company’s stock valued at $1,198,000 after buying an additional 1,284 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Portman Ridge Finance by 113,762.0% during the third quarter. BlackRock Inc. now owns 56,931 shares of the company’s stock valued at $1,386,000 after buying an additional 56,881 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Portman Ridge Finance by 30.6% during the first quarter. Advisors Asset Management Inc. now owns 83,805 shares of the company’s stock valued at $2,026,000 after buying an additional 19,651 shares during the last quarter. Hedge funds and other institutional investors own 26.29% of the company’s stock.

About Portman Ridge Finance (NASDAQ:PTMN)

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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