Portman Ridge Finance Co. to Issue Quarterly Dividend of $0.69 (NASDAQ:PTMN)

Portman Ridge Finance Co. (NASDAQ:PTMN) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Investors of record on Tuesday, May 21st will be paid a dividend of 0.69 per share on Friday, May 31st. This represents a $2.76 dividend on an annualized basis and a yield of 13.93%. The ex-dividend date is Monday, May 20th.

Portman Ridge Finance has raised its dividend payment by an average of 4.6% per year over the last three years and has raised its dividend every year for the last 3 years. Portman Ridge Finance has a dividend payout ratio of 96.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Portman Ridge Finance to earn $2.96 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 93.2%.

Portman Ridge Finance Stock Performance

PTMN traded down $0.02 during trading on Friday, reaching $19.81. 9,729 shares of the company were exchanged, compared to its average volume of 40,175. The stock has a market cap of $184.43 million, a P/E ratio of 16.53 and a beta of 0.96. The firm has a 50 day moving average of $19.13 and a 200 day moving average of $18.28. The company has a current ratio of 5.92, a quick ratio of 5.92 and a debt-to-equity ratio of 1.51. Portman Ridge Finance has a 52 week low of $16.27 and a 52 week high of $21.20.

Portman Ridge Finance (NASDAQ:PTMN) last issued its quarterly earnings data on Wednesday, March 13th. The company reported $1.19 EPS for the quarter. Portman Ridge Finance had a return on equity of 16.02% and a net margin of 14.91%. The firm had revenue of $17.79 million during the quarter, compared to the consensus estimate of $18.56 million. On average, sell-side analysts forecast that Portman Ridge Finance will post 2.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on PTMN. Keefe, Bruyette & Woods reduced their price target on Portman Ridge Finance from $20.50 to $20.00 and set a “market perform” rating for the company in a research report on Monday, March 18th. Oppenheimer reiterated a “market perform” rating and set a $20.00 price target on shares of Portman Ridge Finance in a research report on Friday, March 15th.

Portman Ridge Finance Company Profile

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, mezzanine, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business.