Portman Ridge Finance Co. (NASDAQ:PTMN) Short Interest Update

Portman Ridge Finance Co. (NASDAQ:PTMN) saw a significant increase in short interest in June. As of June 30th, there was short interest totalling 47,700 shares, an increase of 114.9% from the June 15th total of 22,200 shares. Currently, 0.5% of the company’s stock are short sold. Based on an average daily volume of 33,500 shares, the days-to-cover ratio is currently 1.4 days.

Portman Ridge Finance Trading Down 0.5 %

NASDAQ PTMN opened at $19.50 on Friday. The stock has a market cap of $181.55 million, a P/E ratio of 11.68 and a beta of 1.01. The company’s fifty day simple moving average is $19.55 and its 200-day simple moving average is $19.07. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 1.37. Portman Ridge Finance has a 52 week low of $16.27 and a 52 week high of $21.12.

Portman Ridge Finance (NASDAQ:PTMN) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.07). The firm had revenue of $16.53 million during the quarter, compared to analyst estimates of $17.48 million. Portman Ridge Finance had a return on equity of 15.21% and a net margin of 21.81%. Equities research analysts predict that Portman Ridge Finance will post 2.72 EPS for the current fiscal year.

Portman Ridge Finance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Tuesday, May 21st were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 14.15%. The ex-dividend date of this dividend was Monday, May 20th. Portman Ridge Finance’s dividend payout ratio is currently 165.27%.

Institutional Investors Weigh In On Portman Ridge Finance

A number of hedge funds have recently bought and sold shares of the business. Privium Fund Management UK Ltd acquired a new stake in shares of Portman Ridge Finance in the 4th quarter valued at about $1,789,000. Confluence Investment Management LLC bought a new position in Portman Ridge Finance during the 1st quarter worth approximately $1,112,000. International Assets Investment Management LLC grew its position in shares of Portman Ridge Finance by 1,719.0% in the 4th quarter. International Assets Investment Management LLC now owns 58,153 shares of the company’s stock worth $1,058,000 after acquiring an additional 54,956 shares in the last quarter. Founders Financial Alliance LLC acquired a new position in shares of Portman Ridge Finance in the 4th quarter worth approximately $255,000. Finally, Cape Investment Advisory Inc. bought a new stake in shares of Portman Ridge Finance in the 4th quarter valued at approximately $62,000. Institutional investors and hedge funds own 30.14% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lowered their target price on Portman Ridge Finance from $20.50 to $20.00 and set a “market perform” rating for the company in a research note on Monday, March 18th.

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.