Portman Ridge Finance Co. (NASDAQ: PTMN – Get a rating) was the target of significant short-term interest growth in June. As of June 30, there were short interests totaling 129,700 shares, a growth of 61.3% from the total of 80,400 shares as of June 15. Approximately 1.4% of the company’s shares are sold short. Based on an average daily volume of 37,700 shares, the short interest ratio is currently 3.4 days.
Portman Ridge Finance trades up 0.7%
PTMN traded down $0.17 during Friday’s trading, hitting $23.75. 15,078 shares of shares traded in hands, compared to its average volume of 34,362. The company has a quick ratio of 2.55, a current ratio of 2.55 and a leverage ratio of 1.25. The stock’s 50-day moving average is $22.82 and its 200-day moving average is $23.72. Portman Ridge Finance has a 12-month low of $21.33 and a 12-month high of $25.97. The stock has a market capitalization of $230.61 million, a PE ratio of 9.10 and a beta of 0.97.
Portman Ridge Finance (NASDAQ: PTMN – Get a rating) last announced its results on Tuesday, May 10. The company reported EPS of $0.82 for the quarter. The company posted revenue of $16.94 million for the quarter. Portman Ridge Finance had a return on equity of 15.19% and a net margin of 28.00%. In the same quarter of the previous year, the company achieved EPS of $1.10. Stock analysts expect Portman Ridge Finance to post earnings per share of 2.81 for the current year.
Portman Ridge Finance Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 7. Investors of record on Tuesday, May 24 received a dividend of $0.63. The ex-dividend date was Monday, May 23. This represents an annualized dividend of $2.52 and a yield of 10.61%. Portman Ridge Finance’s payout ratio is 96.55%.
A Wall Street analyst gives his opinion
A number of stock analysts have recently released reports on the company. Oppenheimer assumed coverage for Portman Ridge Finance in a research report on Tuesday, July 5. They set a “market performance” rating and a price target of $26.00 for the company. TheStreet downgraded shares of Portman Ridge Finance from a “b-” rating to a “c+” rating in a Friday, May 13 report.
Hedge funds weigh on Portman Ridge Finance
Several large investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. increased its stake in Portman Ridge Finance by 30.6% in Q1. Advisors Asset Management Inc. now owns 83,805 shares of the company valued at $2,026,000 after acquiring an additional 19,651 shares during the period. Confluence Investment Management LLC increased its holdings of Portman Ridge Finance shares by 19.1% during the second quarter. Confluence Investment Management LLC now owns 62,459 shares of the company worth $1,463,000 after purchasing an additional 10,011 shares in the last quarter. Clayton Partners LLC increased its equity stake in Portman Ridge Finance by 29.3% in Q1. Clayton Partners LLC now owns 269,468 shares of the company worth $6,516,000 after purchasing an additional 61,006 shares in the last quarter. Raymond James & Associates bought a new position in Portman Ridge Finance in the fourth quarter worth $513,000. Finally, Bulldog Investors LLP increased its position in Portman Ridge Finance by 2.7% during the fourth quarter. Bulldog Investors LLP now owns 48,369 shares of the company valued at $1,198,000 after purchasing an additional 1,284 shares last quarter. 26.29% of the shares are currently held by institutional investors.
Portman Ridge Finance Company Profile
Portman Ridge Finance Corporation is a business development company specializing in investments in unitranche loans (including late loans), senior loans, junior loans, subordinated debt, equity co-investment, buyout in middle market companies. It also carries out acquisitions in companies complementary to the company’s activity.
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