Short Interest in Portman Ridge Finance Co. (NASDAQ:PTMN) Rises By 29.1%

Portman Ridge Finance Co. (NASDAQ:PTMN) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 22,200 shares, an increase of 29.1% from the May 31st total of 17,200 shares. Approximately 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 41,900 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Arlington Trust Co LLC acquired a new position in Portman Ridge Finance in the 4th quarter worth approximately $36,000. Cape Investment Advisory Inc. purchased a new stake in shares of Portman Ridge Finance during the 4th quarter worth about $62,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Portman Ridge Finance during the third quarter worth approximately $239,000. Founders Financial Alliance LLC acquired a new stake in Portman Ridge Finance in the fourth quarter valued at approximately $255,000. Finally, International Assets Investment Management LLC grew its holdings in Portman Ridge Finance by 1,719.0% in the fourth quarter. International Assets Investment Management LLC now owns 58,153 shares of the company’s stock valued at $1,058,000 after purchasing an additional 54,956 shares during the period. 30.14% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on PTMN. Oppenheimer restated a “market perform” rating and set a $20.00 target price on shares of Portman Ridge Finance in a report on Friday, March 15th. Keefe, Bruyette & Woods cut their target price on Portman Ridge Finance from $20.50 to $20.00 and set a “market perform” rating on the stock in a research note on Monday, March 18th.

Portman Ridge Finance Stock Up 1.7 %

Shares of PTMN stock traded up $0.33 during trading hours on Friday, reaching $19.62. 38,905 shares of the company’s stock were exchanged, compared to its average volume of 31,222. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 1.37. The company has a market cap of $182.66 million, a price-to-earnings ratio of 11.75 and a beta of 0.93. Portman Ridge Finance has a fifty-two week low of $16.27 and a fifty-two week high of $21.12. The stock’s 50 day moving average is $19.53 and its 200-day moving average is $18.92.

Portman Ridge Finance (NASDAQ:PTMN) last announced its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.07). The business had revenue of $16.53 million for the quarter, compared to analyst estimates of $17.48 million. Portman Ridge Finance had a net margin of 21.81% and a return on equity of 15.21%. Analysts predict that Portman Ridge Finance will post 2.72 earnings per share for the current fiscal year.

Portman Ridge Finance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Tuesday, May 21st were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, May 20th. This represents a $2.76 dividend on an annualized basis and a yield of 14.07%. Portman Ridge Finance’s dividend payout ratio is currently 165.27%.

About Portman Ridge Finance

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.