Short Interest in Portman Ridge Finance Co. (NASDAQ:PTMN) Declines By 65.2%

Portman Ridge Finance Co. (NASDAQ:PTMN) saw a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 16,600 shares, a drop of 65.2% from the June 30th total of 47,700 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average daily volume of 33,400 shares, the short-interest ratio is currently 0.5 days.

Portman Ridge Finance Stock Performance

NASDAQ PTMN traded up $0.03 during midday trading on Thursday, hitting $19.65. The company had a trading volume of 42,691 shares, compared to its average volume of 38,751. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 1.37. The stock has a market cap of $182.94 million, a price-to-earnings ratio of 11.77 and a beta of 1.01. The firm has a fifty day simple moving average of $19.52 and a two-hundred day simple moving average of $19.16. Portman Ridge Finance has a fifty-two week low of $16.27 and a fifty-two week high of $21.12.

Portman Ridge Finance (NASDAQ:PTMN) last posted its quarterly 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 company 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 analysts forecast that Portman Ridge Finance will post 2.72 earnings per share for the current fiscal year.

Portman Ridge Finance Announces Dividend

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 $0.69 dividend. 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 14.05%. Portman Ridge Finance’s dividend payout ratio (DPR) is presently 165.27%.

Hedge Funds Weigh In On Portman Ridge Finance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTMN. Arlington Trust Co LLC bought a new stake in Portman Ridge Finance in the fourth quarter valued at approximately $36,000. Cape Investment Advisory Inc. acquired a new stake in shares of Portman Ridge Finance during the 4th quarter worth about $62,000. Founders Financial Alliance LLC acquired a new stake in shares of Portman Ridge Finance during the 4th quarter worth about $255,000. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Portman Ridge Finance during the 2nd quarter worth about $787,000. Finally, International Assets Investment Management LLC lifted its stake in shares of Portman Ridge Finance by 1,719.0% during the 4th quarter. International Assets Investment Management LLC now owns 58,153 shares of the company’s stock worth $1,058,000 after buying an additional 54,956 shares during the last quarter. 30.14% of the stock is currently owned by institutional investors and hedge funds.

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.