Keefe, Bruyette & Woods Cuts Portman Ridge Finance (NASDAQ:PTMN) Price Target to $16.00

Portman Ridge Finance (NASDAQ:PTMN) had its target price reduced by Keefe, Bruyette & Woods from $18.00 to $16.00 in a research report released on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

Portman Ridge Finance Stock Down 2.4 %

PTMN stock opened at $15.31 on Wednesday. The stock has a market capitalization of $140.82 million, a PE ratio of 41.38 and a beta of 1.02. The company has a fifty day moving average of $16.77 and a 200-day moving average of $17.31. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.14 and a current ratio of 3.14. Portman Ridge Finance has a one year low of $15.16 and a one year high of $20.84.

Portman Ridge Finance (NASDAQ:PTMN) last announced its quarterly earnings data on Thursday, March 13th. The company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.08). The firm had revenue of $14.40 million during the quarter, compared to analyst estimates of $15.14 million. Portman Ridge Finance had a net margin of 5.47% and a return on equity of 14.68%. As a group, analysts expect that Portman Ridge Finance will post 2.64 EPS for the current year.

Portman Ridge Finance Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 24th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 12.28%. The ex-dividend date is Monday, March 24th. Portman Ridge Finance’s payout ratio is -293.75%.

Hedge Funds Weigh In On Portman Ridge Finance

Institutional investors and hedge funds have recently made changes to their positions in the stock. Founders Financial Alliance LLC grew its position in Portman Ridge Finance by 6.3% during the fourth quarter. Founders Financial Alliance LLC now owns 62,217 shares of the company’s stock worth $1,017,000 after buying an additional 3,671 shares during the period. Two Sigma Investments LP grew its holdings in shares of Portman Ridge Finance by 25.3% in the 4th quarter. Two Sigma Investments LP now owns 106,165 shares of the company’s stock worth $1,735,000 after acquiring an additional 21,425 shares during the period. Two Sigma Advisers LP increased its stake in Portman Ridge Finance by 39.5% in the 4th quarter. Two Sigma Advisers LP now owns 178,200 shares of the company’s stock valued at $2,912,000 after purchasing an additional 50,500 shares in the last quarter. Bulldog Investors LLP raised its holdings in Portman Ridge Finance by 155.0% during the fourth quarter. Bulldog Investors LLP now owns 216,546 shares of the company’s stock worth $3,539,000 after purchasing an additional 131,630 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Portman Ridge Finance during the fourth quarter worth $1,702,000. 30.14% of the stock is 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.