Portman Ridge Finance (NASDAQ:BCIC) Trading Up 0.7% After Dividend Announcement

Portman Ridge Finance Corp (NASDAQ:BCIC)’s share price rose 0.7% during trading on Thursday after the company announced a dividend. The company traded as high as $7.48 and last traded at $7.39. Approximately 149,597 shares changed hands during trading, an increase of 262% from the average session volume of 41,343 shares. The stock had previously closed at $7.34.

The newly announced dividend which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) annualized dividend and a yield of 14.4%. Portman Ridge Finance’s dividend payout ratio (DPR) is currently -450.00%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Portman Ridge Finance in a research report on Friday, May 22nd. Zacks Research upgraded shares of Portman Ridge Finance from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 13th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $9.00.

Portman Ridge Finance Price Performance

The firm’s 50-day moving average price is $7.30. The firm has a market capitalization of $92.85 million, a P/E ratio of -13.64 and a beta of 0.50. The company has a debt-to-equity ratio of 1.74, a quick ratio of 4.43 and a current ratio of 4.43.

Insider Buying and Selling

In other Portman Ridge Finance news, Director Dean C. Kehler sold 15,000 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $7.64, for a total transaction of $114,600.00. Following the transaction, the director owned 5,649 shares in the company, valued at $43,158.36. This represents a 72.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Edward J. Goldthorpe purchased 13,738 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was acquired at an average price of $7.16 per share, with a total value of $98,364.08. Following the completion of the transaction, the chief executive officer owned 99,878 shares of the company’s stock, valued at $715,126.48. This represents a 15.95% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Portman Ridge Finance

A hedge fund recently bought a new position in Portman Ridge Finance stock. Arlington Trust Co LLC acquired a new position in shares of Portman Ridge Finance Corp (NASDAQ:BCIC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,468 shares of the company’s stock, valued at approximately $29,000. 30.14% of the stock is currently owned by hedge funds and other institutional investors.

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, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm’s business. It primarily invests in healthcare, cargo transport, manufacturing, industrial & environmental services, logistics & distribution, media & telecommunications, real estate, education, automotive, agriculture, aerospace/defense, packaging, electronics, finance, non-durable consumer, consumer products, business services, utilities, insurance, and food and beverage sectors.