Short Interest in Portman Ridge Finance Co. (NASDAQ:PTMN) Increases By 62.1%

Portman Ridge Finance Co. (NASDAQ:PTMN) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 44,100 shares, an increase of 62.1% from the March 31st total of 27,200 shares. Based on an average daily trading volume, of 41,300 shares, the short-interest ratio is currently 1.1 days. Currently, 0.5% of the company’s stock are short sold.

Portman Ridge Finance Stock Performance

PTMN traded up $0.16 during trading hours on Friday, hitting $19.55. 21,647 shares of the stock were exchanged, compared to its average volume of 34,326. The stock has a 50-day simple moving average of $18.95 and a 200-day simple moving average of $18.23. The company has a debt-to-equity ratio of 1.51, a current ratio of 5.92 and a quick ratio of 5.92. Portman Ridge Finance has a 12 month low of $16.27 and a 12 month high of $21.20. The stock has a market cap of $182.60 million, a price-to-earnings ratio of 16.29 and a beta of 0.95.

Portman Ridge Finance (NASDAQ:PTMN) last released its quarterly earnings data on Wednesday, March 13th. The company reported $1.19 earnings per share for the quarter. Portman Ridge Finance had a net margin of 14.91% and a return on equity of 16.02%. The firm had revenue of $17.79 million for the quarter, compared to analyst estimates of $18.56 million. Analysts anticipate that Portman Ridge Finance will post 2.86 earnings per share for the current year.

Portman Ridge Finance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Monday, March 25th were given a dividend of $0.69 per share. The ex-dividend date was Friday, March 22nd. This represents a $2.76 annualized dividend and a dividend yield of 14.12%. Portman Ridge Finance’s dividend payout ratio is presently 230.00%.

Wall Street Analyst Weigh In

PTMN has been the topic of several analyst reports. Oppenheimer restated a “market perform” rating and set a $20.00 price objective on shares of Portman Ridge Finance in a report on Friday, March 15th. Keefe, Bruyette & Woods reduced their price target on shares of Portman Ridge Finance from $20.50 to $20.00 and set a “market perform” rating on the stock in a research report on Monday, March 18th.

Institutional Trading of Portman Ridge Finance

Hedge funds have recently added to or reduced their stakes in the business. Arlington Trust Co LLC acquired a new stake in Portman Ridge Finance in the 4th quarter valued at about $36,000. Cape Investment Advisory Inc. bought a new position in shares of Portman Ridge Finance in the fourth quarter valued at approximately $62,000. WINTON GROUP Ltd bought a new position in shares of Portman Ridge Finance in the third quarter worth about $202,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Portman Ridge Finance in the third quarter worth $239,000. Finally, Founders Financial Alliance LLC acquired a new position in shares of Portman Ridge Finance during the fourth quarter valued at about $255,000. Institutional investors own 30.14% of the company’s stock.

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.