Short Interest in Portman Ridge Finance Corp (NASDAQ:BCIC) Decreases By 33.3%

Key Points

• Short interest fell 33.3% to 63,038 shares as of August 31, representing about 0.5% of Portman Ridge Finance’s outstanding shares and 1.2 days to cover.
• Analyst sentiment remains cautious: four analysts rate BCIC “Hold” and one rates it “Sell,” resulting in a consensus “Reduce” rating and an average price target of $9.25.
• The company declared a monthly dividend of $0.09 per share, equivalent to a reported 15.4% annualized yield; CEO Edward Goldthorpe also increased his holdings by purchasing 13,738 shares.

Portman Ridge Finance Corp (NASDAQ:BCIC - Get Free Report) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 63,038 shares, a decrease of 33.3% from the August 15th total of 94,514 shares. Based on an average trading volume of 52,497 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.5% of the company's shares are short sold.

Wall Street Analyst Weigh In

Several analysts have issued reports on BCIC shares. Weiss Ratings reissued a "sell (d+)" rating on shares of Portman Ridge Finance in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods decreased their price target on Portman Ridge Finance from $9.00 to $7.50 and set a "market perform" rating for the company in a research note on Monday, August 10th. Finally, Oppenheimer dropped their price objective on Portman Ridge Finance from $12.00 to $11.00 and set a "market perform" rating for the company in a report on Monday, August 10th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Portman Ridge Finance has an average rating of "Reduce" and an average price target of $9.25.

Insider Activity

In other news, CEO Edward J. Goldthorpe bought 13,738 shares of the stock in a transaction dated Monday, June 22nd. The stock was purchased at an average price of $7.16 per share, for a total transaction of $98,364.08. Following the acquisition, the chief executive officer owned 99,878 shares of the company's stock, valued at $715,126.48. The trade was a 15.95% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.30% of the company's stock.

Portman Ridge Finance Stock Performance

Shares of BCIC opened at $7.02 on Thursday. The firm has a market capitalization of $86.91 million, a price-to-earnings ratio of -12.76 and a beta of 0.50. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.45 and a quick ratio of 1.45. Portman Ridge Finance has a 1-year low of $6.70 and a 1-year high of $13.50. The company has a 50-day moving average of $7.39 and a 200 day moving average of $7.72.

Portman Ridge Finance Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 15th will be paid a dividend of $0.09 per share. This represents a c) annualized dividend and a dividend yield of 15.4%. The ex-dividend date of this dividend is Tuesday, December 15th. Portman Ridge Finance's payout ratio is currently -196.36%.

About Portman Ridge Finance

Portman Ridge Finance Corporation is a business development company that provides financing to middle-market businesses. The company primarily invests in privately originated debt and equity securities, with an emphasis on senior secured loans and other forms of credit designed to generate income while supporting the growth and operations of its portfolio companies.

In addition to direct investments, Portman Ridge Finance has invested in broadly syndicated loans and collateralized loan obligation vehicles.

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