Portman Ridge Finance Co. (NASDAQ:PTMN) Short Interest Update

Portman Ridge Finance Co. (NASDAQ:PTMN - Get Free Report) saw a large increase in short interest in May. As of May 15th, there was short interest totalling 236,500 shares, an increase of 62.3% from the April 30th total of 145,700 shares. Based on an average daily trading volume, of 54,200 shares, the days-to-cover ratio is currently 4.4 days. Currently, 2.6% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new stake in shares of Portman Ridge Finance in the 4th quarter valued at $1,702,000. Founders Financial Alliance LLC boosted its holdings in Portman Ridge Finance by 6.3% in the fourth quarter. Founders Financial Alliance LLC now owns 62,217 shares of the company's stock valued at $1,017,000 after acquiring an additional 3,671 shares during the last quarter. Trexquant Investment LP increased its position in Portman Ridge Finance by 50.3% in the fourth quarter. Trexquant Investment LP now owns 65,351 shares of the company's stock worth $1,068,000 after purchasing an additional 21,859 shares during the period. Virtus ETF Advisers LLC raised its holdings in Portman Ridge Finance by 25.3% during the 4th quarter. Virtus ETF Advisers LLC now owns 29,852 shares of the company's stock worth $488,000 after purchasing an additional 6,031 shares during the last quarter. Finally, Bulldog Investors LLP lifted its position in Portman Ridge Finance by 155.0% during the 4th quarter. Bulldog Investors LLP now owns 216,546 shares of the company's stock valued at $3,539,000 after purchasing an additional 131,630 shares during the period. Institutional investors own 30.14% of the company's stock.

Portman Ridge Finance Price Performance

Shares of Portman Ridge Finance stock traded down $0.04 during mid-day trading on Wednesday, reaching $11.81. 19,543 shares of the stock were exchanged, compared to its average volume of 47,246. The company has a market cap of $108.69 million, a price-to-earnings ratio of 31.92 and a beta of 0.56. Portman Ridge Finance has a fifty-two week low of $11.60 and a fifty-two week high of $19.95. The firm has a 50-day simple moving average of $12.37 and a 200 day simple moving average of $15.15. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 1.41.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.47 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.13). The company had revenue of $12.12 million for the quarter, compared to the consensus estimate of $14.04 million. Portman Ridge Finance had a return on equity of 14.68% and a net margin of 5.47%. On average, sell-side analysts predict that Portman Ridge Finance will post 2.64 EPS for the current fiscal year.

Portman Ridge Finance Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Investors of record on Monday, May 19th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 15.92%. The ex-dividend date of this dividend was Monday, May 19th. Portman Ridge Finance's dividend payout ratio is currently -166.37%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods decreased their price target on Portman Ridge Finance from $16.00 to $14.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th.

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.