Portman Ridge Finance Corp (NASDAQ:BCIC) Given Consensus Recommendation of "Reduce" by Brokerages

Key Points

• Portman Ridge Finance has a “Reduce” consensus rating from five analysts: one sell and four hold ratings. The average 12-month price target is $9.25, while recent targets were cut to $7.50 by Keefe, Bruyette & Woods and $11.00 by Oppenheimer.
• Insider activity was mixed: Director Dean C. Kehler sold 15,000 shares at $7.64, while CEO Edward J. Goldthorpe bought 13,738 shares at $7.16. Insiders own 1.30% of the company, and institutional investors own 30.14%.
• Shares recently traded at $7.62, near the lower end of their 12-month range of $6.70 to $13.50. The company announced a monthly dividend of $0.09 per share, representing a stated 14.2% yield.

Shares of Portman Ridge Finance Corp (NASDAQ:BCIC - Get Free Report) have earned a consensus recommendation of "Reduce" from the five analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $9.25.

Several equities analysts recently weighed in on the company. Weiss Ratings restated a "sell (d+)" rating on shares of Portman Ridge Finance in a research note on Friday, May 22nd. Keefe, Bruyette & Woods dropped their price objective on Portman Ridge Finance from $9.00 to $7.50 and set a "market perform" rating on the stock in a report on Monday. Oppenheimer dropped their price target on Portman Ridge Finance from $12.00 to $11.00 and set a "market perform" rating for the company in a research report on Monday. Finally, Zacks Research raised Portman Ridge Finance from a "strong sell" rating to a "hold" rating in a research note on Wednesday, May 13th.

Insider Transactions at Portman Ridge Finance

In related news, Director Dean C. Kehler sold 15,000 shares of the business's stock in a transaction dated 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 directly owned 5,649 shares in the company, valued at approximately $43,158.36. The trade was a 72.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Edward J. Goldthorpe acquired 13,738 shares of the business's stock in a transaction on 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 acquisition, the chief executive officer owned 99,878 shares in the company, valued at $715,126.48. The trade was a 15.95% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Portman Ridge Finance

An institutional investor recently bought a new stake in Portman Ridge Finance stock. Arlington Trust Co LLC bought a new position in Portman Ridge Finance Corp (NASDAQ:BCIC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 2,468 shares of the company's stock, valued at approximately $29,000. 30.14% of the stock is owned by hedge funds and other institutional investors.

Portman Ridge Finance Trading Up 1.6%

Shares of Portman Ridge Finance stock traded up $0.12 during trading hours on Monday, reaching $7.62. The stock had a trading volume of 77,639 shares, compared to its average volume of 84,853. The company's 50 day simple moving average is $7.30. The company has a quick ratio of 4.43, a current ratio of 4.43 and a debt-to-equity ratio of 1.74. Portman Ridge Finance has a twelve month low of $6.70 and a twelve month high of $13.50. The stock has a market cap of $94.34 million, a price-to-earnings ratio of -13.85 and a beta of 0.50.

Portman Ridge Finance Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 15th will be given a $0.09 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 14.2%. The ex-dividend date is Tuesday, December 15th. Portman Ridge Finance's dividend payout ratio is -196.36%.

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, 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source