Portman Ridge Finance (NASDAQ:PTMN) Trading Down 1.6% - Time to Sell?

Portman Ridge Finance Corporation (NASDAQ:PTMN - Get Free Report) shares dropped 1.6% on Monday . The company traded as low as $12.46 and last traded at $12.55. Approximately 52,408 shares changed hands during trading, an increase of 9% from the average daily volume of 47,932 shares. The stock had previously closed at $12.75.

Analyst Upgrades and Downgrades

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

Portman Ridge Finance Price Performance

The company has a debt-to-equity ratio of 1.46, a current ratio of 2.48 and a quick ratio of 2.48. The stock has a market cap of $116.70 million, a P/E ratio of -11.23 and a beta of 0.57. The company's 50 day simple moving average is $12.25 and its 200 day simple moving average is $14.18.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.13). Portman Ridge Finance had a negative net margin of 18.10% and a positive return on equity of 12.04%. The firm had revenue of $12.12 million during the quarter, compared to the consensus estimate of $14.04 million. As a group, equities analysts forecast that Portman Ridge Finance Corporation will post 2.64 earnings per share for the current year.

Portman Ridge Finance Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, May 19th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 14.82%. The ex-dividend date was Monday, May 19th. Portman Ridge Finance's payout ratio is presently -166.37%.

Institutional Investors Weigh In On Portman Ridge Finance

Several large investors have recently bought and sold shares of PTMN. Bulldog Investors LLP increased its stake in Portman Ridge Finance by 155.0% in the fourth 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 in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Portman Ridge Finance during the fourth quarter worth $1,702,000. Two Sigma Advisers LP raised its holdings in shares of Portman Ridge Finance by 39.5% during the fourth quarter. Two Sigma Advisers LP now owns 178,200 shares of the company's stock worth $2,912,000 after acquiring an additional 50,500 shares during the period. Trexquant Investment LP raised its holdings in shares of Portman Ridge Finance by 50.3% during the fourth quarter. Trexquant Investment LP now owns 65,351 shares of the company's stock worth $1,068,000 after acquiring an additional 21,859 shares during the period. Finally, Two Sigma Investments LP raised its holdings in shares of Portman Ridge Finance by 25.3% during the fourth quarter. Two Sigma Investments LP now owns 106,165 shares of the company's stock worth $1,735,000 after acquiring an additional 21,425 shares during the period. Institutional investors own 30.14% of the company's stock.

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, mezzanine, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business.