Portman Ridge Finance (NASDAQ:PTMN) Shares Up 2.7% - Here's Why

Key Points

• Portman Ridge Finance Corporation shares increased by 2.7% to $11.81, despite a decline in trading volume from its average.
• The company reported $0.50 earnings per share for the last quarter, beating expectations, with a net revenue of $12.63 million.
• Portman Ridge recently declared a quarterly dividend of $0.47, yielding 15.9%, although it has a negative payout ratio of -202.15%.

Portman Ridge Finance Corporation (NASDAQ:PTMN - Get Free Report) shot up 2.7% during trading on Monday . The company traded as high as $11.85 and last traded at $11.81. 40,992 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 52,829 shares. The stock had previously closed at $11.50.

Portman Ridge Finance Trading Up 2.7%

The company has a debt-to-equity ratio of 1.54, a quick ratio of 3.11 and a current ratio of 3.11. The stock has a fifty day moving average of $12.15 and a 200 day moving average of $12.35. The company has a market capitalization of $155.80 million, a PE ratio of -12.70 and a beta of 0.60.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. Portman Ridge Finance had a positive return on equity of 11.49% and a negative net margin of 15.92%.The business had revenue of $12.63 million for the quarter, compared to the consensus estimate of $13.24 million. As a group, sell-side analysts predict that Portman Ridge Finance Corporation will post 2.64 earnings per share for the current fiscal year.

Portman Ridge Finance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $1.88 dividend on an annualized basis and a yield of 15.9%. Portman Ridge Finance's payout ratio is presently -202.15%.

Institutional Trading of Portman Ridge Finance

A number of large investors have recently added to or reduced their stakes in the company. Marex Group plc bought a new stake in Portman Ridge Finance in the 2nd quarter worth approximately $1,029,000. Founders Financial Alliance LLC increased its position in shares of Portman Ridge Finance by 13.3% during the 1st quarter. Founders Financial Alliance LLC now owns 70,516 shares of the company's stock valued at $1,012,000 after purchasing an additional 8,299 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Portman Ridge Finance during the 2nd quarter valued at approximately $822,000. Squarepoint Ops LLC bought a new position in shares of Portman Ridge Finance during the 2nd quarter valued at approximately $574,000. Finally, Virtus Investment Advisers LLC increased its position in shares of Portman Ridge Finance by 15.3% during the 2nd quarter. Virtus Investment Advisers LLC now owns 43,619 shares of the company's stock valued at $546,000 after purchasing an additional 5,775 shares during the last quarter. 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.

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