Portman Ridge Finance (NASDAQ:BCIC) Trading Down 2.1% - Time to Sell?

Key Points

• Portman Ridge Finance shares fell 2.1% to $7.62, with trading volume below its daily average. The stock’s analyst consensus is “Reduce,” based on four Hold ratings and one Sell rating, with an average price target of $9.25.
• The company announced a $0.09 monthly dividend, implying a 14.2% annualized yield, though its payout ratio is negative at -196.36%.
• CEO Edward J. Goldthorpe purchased 13,738 shares at an average price of $7.16, increasing his position by 15.95%; insiders collectively own 1.30% of the company.

Portman Ridge Finance Corp (NASDAQ:BCIC - Get Free Report)'s stock price was down 2.1% during trading on Tuesday . The company traded as low as $7.62 and last traded at $7.62. Approximately 52,948 shares changed hands during trading, a decline of 16% from the average daily volume of 62,662 shares. The stock had previously closed at $7.78.

Analyst Ratings Changes

Several brokerages recently weighed in on BCIC. Zacks Research upgraded Portman Ridge Finance from a "strong sell" rating to a "hold" rating in a research note on Wednesday, May 13th. Oppenheimer lowered their price target on Portman Ridge Finance from $12.00 to $11.00 and set a "market perform" rating on the stock in a research report on Monday, August 10th. 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, August 10th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Portman Ridge Finance in a research report on Wednesday, August 19th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $9.25.

Portman Ridge Finance Trading Down 2.1%

The company has a debt-to-equity ratio of 1.56, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a market capitalization of $94.34 million, a PE ratio of -13.85 and a beta of 0.50. The company's fifty day simple moving average is $7.39 and its 200-day simple moving average is $8.07.

Portman Ridge Finance Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 14.2%. Portman Ridge Finance's payout ratio is currently -196.36%.

Insider Buying and Selling at Portman Ridge Finance

In related news, CEO Edward J. Goldthorpe purchased 13,738 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were purchased at an average cost of $7.16 per share, with a total value of $98,364.08. Following the purchase, the chief executive officer owned 99,878 shares of the company's stock, valued at $715,126.48. This represents a 15.95% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by company insiders.

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, 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.

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