Short Interest in Portman Ridge Finance Corporation (NASDAQ:PTMN) Decreases By 89.8%

Key Points

• Short interest in Portman Ridge Finance decreased by 89.8% in July, dropping to 38,900 shares from 379,900 shares, representing approximately 0.3% of the company's stock.
• Institutional investors and hedge funds own 30.14% of Portman Ridge Finance, with several hedge funds making sizeable acquisitions in recent quarters.
• The company announced a quarterly dividend of $0.47 per share, resulting in an annualized dividend yield of 15.0%, although its dividend payout ratio is currently -202.15%.

Portman Ridge Finance Corporation (NASDAQ:PTMN - Get Free Report) was the recipient of a large decrease in short interest in July. As of July 31st, there was short interest totaling 38,900 shares, adecreaseof89.8% from the July 15th total of 379,900 shares. Approximately0.3% of the company's stock are sold short. Based on an average trading volume of 43,200 shares, the short-interest ratio is currently 0.9 days. Based on an average trading volume of 43,200 shares, the short-interest ratio is currently 0.9 days. Approximately0.3% of the company's stock are sold short.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Ritholtz Wealth Management acquired a new stake in Portman Ridge Finance in the 1st quarter valued at approximately $152,000. Ethos Financial Group LLC acquired a new stake in Portman Ridge Finance in the 1st quarter valued at approximately $183,000. Accordant Advisory Group Inc grew its holdings in Portman Ridge Finance by 3,000.0% in the 1st quarter. Accordant Advisory Group Inc now owns 15,500 shares of the company's stock valued at $222,000 after buying an additional 15,000 shares during the last quarter. Winnow Wealth LLC acquired a new stake in Portman Ridge Finance in the 2nd quarter valued at approximately $201,000. Finally, Royal Bank of Canada grew its holdings in Portman Ridge Finance by 69.9% in the 1st quarter. Royal Bank of Canada now owns 16,354 shares of the company's stock valued at $235,000 after buying an additional 6,730 shares during the last quarter. Institutional investors and hedge funds own 30.14% of the company's stock.

Portman Ridge Finance Stock Up 0.5%

Portman Ridge Finance stock traded up $0.07 during mid-day trading on Thursday, hitting $12.50. The company's stock had a trading volume of 40,739 shares, compared to its average volume of 45,237. The firm's 50 day moving average is $12.35 and its 200 day moving average is $13.66. The company has a market cap of $114.95 million, a PE ratio of -13.46 and a beta of 0.60. The company has a debt-to-equity ratio of 1.54, a current ratio of 3.11 and a quick ratio of 2.48. Portman Ridge Finance has a 52-week low of $11.48 and a 52-week high of $19.86.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The firm had revenue of $12.63 million during the quarter, compared to the consensus estimate of $13.24 million. Portman Ridge Finance had a positive return on equity of 11.49% and a negative net margin of 15.92%. On average, analysts anticipate that Portman Ridge Finance will post 2.64 earnings per share for the current year.

Portman Ridge Finance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 15.0%. Portman Ridge Finance's dividend payout ratio is currently -202.15%.

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.

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