Portman Ridge Finance Corporation (NASDAQ:PTMN) Short Interest Down 89.8% in July

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 target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totaling 38,900 shares, adropof89.8% from the July 15th total of 379,900 shares. Approximately0.3% of the shares of the company are sold short. Based on an average daily volume of 43,200 shares, the short-interest ratio is currently 0.9 days. Based on an average daily volume of 43,200 shares, the short-interest ratio is currently 0.9 days. Approximately0.3% of the shares of the company are sold short.

Portman Ridge Finance Stock Performance

NASDAQ:PTMN traded down $0.03 on Tuesday, hitting $12.17. The stock had a trading volume of 90,225 shares, compared to its average volume of 51,917. The stock has a market cap of $160.55 million, a price-to-earnings ratio of -13.09 and a beta of 0.60. The company has a quick ratio of 3.11, a current ratio of 3.11 and a debt-to-equity ratio of 1.54. The business's 50-day simple moving average is $12.41 and its two-hundred day simple moving average is $13.52. Portman Ridge Finance has a 52-week low of $11.48 and a 52-week high of $19.76.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last announced its earnings results 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 business had revenue of $12.63 million for the quarter, compared to analysts' expectations of $13.24 million. Portman Ridge Finance had a positive return on equity of 11.49% and a negative net margin of 15.92%. As a group, research analysts predict 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 given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 15.4%. The ex-dividend date of this dividend is Monday, August 18th. Portman Ridge Finance's payout ratio is presently -202.15%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Ritholtz Wealth Management purchased a new position in shares of Portman Ridge Finance during the 1st quarter valued at about $152,000. Two Sigma Investments LP lifted its position in shares of Portman Ridge Finance by 25.3% during the 4th quarter. Two Sigma Investments LP now owns 106,165 shares of the company's stock valued at $1,735,000 after buying an additional 21,425 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Portman Ridge Finance during the 4th quarter valued at about $1,702,000. Bulldog Investors LLP lifted its position in shares of Portman Ridge Finance by 155.0% during the 4th quarter. Bulldog Investors LLP now owns 216,546 shares of the company's stock valued at $3,539,000 after buying an additional 131,630 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of Portman Ridge Finance by 39.5% during the 4th quarter. Two Sigma Advisers LP now owns 178,200 shares of the company's stock valued at $2,912,000 after buying an additional 50,500 shares in the last quarter. 30.14% of the stock is owned by hedge funds and other institutional investors.

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.