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. The fund typically invests $1 million to $20 million in its portfolio companies. It provides senior secured term loans from $2 million to $20 million maturing in five to seven years; second lien term loans from $5 million to $15 million maturing in six to eight years; senior unsecured loans $5 million to $23 million maturing in six to eight years; mezzanine loans from $5 million to $15 million maturing in seven to ten years; and equity investments from $1 to $5 million. The fund targets the companies with EBITDA between $5 million and $25 million. While investing in debt securities, it invests in those middle market firms with EBITDA between $10 million and $50 million and/or total debt between $25 million and $150 million. It invests in minority, and majority or control equity positions alongside its private equity sponsor partners.
Analysts Set New Price Targets
A number of brokerages have issued reports on PTMN. TheStreet upgraded shares of Portman Ridge Finance from a "c+" rating to a "b-" rating in a research note on Thursday, July 21st. Oppenheimer began coverage on shares of Portman Ridge Finance in a research note on Tuesday, July 5th. They set a "market perform" rating and a $26.00 price target on the stock.
Portman Ridge Finance Stock Up 0.3 %
PTMN Stock opened at $24.07 on Friday. The company's 50 day moving average price is $23.46 and its 200 day moving average price is $23.64. The company has a debt-to-equity ratio of 1.37, a quick ratio of 2.55 and a current ratio of 1.66. The firm has a market capitalization of $231.07 million, a price-to-earnings ratio of 72.94 and a beta of 0.94. Portman Ridge Finance has a fifty-two week low of $21.33 and a fifty-two week high of $25.97.
Portman Ridge Finance (NASDAQ:PTMN - Get Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported $0.82 earnings per share (EPS) for the quarter. The firm had revenue of $16.94 million during the quarter. Portman Ridge Finance had a return on equity of 13.02% and a net margin of 3.84%. During the same period last year, the company earned $1.10 earnings per share. On average, equities research analysts anticipate that Portman Ridge Finance will post 2.93 EPS for the current fiscal year.
Portman Ridge Finance Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Tuesday, August 16th will be issued a dividend of $0.63 per share. The ex-dividend date is Monday, August 15th. This is an increase from Portman Ridge Finance's previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a dividend yield of 10.47%. Portman Ridge Finance's dividend payout ratio (DPR) is currently 763.66%.