Portman Ridge Finance Co. (NASDAQ:PTMN) Short Interest Down 36.9% in August

Portman Ridge Finance Co. (NASDAQ:PTMN) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 32,000 shares, a drop of 36.9% from the August 15th total of 50,700 shares. Based on an average trading volume of 42,400 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.4% of the company’s stock are sold short.

Portman Ridge Finance Stock Up 1.3 %

Shares of PTMN stock traded up $0.24 during trading hours on Monday, reaching $18.47. 37,934 shares of the company’s stock were exchanged, compared to its average volume of 41,284. The stock has a market cap of $171.88 million, a PE ratio of 11.06 and a beta of 1.01. The company has a current ratio of 4.40, a quick ratio of 4.40 and a debt-to-equity ratio of 1.44. The stock’s fifty day moving average price is $19.07 and its two-hundred day moving average price is $19.23. Portman Ridge Finance has a 1 year low of $16.27 and a 1 year high of $20.84.

Portman Ridge Finance (NASDAQ:PTMN) last released its earnings results on Thursday, August 8th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The company had revenue of $16.34 million for the quarter, compared to the consensus estimate of $16.68 million. Portman Ridge Finance had a net margin of 18.14% and a return on equity of 14.86%. During the same quarter in the previous year, the firm earned $0.83 EPS. Research analysts predict that Portman Ridge Finance will post 2.74 EPS for the current year.

Portman Ridge Finance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 22nd were paid a $0.69 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $2.76 dividend on an annualized basis and a yield of 14.94%. Portman Ridge Finance’s dividend payout ratio (DPR) is 165.27%.

Institutional Trading of Portman Ridge Finance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Privium Fund Management UK Ltd purchased a new position in shares of Portman Ridge Finance in the fourth quarter worth about $1,789,000. Confluence Investment Management LLC raised its position in Portman Ridge Finance by 1.8% during the 2nd quarter. Confluence Investment Management LLC now owns 59,679 shares of the company’s stock worth $1,171,000 after buying an additional 1,075 shares during the last quarter. Founders Financial Alliance LLC lifted its stake in Portman Ridge Finance by 74.2% during the 2nd quarter. Founders Financial Alliance LLC now owns 49,954 shares of the company’s stock valued at $980,000 after acquiring an additional 21,273 shares during the period. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Portman Ridge Finance in the 2nd quarter valued at $787,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Portman Ridge Finance in the second quarter worth $272,000. Institutional investors and hedge funds 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.