Portman Ridge Finance Co. (NASDAQ:PTMN) to Issue $0.69 Quarterly Dividend

Portman Ridge Finance Co. (NASDAQ:PTMN) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Shareholders of record on Tuesday, May 21st will be paid a dividend of 0.69 per share on Friday, May 31st. This represents a $2.76 annualized dividend and a yield of 13.94%. The ex-dividend date of this dividend is Monday, May 20th.

Portman Ridge Finance has raised its dividend by an average of 4.6% annually over the last three years and has raised its dividend every year for the last 3 years. Portman Ridge Finance has a dividend payout ratio of 96.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Portman Ridge Finance to earn $2.96 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 93.2%.

Portman Ridge Finance Stock Performance

Shares of NASDAQ PTMN traded down $0.03 during midday trading on Friday, hitting $19.80. The company’s stock had a trading volume of 16,179 shares, compared to its average volume of 40,243. Portman Ridge Finance has a 1-year low of $16.27 and a 1-year high of $21.20. The firm’s fifty day moving average price is $19.13 and its 200-day moving average price is $18.28. The company has a debt-to-equity ratio of 1.51, a quick ratio of 5.92 and a current ratio of 5.92. The firm has a market cap of $184.34 million, a P/E ratio of 16.51 and a beta of 0.96.

Portman Ridge Finance (NASDAQ:PTMN) last posted its quarterly earnings results on Wednesday, March 13th. The company reported $1.19 EPS for the quarter. The business had revenue of $17.79 million during the quarter, compared to analyst estimates of $18.56 million. Portman Ridge Finance had a net margin of 14.91% and a return on equity of 16.02%. On average, sell-side analysts forecast that Portman Ridge Finance will post 2.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Oppenheimer restated a “market perform” rating and set a $20.00 price target on shares of Portman Ridge Finance in a research report on Friday, March 15th. Keefe, Bruyette & Woods dropped their target price on shares of Portman Ridge Finance from $20.50 to $20.00 and set a “market perform” rating on the stock in a report on Monday, March 18th.

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.