Keefe, Bruyette & Woods Issues Pessimistic Forecast for Portman Ridge Finance (NASDAQ:PTMN) Stock Price

Portman Ridge Finance (NASDAQ:PTMN - Free Report) had its target price trimmed by Keefe, Bruyette & Woods from $18.00 to $16.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a market perform rating on the stock.

Portman Ridge Finance Stock Down 2.4 %

Shares of PTMN stock traded down $0.37 during trading hours on Wednesday, reaching $15.31. 63,679 shares of the stock were exchanged, compared to its average volume of 43,096. The business's fifty day moving average is $16.77 and its two-hundred day moving average is $17.30. The company has a debt-to-equity ratio of 1.41, a current ratio of 3.14 and a quick ratio of 3.14. Portman Ridge Finance has a 12-month low of $15.16 and a 12-month high of $20.84. The firm has a market capitalization of $140.82 million, a P/E ratio of 41.38 and a beta of 1.02.

Portman Ridge Finance (NASDAQ:PTMN - Get Free Report) last released its earnings results on Thursday, March 13th. The company reported $0.60 earnings per share for the quarter, missing analysts' consensus estimates of $0.68 by ($0.08). Portman Ridge Finance had a return on equity of 14.68% and a net margin of 5.47%. The firm had revenue of $14.40 million for the quarter, compared to analysts' expectations of $15.14 million. As a group, research analysts expect that Portman Ridge Finance will post 2.64 EPS for the current fiscal year.

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Portman Ridge Finance Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 24th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, March 24th. This represents a $1.88 annualized dividend and a yield of 12.28%. Portman Ridge Finance's dividend payout ratio is currently -293.75%.

Hedge Funds Weigh In On Portman Ridge Finance

Several hedge funds have recently added to or reduced their stakes in PTMN. Virtus ETF Advisers LLC increased its stake in Portman Ridge Finance by 25.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 29,852 shares of the company's stock valued at $488,000 after purchasing an additional 6,031 shares during the last quarter. Founders Financial Alliance LLC increased its stake in Portman Ridge Finance by 6.3% in the fourth quarter. Founders Financial Alliance LLC now owns 62,217 shares of the company's stock valued at $1,017,000 after purchasing an additional 3,671 shares during the last quarter. Trexquant Investment LP increased its stake in Portman Ridge Finance by 50.3% in the fourth quarter. Trexquant Investment LP now owns 65,351 shares of the company's stock valued at $1,068,000 after purchasing an additional 21,859 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Portman Ridge Finance in the fourth quarter valued at approximately $1,702,000. Finally, Two Sigma Investments LP increased its stake in Portman Ridge Finance by 25.3% in the fourth quarter. Two Sigma Investments LP now owns 106,165 shares of the company's stock valued at $1,735,000 after purchasing an additional 21,425 shares during the last quarter. 30.14% of the stock is currently 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.