Portman Ridge Finance Co. Declares Quarterly Dividend of $0.69 (NASDAQ:PTMN)

Portman Ridge Finance Co. (NASDAQ:PTMN) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Investors 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 dividend on an annualized basis and a dividend yield of 13.94%. The ex-dividend date of this dividend is Monday, May 20th.

Portman Ridge Finance has raised its dividend payment by an average of 4.6% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Portman Ridge Finance has a payout ratio of 96.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities 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 Trading Down 0.2 %

PTMN traded down $0.03 during trading on Friday, hitting $19.80. 16,179 shares of the stock were exchanged, compared to its average volume of 40,243. The firm has a 50 day simple moving average of $19.13 and a 200 day simple moving average of $18.28. The firm has a market cap of $184.34 million, a price-to-earnings ratio of 16.51 and a beta of 0.96. Portman Ridge Finance has a 1 year low of $16.27 and a 1 year high of $21.20. The company has a debt-to-equity ratio of 1.51, a quick ratio of 5.92 and a current ratio of 5.92.

Portman Ridge Finance (NASDAQ:PTMN) last announced its quarterly earnings results on Wednesday, March 13th. The company reported $1.19 earnings per share (EPS) for the quarter. Portman Ridge Finance had a return on equity of 16.02% and a net margin of 14.91%. The business had revenue of $17.79 million for the quarter, compared to the consensus estimate of $18.56 million. As a group, equities analysts expect that Portman Ridge Finance will post 2.86 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PTMN. Oppenheimer restated a “market perform” rating and set a $20.00 target price on shares of Portman Ridge Finance in a research note on Friday, March 15th. Keefe, Bruyette & Woods lowered their price target on Portman Ridge Finance from $20.50 to $20.00 and set a “market perform” rating for the company in a research report on Monday, March 18th.

About Portman Ridge Finance

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.