Portman Ridge Finance Co. (NASDAQ:PTMN) Plans $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 given a dividend of 0.69 per share on Friday, May 31st. This represents a $2.76 dividend on an annualized basis and a yield of 13.93%. The ex-dividend date is Monday, May 20th.

Portman Ridge Finance has increased its dividend by an average of 4.6% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Portman Ridge Finance has a dividend 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 fall. 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 Down 0.1 %

PTMN traded down $0.02 during mid-day trading on Friday, reaching $19.81. 9,729 shares of the stock were exchanged, compared to its average volume of 40,175. 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 stock has a market capitalization of $184.43 million, a PE ratio of 16.53 and a beta of 0.96. The company has a 50 day moving average price of $19.13 and a two-hundred day moving average price of $18.28. Portman Ridge Finance has a 1 year low of $16.27 and a 1 year high of $21.20.

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on PTMN shares. Keefe, Bruyette & Woods cut their price target 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. Oppenheimer reissued a “market perform” rating and issued a $20.00 price target on shares of Portman Ridge Finance in a report on Friday, March 15th.

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.