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

Portman Ridge Finance Co. (NASDAQ:PTMN) declared a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Investors of record on Tuesday, November 19th will be paid a dividend of 0.69 per share on Friday, November 29th. This represents a $2.76 dividend on an annualized basis and a yield of 15.42%. The ex-dividend date of this dividend is Tuesday, November 19th.

Portman Ridge Finance has raised its dividend by an average of 4.6% annually over the last three years. Portman Ridge Finance has a payout ratio of 105.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Portman Ridge Finance to earn $2.66 per share next year, which means the company may not be able to cover its $2.76 annual dividend with an expected future payout ratio of 103.8%.

Portman Ridge Finance Price Performance

NASDAQ:PTMN opened at $17.90 on Friday. The stock has a 50 day moving average of $18.30 and a two-hundred day moving average of $19.00. Portman Ridge Finance has a 12 month low of $16.27 and a 12 month high of $20.84. The firm has a market cap of $164.86 million, a P/E ratio of 48.38 and a beta of 1.02. The company has a current ratio of 3.14, a quick ratio of 4.40 and a debt-to-equity ratio of 1.41.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods decreased their target price on shares of Portman Ridge Finance from $19.00 to $18.00 and set a “market perform” rating on the stock in a research note on Thursday.

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.