Portman Ridge Finance Co. (NASDAQ:PTMN) Declares Quarterly Dividend of $0.47

Portman Ridge Finance Co. (NASDAQ:PTMN) declared a quarterly dividend on Friday, March 14th, Wall Street Journal reports. Stockholders of record on Monday, March 24th will be paid a dividend of 0.47 per share on Monday, March 31st. This represents a $1.88 annualized dividend and a dividend yield of 11.91%. The ex-dividend date of this dividend is Monday, March 24th.

Portman Ridge Finance has raised its dividend by an average of 4.5% per year over the last three years. Portman Ridge Finance has a dividend payout ratio of 110.8% 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 Stock Performance

Shares of PTMN stock traded down $0.65 during trading hours on Friday, reaching $15.79. The stock had a trading volume of 128,767 shares, compared to its average volume of 35,942. The company has a debt-to-equity ratio of 1.41, a current ratio of 3.14 and a quick ratio of 3.14. The firm has a 50-day simple moving average of $16.87 and a 200-day simple moving average of $17.44. The firm has a market capitalization of $145.47 million, a PE ratio of 42.68 and a beta of 1.02. Portman Ridge Finance has a twelve month low of $15.16 and a twelve month high of $20.84.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their target price on Portman Ridge Finance from $19.00 to $18.00 and set a “market perform” rating on the stock in a research report on Thursday, November 14th.

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.