Portman Ridge Finance Co. (NASDAQ:PTMN) Sees Large Growth in Short Interest

Portman Ridge Finance Co. (NASDAQ:PTMN) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 64,700 shares, an increase of 85.9% from the December 15th total of 34,800 shares. Based on an average daily trading volume, of 53,800 shares, the short-interest ratio is currently 1.2 days. Currently, 0.7% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut their price objective 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.

Portman Ridge Finance Stock Up 0.8 %

Shares of NASDAQ:PTMN traded up $0.13 during trading hours on Tuesday, reaching $16.30. The stock had a trading volume of 26,820 shares, compared to its average volume of 28,802. The stock has a market capitalization of $150.17 million, a price-to-earnings ratio of 44.06 and a beta of 1.00. The firm’s 50 day moving average is $16.85 and its 200-day moving average is $18.13. Portman Ridge Finance has a 1 year low of $15.94 and a 1 year high of $20.84. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.14 and a current ratio of 3.14.

Portman Ridge Finance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were issued a $0.69 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 16.93%. Portman Ridge Finance’s payout ratio is currently 745.95%.

Hedge Funds Weigh In On Portman Ridge Finance

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Confluence Investment Management LLC lifted its position in shares of Portman Ridge Finance by 1.8% during the 3rd quarter. Confluence Investment Management LLC now owns 60,751 shares of the company’s stock worth $1,127,000 after buying an additional 1,072 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its position in Portman Ridge Finance by 7.6% in the third quarter. Redhawk Wealth Advisors Inc. now owns 43,140 shares of the company’s stock valued at $800,000 after acquiring an additional 3,038 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in Portman Ridge Finance in the third quarter valued at $251,000. Founders Financial Alliance LLC grew its holdings in shares of Portman Ridge Finance by 74.2% during the second quarter. Founders Financial Alliance LLC now owns 49,954 shares of the company’s stock worth $980,000 after purchasing an additional 21,273 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Portman Ridge Finance by 1,340.3% during the third quarter. International Assets Investment Management LLC now owns 43,166 shares of the company’s stock worth $801,000 after purchasing an additional 40,169 shares in the last quarter. 30.14% of the stock is owned by institutional investors and hedge funds.

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.