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. Shareholders of record on Monday, March 24th will be given a dividend of 0.47 per share on Monday, March 31st. This represents a $1.88 annualized dividend and a 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. 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 Down 4.0 %

Shares of PTMN stock traded down $0.65 on Friday, reaching $15.79. 128,767 shares of the company’s stock traded hands, compared to its average volume of 35,942. The business’s 50 day moving average price is $16.87 and its two-hundred day moving average price is $17.44. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.14 and a current ratio of 3.14. The company has a market capitalization of $145.47 million, a P/E ratio of 42.68 and a beta of 1.02. Portman Ridge Finance has a 12-month low of $15.16 and a 12-month high of $20.84.

Wall Street Analysts Forecast Growth

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

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.